Research Article
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Kurumsal Yaşam Eğrisi ve Muhasebe Performansı: Borsa İstanbul Örneği

Year 2018, Issue: 78, 265 - 279, 04.04.2018
https://doi.org/10.25095/mufad.412716

Abstract

Bu çalışma, muhasebe performansı ölçümleri ile hisse senedi getirileri arasındaki ilişkiyi kurumsal yaşam döngüsü teorisi ile birlikte incelemektedir. Ürün yaşam eğrisinden türetilen kurumsal yaşam eğrisi evreleri, firmaların stratejik faaliyetlerinde meydana gelen değişimlerin sonucudur. Üç muhasebe ölçümüne (satış büyüme hızı, sermaye harcamaları ve kazançlar) hisse senedi piyasasalarının tepkisinin yaşam eğrisi kavramının bir fonksiyonu olup olmadığını test etmek amacıyla Anthony and Ramesh (1992) değer ilişkisi modeli kullanılmıştır. Analizler için 2006 ve 2014 yılları arasında Borsa İstanbul’da faaliyet gösteren 153 finansal olmayan işletme seçilmiştir. Çalışmanın sonuçlarına göre, üç muhasebe performans ölçümü olan beklenmeyen satış büyüme hızı, sermaye harcamaları ve kazançlar büyüme (düşüş) evresinde en yüksek (düşük) değer ilişkisine sahiptir. Buna ek olarak, teknoloji ve ulaştırma sektörleri büyüme evresinde yer alırken, metal sanayi, çimento ve cam ürünleri sektörleri düşüş evresinde yer almaktadır.

References

  • Adizes, I. (1979). “Organizational passages—diagnosing and treating lifecycle problems of organizations.” Organizational Dynamics, 8(1), 3-25.
  • Aharony, J., Falk, H., & Yehuda, N. (2006). “Corporate life cycle and the relative value-relevance of cash flow versus accrual financial information.” Working paper. Citeseer.
  • Anthony, J. H., & Ramesh, K. (1992). “Association between accounting performance measures and stock prices.” Journal of Accounting and Economics, 15(August), 203–227.
  • Ball. R. and P. Brown. (1968). "An Empirical Evaluation of Accounting Income Numbers.” Journal of Accounting Research, Autumn pp. 159-178.
  • Beaver. W. (1968). "The Information Content of Annual Earnings Announcements," Journal of Accounting Research Supplement pp. 67-l (X).
  • Berger, A. and G. Udell, (1998), “The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle,” Journal of Banking and Finance 22, 613-673
  • Black, E. L. (1998). “Life-cycle impacts on the incremental value-relevance of earnings and cash flow measures.” Journal of Financial Statement Analysis, 4(Fall), 40–56.
  • Black, E. L. (2003). “Usefulness of financial statement components in valuation: An examination of start-up and growth firms.” An International Journal of Entrepreneurial Finance, Vol.5-1, 47–69.
  • Chambers, D., R. Jennings and R. B. Thompson. (1999). “Evidence on the Usefulness of Capital Expenditures as an Alternative Measure of Depreciation.” Review of Accounting Studies, 169–195.
  • Chen, S. K., Chang, Y.-L., & Fu, C.-J. (2010). “The impact of life cycle on the value relevance of financial performance measures.” Advances in Business and Management Forecasting (pp. 37-58): Emerald Group Publishing Limited.
  • Coulton, J. J., and Ruddock, C. (2011). “Corporate payout policy in Australia and a test of the life‐cycle theory.” Accounting & Finance, 51(2), 381-407.
  • DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). “Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory.” Journal of Financial Economics, 81(2), 227-254.
  • Dickinson, V. (2011). “Cash flow patterns as a proxy for firm life cycle.” The Accounting Review, 86(6), 1969-1994.
  • Drobetz, W., Halling, M., and Schröder, H. (2015). “Corporate Life-Cycle Dynamics of Cash Holdings.” Swedish House of Finance Research Paper (15-07).
  • Easton, P.D., and T.S. Harris, (1991). “Earnings as an explanatory variable for returns”, Journal of Accounting Research, v29, 19-36.
  • Easton, P.D., (1999). “Security returns and the value relevance of accounting data”, Accounting Horizons, v13, 399-412.
  • Elsayed K., Paton D. (2009). “The impact of financial performance on environmental policy: Does firm life cycle matter?” Business Strategy and the Environment 18(6): 397–413.
  • Galbraith J. 1982. “The stages of growth.” The Journal of Business Strategy 3: 70–79.
  • Hanks S, Watson C, Hansen E, Chandler G. 1993. “Tightening the life cycle construct.” Entrepreneurship Theory and Practice 18: 5–30.
  • Hasan, M. M., Hossain, M., and Habib, A. (2015). “Corporate life cycle and cost of equity capital.” Journal of Contemporary Accounting & Economics, 11(1), 46-60.
  • Jaafar, H., & Halim, H. A. (2015). “Refining the firm life cycle classification method: a firm value perspective.” Journal of Economics, Business and Management, 4(2), 112-119.
  • Jain, B. A., ve Kini, O. (1999). “The life cycle of initial public offering firms.” Journal of Business Finance & Accounting, 26(9‐10), 1281-1307.
  • Kallunki, J.-P., & Silvola, H. (2008). “The effect of organizational life cycle stage on the use of activity-based costing.” Management Accounting Research, 19(1), 62-79.
  • Koh, S., Durand, R. B., Dai, L., and Chang, M. (2015). “Financial distress: Lifecycle and corporate restructuring.” Journal of Corporate Finance, 33, 19-33.
  • Kothari, S.P., and J. Zimmerman, (1995). “Price and return models”, Journal of Accounting and Economics, v20, 155-192.
  • Kousenidis, D.V. (2005), ‘‘Earnings-returns relation in Greece: some evidence on the size effect and on the life-cycle hypothesis’’, Managerial Finance, Vol. 31, pp. 24-54.
  • Liu, M. M. (2006). “Accruals and managerial operating decisions over the firm life cycle.” Massachusetts Institute of Technology. Unpublished Ph.D. Dissertation.
  • Miller, D., & Friesen, P. H. (1984). “A longitudinal study of the corporate life cycle.” Management Science, 30(10), 1161-1183.
  • Mintzberg H. (1984). “Power and organizational life cycles.” Academy of Management Review 9: 207–224.
  • Myers, S. C. (1977). “Determinants of corporate borrowing.” Journal of Financial Economics, 5(2), 147-175.
  • Ohlson, J. (1995). Earnings, book values and dividends in security valuation. Contemporary Accounting Research 11:661-687.
  • Schipper, K., and Vincent, L. (2003). “Earnings quality.” Accounting Horizons, 17, 97-110.
  • Seifert, B., and Gonenc, H. (2012). “Issuing and repurchasing: The influence of mispricing, corporate life cycle and financing waves.” Journal of Multinational Financial
  • Spence, A. M. (1977). “Entry, capacity, investment, and oligopolistic pricing.” The Bell Journal of Economics 8, 534-544. Wernerfelt, B. (1985). “The dynamics of prices and market shares over the product life cycle.” Management Science, 31(8), 928-939.
  • Xu, B. (2007). “Life cycle effect on the value relevance of common risk factors.” Review of Accounting and Finance, 6(2), 162-175.
  • Yonpae, P., & Chen, K. (2006). “The effect of accounting conservatism and life-cycle stages on firm valuation.” Journal of Applied Business Research, 22(3), 75.
Year 2018, Issue: 78, 265 - 279, 04.04.2018
https://doi.org/10.25095/mufad.412716

