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.
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