20 results on '"Ertugrul, Melik"'
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2. The Impact of Research and Development Expenditures on the Value Relevance of Accounting Items
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Ertuğrul, Melik, Dincer, Hasan, editor, and Yüksel, Serhat, editor
- Published
- 2020
- Full Text
- View/download PDF
3. What is a real measure of corporate liquidity
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Ertugrul Melik and Coskun Ali
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cash flow statement ,current ratio ,financial health ,liquidity ,operating cash flows ,g14 ,m21 ,m41 ,Business ,HF5001-6182 - Abstract
The financial health hypothesis argues that the valuation multiple of book value of equity (earnings) increases (decreases) as financial health decreases. By considering the liquidity dimension of financial health, we analyze an accrual-based liquidity ratio (current ratio) and a cash-based liquidity ratio (OCF ratio) from the perspective of this hypothesis. Using the median values of these ratios, we divide the sample consisting of listed firms on Borsa Istanbul during 2009–2018 into two and document the ensuing outcomes. Valuation multiples of book value of equity and earnings are reported as being statistically indifferent between low-liquid and high-liquid subgroups obtained for the median current ratio. However, the valuation multiple of book value of equity (earnings) significantly increases (decreases) for the low-liquid subgroup below the median OCF ratio. As the latter is consistent with the financial health hypothesis, this study reveals that the OCF ratio is a more convenient and reliable measure of liquidity than the current ratio.
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- 2021
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4. The Impact of IFRS Adoption on Information Asymmetry: Evidence from Takeovers
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Ertugrul, Melik, primary and Demir, Volkan, additional
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- 2021
- Full Text
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5. Value relevance of investing cash flows
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Ertugrul, Melik, İstinye Üniversitesi, İktisadi, İdari ve Sosyal Bilimler Fakültesi, Ekonomi Bölümü, and Ertugrul, Melik
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Yatırım ,Cash Flow Statement ,Cash Flow ,Investing ,Value Relevance ,Nakit Akışları ,Nakit Akış Tablosu ,Değer İlişkisi - Abstract
Yatırım faaliyetlerinden kaynaklı nakit akışları (YFKNA), firmaların gelecek dönemlerdeki ana faaliyetlerinden nakit sağlayabilme gücü açısından önemli bir göstergedir. Bir firmanın bugünkü değeri gelecekteki nakit akımlarına bağlı olarak değişmektedir. Bu bağlamda, YFKNA’daki artışın firmanın piyasa değerini olumlu yönde etkilemesi beklenmelidir. Çalışmamızda, 2009-2018 döneminde Borsa İstanbul’da pay senetleri işlem gören 287 firmanın verileri kullanılarak YFKNA’nın firmaların piyasa değeri üzerindeki etkisi Fiyat Modeli’nin modifiye edilmiş versiyonu ile araştırılmaktadır. YFKNA’nın firma değeri üzerindeki etkisinin pozitif yönde ve istatistiki olarak anlamlı olduğunu ortaya koyan analiz sonuçlarımız, YFKNA’nın hisse senedi fiyatlarınca yansıtıldığını ve piyasaya faydalı bilgiler sunduğunu göstermektedir. Investing Cash Flows (CFI) are indicators of the future performance and cash generation power from core operating activities of a firm. Since future cash flows are one of the major determinants of the current firm value, an increase in CFI should be expected to positively affect the current firm value. In this study, based on a sample of 287 listed firms on Borsa Istanbul between 2009 and 2018, the association between CFI figures and market value of equity is analysed by employing a modified version of the Price Model. Regression outcomes document evidence for the positive value relevance of CFI, which should be read as follows: CFI figures provide useful information for valuation as they are reflected in share prices.
