KAZANÇ, NAKİT AKIMI VE TAHAKKUKLARIN SÜREĞENLİĞİ: BORSA İSTANBUL ÜZERİNE BİR ARAŞTIRMA

Çalışmanın amacı, Türk şirketlerinin kazançlarının süreğenliğini ve bu süreğenliğin, kazancın nakit akımı ya da tahakkukbileşenlerinin hangisinden daha çok etkilendiğini incelemektir. Bu amaç doğrultusunda, Borsa İstanbulda 2005-2010 yıllarıarasında işlem gören 158 şirketin kazanç ve bileşenlerinin süreğenliği panel veri analizi metodolojisi ile test edilmektedir.Çalışmanın ampirik bulguları, Borsa İstanbulda kazançların süreğen olduğunu göstermektedir. Ancak kazancın süreğenlikkatsayısı gelişmiş ülke şirketleriyle karşılaştırıldığında daha düşüktür. Ampirik bulgular, gelişmiş ülke piyasalarında yapılanaraştırmalarla uyumlu olarak kazanç performansının süreğenliğinin kazancın toplam tahakkuk bileşeninden çok, kazancın nakitakımı bileşeninden etkilendiğini ortaya koymaktadır. Ayrıca ampirik bulgular, toplam tahakkukların nakit akımlarına göre düşüksüreğenlik göstermesinin anormal tahakkuklardan kaynaklandığını işaret etmektedir.

THE PERSISTENCE OF EARNINGS, CASH FLOWS AND ACCRUALS: AN INVESTIGATION ON BORSA ISTANBUL

The purpose of the study is to examine the persistence of earnings in Turkey and whether earnings persistence ismore attributable to cash flow or accrual component of earnings. In accordance with this purpose, the persistence of earnings andits components of 158 firms traded in Borsa Istanbul between the years of 2005-2010 are tested using panel data analysismethodology. The results of the study indicate that earnings are persistent in Borsa Istanbul. Moreover, the total accrualcomponent of earnings has a weak effect on the persistence of earnings in comparison with the cash flow component of earnings.This is mainly due to abnormal accrual component of earnings.

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