FİNANSAL TABLOLARIN KARŞILAŞTIRMA ÖZELLİĞİNİN PAY SENEDİ FİYAT EŞZAMANLILIĞINA ETKİSİ ‘’Borsa İstanbul’a Dayalı Bir Uygulama’’

Bu araştırmanın amacı karşılaştırma kabiliyeti etkisinin finansal raporlama kalitesinin bir özelliği olarak, pay senetlerinin fiyat eşzamanlılığı üzerindeki etkisini belirlemektir. Pay senedi fiyat eşzamanlılığı, pay senetleri fiyatlarının bilgi içeriğini ölçmek için bir kıstas olarak sağlanmaktadır. Araştırma amacının doğrultusunda, 30 şirket 5 sektörde Borsa İstanbul Anonim Şirketi’nde yer alan şirketler arasından, 2008 ile 2012 yıllarının aralığı dikkate alınarak istatistiksel örnekleme seçilmektedir. Araştırma hipotezini test etmek için panel veriler kullanılarak çok değişkenli regresyon modeli sağlanmaktadır. Elde edilen sonuçlara göre, finansal tabloların karşılaştırılabilirliği pay senedi fiyat eşzamanlılığı üzerinde anlamlı ve negatif bir etki gerçekleştirmektedir. Bu bulguya dayanarak finansal tabloların karşılaştırma kabiliyeti, şirkete özgü bilgileri pay senedi fiyatlarında yüksek miktarda yansımasına neden olabileceğini ifade edebilmektedir

THE EFFECT OF FINANCIAL STATEMENT COMPARABILITY CHARACTERISTIC ON STOCK PRICE SYNCHRONİCİTY “A Case Study Based on Stock Exchange Istanbul ”

The purpose of this study is to determine the effect of financial statements comparability as one of the qualitative characteristics of financial statement reporting on stock price synchronicity. Stock price synchronicity is a criterion that has been used to evaluate the information content of stock price. In order to attain the research purpose, 30 companies in 5 industries among the listed companies in Istanbul Stock Exchange during the years 2008 to 2012 selected as statistical samples. For analyzing data and testing hypotheses, multi variable regression model with panel data have been used. Findings of research signify that financial statement comparability has a significant negative impact on stock price synchronicity. Based on this finding, it can be concluded that financial statements comparability causes the higher level of firm - specific information to be reflected in stock prices.