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- 2020
6. The value relevance of ıntangıble assets
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Ertugrul, Melik, İstinye Üniversitesi, İktisadi, İdari ve Sosyal Bilimler Fakültesi, Ekonomi Bölümü, and Ertugrul, Melik
- Subjects
Zarar ,Goodwill ,Değerleme ,Value Relevance ,Loss ,Şerefiye ,Intangibles ,Değer İlişkisi ,Maddi Olmayan Duran Varlıklar ,Valuation - Abstract
Teknolojik dönüşümler sonucu ortaya çıkan yeni düzen, maddi olmayan duran varlıklar (MODV) odaklı ekonomik sisteme geçişi beraberinde getirmektedir. Bu çalışmada, hem MODV’un hem de şerefiye ile şerefiye harici MODV’un değer ilişkisi incelenmektedir. Aynı zamanda analizler, Hayn (1995) tarafından altı çizilen zararların karlardan daha fazla bilgi taşıdığı gerçeğinden hareketle genişletilerek, bu değer ilişkisinin zarar eden firmalar ile kar eden firmalar arasında farklılaşıp farklılaşmadığı irdelenmektedir. Borsa İstanbul’da 2009-2018 yılları arasında listelenen firmalara ilişkin veriler, Fiyat Modeli’nin modifiye edilmiş versiyonu kullanılarak sabit etkiler modeli ile analiz edilmekte ve şu sonuçlar ortaya konmaktadır. Birincisi, MODV’un, şerefiyenin ve şerefiye harici MODV’un değer ilişkisi bulunmaktadır. Diğer bir deyişle, bu kalemlerin piyasa değeri üzerindeki etkileri istatistiki olarak anlamlı bir şekilde pozitiftir. İkincisi, hem MODV’ın hem de şerefiye ile şerefiye harici MODV’un değer ilişkileri, zarar eden şirketler ile kar eden şirketler arasında istatistiki olarak anlamlı bir şekilde farklı değildir. Diğer bir deyişle, bu kalemlerin piyasa değerine etkileri, şirketin kar ya da zarar etmesinden bağımsızdır. Yapılan muhtelif sağlamlık testleri de bu sonuçları teyit etmektedir. The new system that occurred as a result of technological transformation brings the shift to an intangible-oriented economic system. In this study, the value relevance of intangibles as well as goodwill and intangibles except goodwill is analysed. At the same time, as losses convey more information than profits (Hayn, 1995), analyses are extended by considering profit and loss firms in order to analyse whether the value relevance of the variables of interest differs between profit and loss firms. A sample of Turkish listed firms between 2009 and 2018 are analysed by using a modified version of Price Model and by employing the fixed effects method. The following outcomes are reported. First, intangibles, as well as goodwill and intangibles except for goodwill, are all value relevant. In other words, impacts of these variables on market values are positive at conventional significance levels. Second, neither intangibles nor goodwill and intangibles except goodwill differ between profit and loss firms. In other words, impacts of these variables on market values are independent of whether a firm records profit or loss. We further perform a battery of robustness analyses and our outcomes remain the same.
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- 2020
7. The association between financial statement based indicators and marketing expenditures
- Author
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Ertugrul, Melik, Duran, Cem, İstinye Üniversitesi, İktisadi, İdari ve Sosyal Bilimler Fakültesi, Ekonomi Bölümü, Melik Ertuğrul / 0000-0003-2068-2080, Cem Duran / 0000-0001-5171-0270, Ertugrul, Melik, and Duran, Cem
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Tobin’in Q Oranı ,R&D ,Ratio Analysis ,ARGE ,Oran Analizi ,Pazarlama Harcamaları ,Marketing Expenditures ,Tobin’s Q - Abstract
Pazarlama harcamalarını belirleyen unsurların literatürde genellikle finansal tablo kalemleri perspektifinden ele alınmadığı görülmektedir. Bu çalışmada, 2013-2018 yılları arasında Borsa İstanbul’a kote şirketlere ilişkin bir veri seti kullanılarak pazarlama harcamalarını belirleyen faktörler hem finansal tablolar temelli hem de piyasa verileri kullanılarak incelenmektedir. Çalışma sonuçlarına göre; şirket büyüklüğünün, finansal kaldıracın, brüt kâr marjının, net kâr marjının, maddi duran varlık yoğunluğunun ve cari oranın pazarlama harcamaları üzerinde istatistiki olarak anlamlı herhangi bir etkisi bulunmamaktadır. Pazarlama harcamaları üzerinde istatistiki olarak anlamlı olan finansal tablo bazlı tek unsur ARGE harcamalarıdır. Piyasa verileri temelli hesaplanan Tobin’in Q oranı ise bütün örneklem ve imalat sanayi örneklemi için pazarlama harcamaları üzerinde istatistiki olarak anlamlı bir etkiye sahip değilken imalat sanayi harici örneklem için istatistiki olarak anlamlı bir pozitif etkiye sahiptir. Yapılan ek analizler ile de bu sonuçlar birkaç istisna ile teyit edilmektedir Factors influencing marketing expenditures are not considered from the perspective of financial statement items by the literature. In this study, based on a sample of listed firms on Borsa Istanbul over 2013-2018, we analyse these factors by considering financial statement items, as well as capital market data, and document the following outcomes. First, size, financial leverage, gross profit margin, net profit margin, tangible intensity and current ratio do not significantly affect marketing expenditures at conventional levels. R&D expenses are the only financial statement item that significantly influence marketing expenditures. Second, Tobin’s Q which is calculated based on the financial market data does not have a statistically significant impact on marketing expenditures for the whole sample, as well as the sample comprising manufacturing firms. However, marketing expenditures are significantly and positively influenced by Tobin’s Q figures of non-manufacturing firms. All these findings, with minor exceptions, are confirmed by several robustness checks.
