Borsa İstanbul Pay Piyasası'na Kayıtlı Şirketlerde Yönetimin Uzun Vadeli Finansal Olmayan Varlıkları Gerçeğe Uygun Değeri İle Raporlama Kararının Belirleyicileri Üzerine Ampirik Bir Araştırma

Bu çalışma, finansal tablolarını Uluslararası Muhasebe Standartları / Uluslararası Finansal Raporlama Standartları ve dolayısıyla Türkiye Muhasebe Standartları / Türkiye Finansal Raporlama Standartları'na göre hazırlayan Borsa İstanbul Pay Piyasası'na kayıtlı şirketlerde yönetimin uzun vadeli finansal olmayan varlıkları gerçeğe uygun değeri ile raporlama kararının belirleyicilerini araştırmaktadır. Çalışmada, Watts ve Zimmerman'ın pozitif muhasebe teorisi metodolojisi benimsenmiş ve verilerin analizinde Mann-Whitney U testi ve lojistik regresyon analizi kullanılmıştır. Analiz sonucunda, MDV'yi yeniden değerlenmiş tutarı ile raporlayan şirketlerin amorti edilmiş tarihi maliyet değeri ile raporlayan şirketlere göre daha fazla borçla finanse edildiği ve daha küçük şirketler olduğu tespit edilmiştir. Ancak sonuçlar borç sözleşmesi, politik maliyet ve bilgi asimetrisi etkenlerinin yönetimin uzun vadeli finansal olmayan varlıkları gerçeğe uygun değeri ile raporlama kararının belirleyicileri olmadığını gösterir. İşletme büyüklüğü, yönetimin maddi duran varlıkları yeniden değerlenmiş tutarı ile raporlama kararını açıklar; fakat yeniden değerleme yöntemini tahmin edilenin aksine küçük şirketler seçmektedir.

An Empirical Study on the Determinants of Management's Decision for Reporting Long Term Non-Financial Assets at Fair Value in Companies Listed on Borsa Istanbul Equity Market

This study is to examine the determinants of management's fair value choice decision for reporting long term non-financial assets in companies listed on "Borsa Istanbul Equity Market" whose financial statements have to be prepared under International Accounting Standards / International Financial Reporting Standards and thus Turkey Accounting Standards / Turkey Financial Reporting Standards. In this study, Watts and Zimmerman's Positive Accounting Theory methodology is adopted, and Mann-Whitney U test and logistic regression analysis have been used to analyze data. As a result of analysis, it has been identified that companies reporting property, plant and equipment at revalued amount are funded by more debt and to be smaller companies than companies reporting those assets at amortized historical cost. However, the results indicate that debt contracting, political cost and information asymmetry factors are not the determinants of management's decision for reporting long term non-financial assets at fair value. The company size explains the management's decision for reporting property, plant and equipment at revalued amount, but contrary to what is predicted, the revaluation method is chosen by small companies.

___

Aboody, D., Barth, M.E. & Kasznik, R. (1999). Revaluations of Fixed Assets and Future Firm Performance: Evidence from the UK, Journal of Accounting and Economics, 26, 149-178.

Akgüç, Ö. (2002). Mali tablolar Analizi, Genişletilmiş ve Gözden Geçirilmiş 10. Baskı, İstanbul: Avcıol Basım Yayın.

Andreasson, K., Pettersson, B. & Canell, C. (2007). Appraising Investment Property at Fair Value, Practice in Listed Swedish Property Companies, Master's Degree of 10 Credit Points International Business Program, Faculty of Economics, Communication and IT Department of Business Administration and Economics, Karlstads Universitet, http://www.diva-portal.org/smash/get/diva2:4845/ FULLTEXT01, (Erişim Tarihi, 12 Şubat 2014).

Astami, E.W. & Tower, G. (2006). Accounting-Policy Choice and Firm Characteristics in the Asia Pacific Region: An International Empirical Test of Costly Contracting Theory, The International Journal of Accounting, 41 (1), 1-21.

Bahadır, O. & Tolga, B. (2013). Accounting Policy Options Under IFRS: Evidence From Turkey, Accounting and Management Information Systems, 12 (3), 388-404.

Barac, Z.A. & Sodan, S. (2011). Motives For Asset Revaluation Policy Choice in Croatia, Croatian Operational Research Review (CRORR), 2 (1), 60-70.

Barlev, B., Dow F., Haddad, J.R. & Joshua, L. (2007). Reevaluation of Revaluations: A Cross-Country Examination of the Motives and Effects on Future Performance, Journal of Business Finance & Accounting, 34 (7) & (8), 1025-1050.

Borsa İstanbul (BIST). http://borsaistanbul.com/

Borsa İstanbul (BIST). http://www.kap.gov.tr/

Brown, P., Izan, H.Y., & Loh, A.L. (1992). Fixed Asset Revaluations and Managerial Incentives. Abacus, 28 (1), 36-57.

Campbell, S. (2004). Ask the Expert: Fair Value Accounting and the FASB, The Financial Journalist, 16, http://www.acsondhi.com/press/press0204.html, (Erişim Tarihi, 25 Mayıs 2004).