___

  • Ahmadpour, A., Peykarnegar, S. (2012). Examine the Relationship Between Earnings Quality and Price Synchronicity in Companies Listed on The Stock Exchange, Monthly Management Engineering. 40, 82-86.
  • Ahmed, S. A., Neel, M., Safdar, I. (2015). Evidence on The Association between Accounting Comparability and Stock Price Efficiency. 10’Th Annual Lone Star Accounting Research Conference United States. University of Texas at Dallas. January 30.
  • Barth, M. E., Landsman, W. R., Lang, M. H., Williams, C. D. (2013). Effects on Comparability and Capital Market Benefits of Voluntary Adoption of IFRS by Us Firms: Insights from Voluntary Adoption of IFRS By Non-Us Firms. Working Paper, Available at http:// www.ssrn.com.
  • Brochet, F., Jagolinzer, A., Riedl, E. (2013). Mandatory IFRS Adoption and Financial Statement Comparability. Contemporary Accounting Research. 30, 1371-1400.
  • Campbell, J., Yeung, P. E. (2013). Comparability, Investor Sophistication, and Contagion Effects. Financial Accounting And Reporting Section Midyear Meeting. San Diego, California. January 12.
  • Chan, K., Hameed, A. (2006). Stock Price Synchronicity and Analyst Coverage in Emerging Markets. Journal Of Financial Economics. 80, 115-147.
  • Chan, K., Hameed, A., Kang, W. (2013). Stock Price Synchronicity and Liquidity. Journal of Financial Market. 16, 414-438.
  • Cheng, C. S. A., Johnston, J. A., Zhou, L. (2011). Accounting Quality and Price Synchronicity-Industry-Specific and Firm-Specific Information. American Accounting Association Annual Meeting, Denver, Colorado.
  • Cheng, P., Man, P. Yi, C. H. (2013). The Impact of Product Market Competition on Earnings Quality. Accounting and Finance. 53, 137-162.
  • Choi, J. H., Choi, S., Myers, L. A., Ziebart, D. (2014). Financial Statement Comparability and The Ability of Current Stock Returns to reflect the Information in Future Earnings. Available at http://www.ssrn.com.
  • Crawford, S. S., Roulstone, D. T., So, E. C. (2012). Analyst Initiations of Coverage and Stock Price Synchronicity. The Accounting Reviews. 87, 1527- 1553.
  • Defranco, G., Kothari, S. p., Verdi, R. S. (2011). The Benefits of Financial Statement Comparability. Journal Of Accounting Research. 49, 895-931.
  • Deniz Dursun, G., Toutounchi Asl, M. R. (2017). The Effect of Financial Statement Comparability Characteristic on Future Earnings Response Coefficient. Istanbul Aydin Universitesi
  • Durnev, A., Morck, R., Yeung, B., Zarowin, P. (2003). Does Greater Firm-Specific Return Variation Mean Informed Stock Pricing?. Journal of Accounting Research. 41, 797-836.
  • Financial Accounting Standards Board (FASB), (1980). Statement of Financial Accounting Concepts No. 2: Qualitative Characteristics of Accounting Information.
  • Financial Accounting Standards Board (FASB), (2010). Statement of Financial Accounting Concepts No. 8: Conceptual Framework for Financial Reporting.
  • Foroughi, D., Amiri, H., Mirzaei, M. (2011). The Effect of Non-Transparency of Financial Information on Future Stock Price Crash Risk in Firms Listed in Tehran Stock Exchange. Journal of Financial Accounting Studies. 4, 15-40.
  • Gordon, I., Gallery, N. (2012). Assessing Financial Reporting Comparability Across Institutional Settings: The Case of Pension Accounting. The British Accounting Review. 44, 11-20.
  • Gul, F. A., Kim, J. B., Qui, A. A. (2010). Ownership, Foreign shareholding, Audit Quality, and Stock Price Synchronicity: Evidence from China. Journal of Financial Economics. 95, 425-442.
  • Haggard, K. S., Matrin, X., Pereira, R. (2008). Does Voluntary Disclosure Improve Stock Price Informativenes?. Journal of Financial Management. 37, 747-768.
  • Haghighat, H., Alavi, M., (2013). Investigating the Relationship between Transparency of Accounting Profit and Unusual Stock Returns in Listed Companies in Tehran Stock Exchange. Journal of Financial Accounting Research. 15, 1-12.
  • Hail, L., Leuz, C., Wysocki, P. (2010). Global Accounting Convergence and the Potential Adoption of IFRS by the U.S. (Part I): Conceptual Underpinnings and Economic Analysis. Accounting Horizons. 24, 355-394.
  • Hutton, A. P., Marcus, A. J., Tehranian, H. (2009). Opaque Financial Reports, R2, and Crash Risk. Journal of Financial Economics. 94, 67-86.
  • Jahangiri Rad, M., Marfou, M., Salimi, M. J., (2014). Investigating the Group’s Ownership in Tehran Stock Exchange. Quarterly Journal of Empirical Financial Accounting Studies. 42, 141-158.
  • Jin, L., Myers, S. (2006). R2 around the World: New Theory and Tests. Journal of Financial Economics. 79, 257-292.
  • Kelly, P. (2007). Information Efficiency and Firm-Specific Return Variation. Working Paper, Available at http:/ / www.ssrn.com.
  • Kim, S., Kraft, P., Ryan, S. G. (2013). Financial Statement Comparability and Credit Risk. Review of Accounting Studies. 18, 783-823.
  • Kim, Y. Li, S. (2010). Mandatory IFRS Adoption and Intra-Industry Information Transfer. Working Paper, Available at http:/ / www.ssrn.com.
  • Li, B., Rajgopal, S., Venkatachalam, M. (2014). R2 and Idiosyncratic Risk Are Not Interchangeable. The Accounting Review. 89, 2261-2295.
  • Li, S., Zhan, X. (2016). Product Market Threats and Stock Crash Risk. Available at http://www.ssrn.com.
  • Piotroski, J., Roulstone, D. (2004). The Influence of Analysts, Institutional Investors and Insiders on the Incorporation of Market, Industry and Firm-Specific Information into Stock Prices. The Accounting Review. 79, 1119-1152.
  • Utz, S. (2016). Stock Synchronicity, Stock Price Crash Risk, and Corporate Social Responsibility Evidence from An International Sample. Available at http://www.ssrn.com.
  • Veldkamp, L. L. (2006). Information Markets and the Movement of Asset Prices. Review of Economic Studies. 73, 823-845.
  • Wolk, H. I., Dodd, J. L., Tearny, M. G. (2004). Accounting Theory: Conceptual Issue in a Political Economic Environment. South-Western.