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- 2020
8. THE IMPACT OF FINANCIAL STRESS ON THE VALUE RELEVANCE OF ACCOUNTING INFORMATION
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ERTUGRUL, Melik, primary
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- 2021
- Full Text
- View/download PDF
9. How does leverage affect the value relevance? Evidence from Turkey
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Ertugrul, Melik, primary
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- 2020
- Full Text
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10. PREDICTIVE ABILITY OF INVESTING CASH FLOWS
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ERTUGRUL, Melik, primary
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- 2020
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11. How does leverage affect the value relevance? Evidence from Turkey.
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Ertugrul, Melik
- Subjects
BOOK value ,VALUATION ,DEBT ,CAPITAL structure ,FINANCE ,MARKET value ,FINANCIAL leverage - Abstract
High-levered firms have serious concerns related to avoiding covenant violations and meeting the needs of their creditors. Accounting information of those firms should be less value relevant for market participants. Based on a sample of Turkish listed firms over 2009–2018, we analyse whether the value relevance of accounting information is significantly lower for high-levered firms. For this purpose, we group observations with no net debt and divide the rest into quintiles based on leverage levels. We conclude that the value relevance of both earnings and book value of equity is lower for the high-levered quintile than the rest. Moreover, the value relevance of earnings is moderated more than the value relevance of book value of equity for the high-levered quintile. Last, book value of equity is more dominant in the valuation of the high-levered quintile than the valuation of the rest. [ABSTRACT FROM AUTHOR]
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- 2021
- Full Text
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12. How Does Unobserved Heterogeneity Affect Value Relevance?
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Ertugrul, MELİK and DEMİR, VOLKAN
- Abstract
Most value relevance (VR) studies consider an accounting item value relevant if the regression coefficient (RC) of that item is statistically significant. Unobservable heterogeneity leads to biased RCs, interpretation of which generates incorrect inferences. To obtain unbiased RCs, the effect of unobservable heterogeneity on RCs should be mitigated. As two dimensions of unobservable heterogeneity are at the firm level and time level, outcomes with the following unobservable heterogeneity concerns are discussed: i) no fixed-effects (FE); ii) firm FE; iii) time FE; and iv) two-way (firm and time) FE. By employing a sample of Turkish firms from 2005-2014, we report several findings. First, we find that regressions with firm (time) FE yield large (low) RCs vis-a-vis regressions with no FE, and regressions with two-way FE generate balanced RCs compared to the others. Second, we compare RCs with i and iv, and conclude that the book value of equity becomes more value relevant while net income does not after controlling for unobservable heterogeneity. Last, we arbitrarily divide the entire period into two to reveal how unobserved endogeneity affects the comparison of RCs belonging to different periods. Our outcomes robustly reveal that unobserved endogeneity leads to erroneous RC comparisons.