Canbaş, S., Kandır, S.Y. & Erişmiş, A. (2007). Hisse Senedi Verimini Etkileyen Bazı Şirket Özelliklerinin İMKB Şirketlerinde Test Edilmesi. Finans, Politik & Ekonomik Yorumlar, 44 (512), 15-27.

Cascini, K.T. & DelFavero, A. (2011). An Evaluation of the Implementation of Fair Value Accounting: Impact on Financial Reporting, Journal of Business & Economics Research, 9 (1), 1-16.

Chisnall, P. (2001). Fair Value Accounting - An Industry View, Balance Sheet, 9 (1), 27-33.

Christensen, H.B. & Nikolaev, V. (2009). Who Uses Fair Value Accounting for NonFinancial Assets after IFRS Adoption?, University of Chicago Booth School of Business, Working Paper No. 09-12, 1-44. http://areas.kenanflagler.unc.edu/Accounting/GIAC%20Papers/ChristensenNikolaev2009_FairPaper.pdf, (Erişim Tarihi, 12 Şubat 2014).

Cotter, J., & Zimmer, I. (1995). Asset Revaluations and Assessment of Borrowing Capacity. Abacus, 31 ( 2), 136-151.

Cullinan, C.P. (1999). International Trade and Accounting Policy Choice: Theory and Canadian Evidence, The International Journal of Accounting, 34 (4), 597-607.

Demir, V. & Bahadır, O. (2007). UFRS (TFRS)'deki Değerleme Ölçüleri Kapsamında Şirket Değerlemesinde Defter Değeri Yaklaşımı, Muhasebe ve Denetime Bakış Dergisi, 7 (23) sayısında yayımlanan makale, ss. 1-20. http://www.denetimnet. net/UserFiles/Documents/Makaleler/Akademik%20Makaleler/UFRS%20ve%20D efter%20Degeri%20VD-OB.pdf, (Erişim Tarihi, 12 Şubat 2014).

Devi, R., Devi, J., Kumar, R. & Taylor, C. (2012). Accountant and User Perceptions of Fair Value Accounting: Evidence From Fiji, Global Journal of Business Research, 6 (3), 93-102.

Ding, Y., Jeanjean, T., & Stolowy, H. (2005). Why Do Firms Opt for Alternative Format Financial Statements? Some Evidence From France. Department of Accounting and Management Control, HEC School of Management, Paris, France, Tarihi, 11 Şubat 2014). (Erişim

Economist Newspaper (2001). Shining a Light on Company Accounts, Economist, 360 (8235), 53-54. Elerman, F. (2007). Türk İş Dünyası Şeffaflaşmaya Hazır mı?, http://www.dunyagazetesi.com.tr/news_display.asp?upsale_id=300924&referrer= rss, (Erişim Tarihi, 23 Ağustos 2007).

Executivecaliber, Lease Training: Fair Value, http://executivecaliber.ws/systmpl/fairvalue/, (Erişim Tarihi, 25 Ocak 2005).

Fields, T.D., Lys, T.Z. & Vincent, L. (2001). Empirical Research on Accounting Choice, Journal of Accounting and Economics, 31 (1) & (3), 255-307.

Foster, J.M. & Upton, W.S. (2001). Measuring Fair Value, Understanding The Issues, 3 (1), 1-6.

Gaeremynck, A. & Veugelers, R. (1999). The Revaluation of Assets as a Signalling Device: A Theoretical and an Empirical Analysis. Accounting & Business Research, 29 (2). 123-138.

Hague, I.P.N. & Willis, D.W. (1999). Old Price or New?, CA Magazine, 132(1), 47- 56.

Herrmann, D., Saudagaran, S.M., & Thomas, W.B. (2006). The Quality of Fair Value Measures for Property, Plant, and Equipment, Accounting Forum, 30 (1), 43-59.

ICAEW (The Institute of Chartered Accountants in England & Wales) (2006). Information for Better Markets, Measurement in Financial Reporting. An Initiative from the Institute of Chartered Accountants in England & Wales. http://www.iasplus.com/uk/0610icaewmeasurement.pdf., Haziran 2007). (Erişim Tarihi, 22

Ishak, H.S., Tahir, H.H.M., Ibrahim, M.K. & Wahab, W.A. (2012). Determinants of Accounting for Investment Property (FRS140) in Property Sector: Evidence From Malaysia", A Paper Presented at 3rd International Conference on Business and Economic Research Proceeding, 13 March, Bandung, Indonesia. http://www.internationalconference.com.my/proceeding/icber2012_proceeding/18 6_103_3rdICBER2012_Proceeding_PG2707_2729.pdf, (Erişim Tarihi, 12 Şubat 2014).

Kalaycı, Ş. (2006), SPSS Uygulamalı Çok Değişkenli İstatistik Teknikleri, 2. Baskı, Ankara: Asil Yayın Dağıtım Ltd. Şti.

Kip, A. (2009). The Effect of Fair Value Accounting on the Earnings Response Coefficient, Master Thesis, Master Accountancy Faculty Economics and Business University of Amsterdam, http://dare.uva.nl/document/167672, (Erişim Tarihi, 12 Şubat 2014).