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- 2018
13. How Does Unobserved Heterogeneity Affect Value Relevance?
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Ertugrul, Melik, primary and Demir, Volkan, additional
- Published
- 2018
- Full Text
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14. How does leverage affect the value relevance? Evidence from Turkey
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Melik Ertugrul, İstinye Üniversitesi, İktisadi, İdari ve Sosyal Bilimler Fakültesi, Ekonomi Bölümü, and Ertugrul, Melik
- Subjects
Economics and Econometrics ,050208 finance ,Leverage (finance) ,Turkey ,Capital structure ,business.industry ,Creditor ,05 social sciences ,Accounting ,050201 accounting ,Accounting Information ,Covenant ,Capital Structure ,0502 economics and business ,Accounting information system ,Value Relevance ,Business ,Leverage ,Finance - Abstract
High-levered firms have serious concerns related to avoiding covenant violations and meeting the needs of their creditors. Accounting information of those firms should be less value relevant for market participants. Based on a sample of Turkish listed firms over 2009–2018, we analyse whether the value relevance of accounting information is significantly lower for high-levered firms. For this purpose, we group observations with no net debt and divide the rest into quintiles based on leverage levels. We conclude that the value relevance of both earnings and book value of equity is lower for the high-levered quintile than the rest. Moreover, the value relevance of earnings is moderated more than the value relevance of book value of equity for the high-levered quintile. Last, book value of equity is more dominant in the valuation of the high-levered quintile than the valuation of the rest. WOS:000578388200001 Q4
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- 2020
15. How Should the Value Relevance Research Employ Book Value of Equity?
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Melik Ertuğrul, İstinye Üniversitesi, İktisadi, İdari ve Sosyal Bilimler Fakültesi, Ekonomi Bölümü, and Ertugrul, Melik
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Variables ,Earnings ,HF5001-6182 ,media_common.quotation_subject ,ohlson ,Equity (finance) ,mechanical interdependency ,Price model ,lcsh:Business ,value relevance ,Econometrics ,Economics ,Business ,Book value ,lcsh:HF5001-6182 ,valuation ,media_common - Abstract
Purpose – This study analyses how the mechanical interdependency affects the value relevance inferences by considering the Price Model. Design/methodology/approach – As the Price Model employs reported earnings together with book value of equity (BVE), it induces a mechanical interdependency since earnings are partially integrated to BVE via the net income available to owners of parent item. We suggest researchers subtract this item from BVE prior to analyses. We perform analyses by employing the Price Model with the unadjusted (or reported) version BVE and the Price Model with the adjusted version of BVE. Findings – The Price Model with unadjusted BVE figures generates value irrelevant earnings figures which is contrary to expectations. However, as per our suggestion, after adjusting BVE for the net income available to owners of parent item, earnings become value relevant. Discussion – Although no mechanical interdependency does exist at conventional statistical significance levels, researchers should know data they work in value relevance studies as both independent variables of the Price Model is partially integrated which may yield incorrect value relevance inferences.
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- 2020
16. The impact of financial stress on the value relevance of accounting information
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ERTUĞRUL, MELİK, İstinye Üniversitesi, İktisadi, İdari ve Sosyal Bilimler Fakültesi, Ekonomi Bölümü, and Ertugrul, Melik
- Subjects
O-Score ,Financial Stress ,Value Relevance ,Finansal Stres ,Ohlson ,Değer İlişkisi ,O-Skoru - Abstract
Çalışmamızda Ohlson’un O-Skoru Yöntemi ile hesaplanan finansal stresin, defter değerinin ve kazançların değer ilişkisine etkileri Borsa İstanbul’a 2009-2018 arasında kote olan firmalara ilişkin bir örneklem ile analiz edilmektedir. Fiyat Modelinin modifiye edilmiş versiyonu kullanılarak elde edilen sonuçlar, finansal stres arttıkça kazançların değerleme etkinliğinin azaldığını ve finansal stresin defter değerinin değerleme etkinliği üzerinde herhangi bir etkisinin bulunmadığını göstermektedir. Diğer bir deyişle finansal stres kazançların değer ilişkisini negatif yönde etkilemekte iken defter değerinin değer ilişkisini değiştirmemektedir. Kazançlara ilişkin sonuç, finansal stres arttıkça gelir tablosunun değerlemedeki etkinliğinin azalması beklentisini doğrular mahiyettedir. Defter değerine ilişkin sonuç ise defter değerinin tasfiye değeri olarak değerlemede kullanılmadığına işaret etmekte ve defter değerinin kaynakların net değerini ölçemediği şeklinde yorumlanmaktadır. Our study analyses the impact of financial stress measured by Ohlson’s O-Score on the value relevance of earnings and book value of equity by employing a sample of listed firms on Borsa Istanbul between 2009 and 2018. Outcomes obtained by using a modified Price Model reveal that the valuation effectiveness of earnings decreases while that of book value of equity remains unchanged as financial stress decreases. In other words, the value relevance of earnings is moderated or negatively influenced as financial stress decreases and the value relevance of book value of equity is independent of financial stress. The former confirms the expectation of the decreased role of the income statement in valuation as financial stress decreases. The latter indicates that book value of equity does not serve a proxy for liquidation and it is interpreted as the inability of book value of equity to measure the net value of resources.
- Published
- 2021
17. IS OTHER COMPREHENSIVE INCOME A FORM OF REAL INCOME? EVIDENCE FROM THE VALUE RELEVANCE ANALYSIS
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ERTUĞRUL, Melik, İstinye Üniversitesi, İktisadi, İdari ve Sosyal Bilimler Fakültesi, Ekonomi Bölümü, and Ertugrul, Melik
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IAS 1 ,Earnings ,Location ,Other Comprehensive Income ,Surplus ,Value Relevance ,Equity ,Loss ,Accounting Information ,Valuation - Abstract
As a part of improvements in accounting standards, other comprehensive income (OCI) has been the common income reporting practice since 2009. By considering the adaptation value of Burgstahler and Dichev (1997) and Hayn's (1995) arguments on loss firms, this study analyzes whether OCI is a form of real income from the perspective of the value relevance research. Based on a sample of Turkish listed firms over 2009-2018, this study reports that: i) the impact of OCI on market value of equity is not significant, and ii) the impact of neither OCI nor book value of equity on market value of equity does significantly change when OCI is negative. In other words, by concluding the direct and indirect value irrelevance of OCI, this study reveals that OCI is not considered a form of real income by the market. WOS:000562397400007
- Published
- 2020
18. Direct and indirect value relevance of R&D capitalization
- Author
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Melik, Ertugrul, İstinye Üniversitesi, İktisadi, İdari ve Sosyal Bilimler Fakültesi, Ekonomi Bölümü, and Ertugrul, Melik
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Capitalization ,Araştırma-Geliştirme ,Research and Development ,Capitalized R&D ,Aktifleştirme ,Value Relevance ,Değer İlişkisi ,Aktifleştirilen ARGE - Abstract
The accounting treatment of R&D investments has been an open and contentious discussion as certain accounting regimes eliminate capitalizing and require immediate expensing while capitalization of R&D investments satisfying all necessary criteria is mandatory in IAS 38. By analysing a sample of listed firms on Borsa Istanbul over 2009-2018, we shed light on the impact of capitalized R&D investments on i) market values, and ii) the value relevance of book value of equity and earnings. We define the former (latter) as the direct (indirect) value relevance. By revealing a significantly positive association between capitalized R&D investments and market values, we conclude that capitalized R&D investments are directly value relevant. Furthermore, the value relevance of earnings (book value of equity) increases (remains unchanged) as capitalized R&D investments increase. These outcomes are consistent with our expectations and the outcome for earnings provides evidence for the indirect value relevance of capitalized R&D investments. ARGE yatırımlarının muhasebeleştirilmesi, bazı muhasebe standartlarınca aktifleştirmenin elimine edilmesi ve IAS 38’de gerekli koşulların sağlanması durumunda aktifleştirmenin zorunlu tutulmasından ötürü tartışılagelen bir konudur. Bu çalışmada, Borsa İstanbul’a 2009-2018 yılları arasında kote olan firmalara ilişkin bir veri seti analiz edilerek aktifleştirilen ARGE yatırımlarının hem piyasa değeri üzerindeki hem de kazançlar ile defter değerinin değer ilişkileri üzerindeki etkileri incelenmektedir. Bahsi geçen ilk etki ve ikinci etki dolaylı ve doğrudan değer ilişkisi olarak adlandırılmaktadır. İstatistiki olarak anlamlı bir şekilde pozitif olarak raporlanan aktifleştirilen ARGE yatırımları ile piyasa değeri arasındaki ilişki, bu yatırımların doğrudan değer ilişkisinin bulunduğunu göstermektedir. Ayrıca, aktifleştirilen ARGE yatırımları arttıkça kazançların değer ilişkisinin arttığı, fakat defter değerinin değer ilişkisinin değişmediği de bu çalşmada ortaya konulmaktadır. Bu sonuçlar beklentilerimizle örtüşmektedir ve kazançlar için raporlanan bulgular aktifleştirilen ARGE harcamalarının dolaylı değer ilişkisine kanıt teşkil etmektedir.