Koçyiğit, S. (2013). İMKB'de İşlem Gören Şirketlerde Finansal Tablo Dipnotlarında Açıklanan Muhasebe Politikalarının TMS 40 (Yatırım Amaçlı Gayrimenkuller Standardı) Açısından Değerlendirilmesi, İşletme Araştırmaları Dergisi, 5 (4), 254-272.

Lin, Y.C. & Peasnell, K.V. (2000a). Fixed Asset Revaluation and Equity Depletion in the UK. Journal of Business Finance & Accounting, 27 (3) & (4), 359-394.

Lin, Y.C. & Peasnell, K.V. (2000b). Asset Revaluation and Current Cost Accounting: UK Corporate Disclosure Decisions in 1983. British Accounting Review, 32 (2), 161-187.

Lourenço, I.C. & Curto, J.D. (2010). Determinants of the Accounting Choice Between Alternative Reporting Methods for Interests in Jointly Controlled Entities, European Accounting Review, 19 (4), 739-773.

Missonier - Piera, F. (2004). Economic Determinants of Multiple Accounting Method Choices in Swiss Context, Journal of International Financial Management and Accounting, 15 (2), 118-143.

Missonier-Piera, F. (2007). Motives for Fixed-Asset Revaluation: An Empirical Analysis with Swiss Data, The International Journal of Accounting, 42 (2), 186- 205.

Muller, K.A., Riedl, E.J. & Sellhorn, T. (2008). Causes and Consequences of Choosing Historical Cost Versus Fair Value, 1-49, http://www3.nd.edu/~carecob/May 2008Conference/Papers/RiedlMRS03062008.pdf, (Erişim Tarihi, 12 Şubat 2014).

Nacubo (National Association of College and University Business Officers). Valuation Methods. http://www.nacubo.org/x746.xml?ss=pf, (Erişim Tarihi, 27 Şubat 2007).

Poon, W.W. (2004). Using Fair Value Accounting for Financial Instruments, American Business Review, 39-41.

Puxty, A.G. (1997). Accounting Choice and a Theory of Crisis: The Cases of Post- Privatization British Telecom and British Gas, Accounting, Organizations and Society, 22 (7), 713-735.

Quagli, A. & Avallone, F. (2010). Fair Value or Cost Model? Drivers of Choice for IAS 40 in the Real Estate Industry, European Accounting Review, 19 (3), 461-493.

Schmidt, S. (2004). Fair Value Accounting, Federal Reserve Bulletin, 18, http://www.bis.org/review/r041122e.pdf.1, (Erişim Tarihi, 25 Ocak 2005).

Seng, D. & Su, J. (2010). Managerial Incentives Behind Fixed Asset Revaluations: Evidence from New Zealand Firms, Department of Accountancy and Business Law, Working Paper Series No 3. 1-33. http://otago.ourarchive.ac.nz/ bitstream/handle/10523/1606/Seng_Fixed_Asset_Revaluations_-__submit_to_ Illinoi.pdf?sequence=3, (Erişim Tarihi, 12 Şubat 2014).

Tay, I. (2009). Fixed Asset Revaluation: Management Incentives and Market Reactions, A Thesis Submitted in Partial Fulfilment of the Requirements for the Degree of Master of Commerce and Management at Lincoln University, Canterbury, New Zealand, MCM.pdf, (Erişim Tarihi, 12 Şubat 2014).

TFRS 13 Gerçeğe Uygun Değer Ölçümü (2012, Aralık 30). T.C. Resmi Gazete, Sayı: 28513.

TMS 16 Maddi Duran Varlıklar (2005, Aralık 31). T.C. Resmi Gazete, Sayı: 26040.

TMS 38 Maddi Olmayan Duran Varlıklar (2006, Mart 17). T.C. Resmi Gazete, Sayı: 26111.

TMS 40 Yatırım Amaçlı Gayrimenkuller (2006, Mart 17). T.C. Resmi Gazete, Sayı: 26111.

Watts, R.L. & Zimmerman, J.L. (1978). Towards a Positive Theory of the Determination of Accounting Standards, The Accounting Review, LIII (1), 112- 134.

Watts, R.L. & Zimmerman, J.L. (1990). Positive Accounting Theory: A Ten Year Perspective, The Accounting Review, 65 (1), 131-156.

Weijun, N. (2007). The Effect of Fair Value Accounting in HKAS 40 on Real Estate Companies Listed in Hong Kong, An Honours Degree Project Submitted to the School of Business in Partial Fulfuilment of the Graduation Requirement for the Degree of Bachelor of Business Administration, Hong Kong Baptist University, http://lib-sca.hkbu.edu.hk/trsimage/hp/04051173.pdf, (Erişim Tarihi, 12 Şubat 2014).

wiki/Revaluation_of_fixed_assets, (Erişim Tarihi, 11 Şubat 2014).

Wilson, A. & Ernst & Young (2001). Fair Value and Measurement: Where the Conflicts Lie, Balance Sheet, 9 (4), 26-33.