- Published
- 2020
19. Kapsamlı gelirin değer ilişkisine yönelik uluslararası literatür taraması
- Author
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ERTUĞRUL, MELİK, İstinye Üniversitesi, İktisadi, İdari ve Sosyal Bilimler Fakültesi, Ekonomi Bölümü, and Ertugrul, Melik
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Literatür Taraması ,Comprehensive Income ,Net Kar ,Kapsamlı Gelir ,Value Relevance ,Değer İlişkisi ,Literature Review ,Net Income - Abstract
Bu literatür taramasında Web of Science veri tabanında yer alan ve kapsamlı gelirin değer ilişkisini analiz eden 25 sayısal makale incelenerek ve bu makalelere ilişkin genel özellikler, modeller, değişkenler, değişken varyans ve dışlanmış değişken yanlılığı sorununa yönelik kullanılan yöntemler irdelenmektedir. Kapsamlı gelirin değer ilişkisi perspektifinden analizi konusunun akademik literatürdeki yerinin özellikle 2015 ve sonrasında daha belirgin bir hale geldiği anlaşılmaktadır. Ayrıca, yalnızca bir makalenin birden fazla ülkeye ait veri setini kullanarak bulgular sunması, literatürün bu alandaki boşluğuna ve potansiyeline işaret etmektedir. Bu literatür taraması çalışması, analiz konusu makalelerin ağırlıklı olarak Getiri Modeli perspektifinden konuya yaklaştığını, piyasa verisine ilişkin ölçüm fiyatı olarak finansal yıl sonu kapanış fiyatını kullandığını ve değişken varyans ile dışlanmış değişken yanlılığı sorunlarına yönelik çekinceler sunmadığını ortaya koyarak gelecek araştırmalar için ışık tutmaktadır In this literature review study, 25 quantitative articles studying the value relevance of comprehensive income are analysed by considering their general traits, models and variables employed, and methods to deal with heteroscedasticity and endogeneity. The number of studies analysing the value relevance of comprehensive income becomes very apparent beginning from 2015. Furthermore, since there is only one article presenting outcomes by employing a dataset belonging to several countries, there is a huge gap andpotential of the literature on studies presenting international evidence. This literature review study also reports that the literature extensively i) employs the Return Model, ii) measures the market price at the end of the fiscal year end, and iii) does not point out concerns regarding heteroscedasticity and endogeneity. This study aims to shed light on the current picture of the literature for the future research.
- Published
- 2019
20. Does recycling contribute to accounting quality?
- Author
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Ali Coskun, Melik Ertugrul, İstinye Üniversitesi, İktisadi, İdari ve Sosyal Bilimler Fakültesi, Ekonomi Bölümü, and Ertugrul, Melik
- Subjects
Predictive Power ,IAS 1 ,business.industry ,media_common.quotation_subject ,Geography, Planning and Development ,General Social Sciences ,Reclassification ,Accounting ,Predictive power ,Economics ,Other Comprehensive Income ,Quality (business) ,Recycling ,Value Relevance ,business ,media_common - Abstract
As a result of amendments in existing financial reporting standards, certain items have been transferred (or recycled) from other comprehensive income to income statement since 2013. Based on a sample of Turkish listed firms over 2013-2018, we document the following outcomes for accounting quality, measured by value relevance and predictive power, of recycling. First, recycling is not value relevant, and net income with recycling and net income are equally value relevant. In other words, recycling does not provide useful information for valuation purposes. Second, net income with recycling and net income have statistically indifferent predictive powers
- Published
- 2019
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