Abstract

References

  • Adizes, I. (1979). “Organizational passages—diagnosing and treating lifecycle problems of organizations.” Organizational Dynamics, 8(1), 3-25.
  • Aharony, J., Falk, H., & Yehuda, N. (2006). “Corporate life cycle and the relative value-relevance of cash flow versus accrual financial information.” Working paper. Citeseer.
  • Anthony, J. H., & Ramesh, K. (1992). “Association between accounting performance measures and stock prices.” Journal of Accounting and Economics, 15(August), 203–227.
  • Ball. R. and P. Brown. (1968). "An Empirical Evaluation of Accounting Income Numbers.” Journal of Accounting Research, Autumn pp. 159-178.
  • Beaver. W. (1968). "The Information Content of Annual Earnings Announcements," Journal of Accounting Research Supplement pp. 67-l (X).
  • Berger, A. and G. Udell, (1998), “The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle,” Journal of Banking and Finance 22, 613-673
  • Black, E. L. (1998). “Life-cycle impacts on the incremental value-relevance of earnings and cash flow measures.” Journal of Financial Statement Analysis, 4(Fall), 40–56.
  • Black, E. L. (2003). “Usefulness of financial statement components in valuation: An examination of start-up and growth firms.” An International Journal of Entrepreneurial Finance, Vol.5-1, 47–69.
  • Chambers, D., R. Jennings and R. B. Thompson. (1999). “Evidence on the Usefulness of Capital Expenditures as an Alternative Measure of Depreciation.” Review of Accounting Studies, 169–195.
  • Chen, S. K., Chang, Y.-L., & Fu, C.-J. (2010). “The impact of life cycle on the value relevance of financial performance measures.” Advances in Business and Management Forecasting (pp. 37-58): Emerald Group Publishing Limited.
  • Coulton, J. J., and Ruddock, C. (2011). “Corporate payout policy in Australia and a test of the life‐cycle theory.” Accounting & Finance, 51(2), 381-407.
  • DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). “Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory.” Journal of Financial Economics, 81(2), 227-254.
  • Dickinson, V. (2011). “Cash flow patterns as a proxy for firm life cycle.” The Accounting Review, 86(6), 1969-1994.
  • Drobetz, W., Halling, M., and Schröder, H. (2015). “Corporate Life-Cycle Dynamics of Cash Holdings.” Swedish House of Finance Research Paper (15-07).
  • Easton, P.D., and T.S. Harris, (1991). “Earnings as an explanatory variable for returns”, Journal of Accounting Research, v29, 19-36.
  • Easton, P.D., (1999). “Security returns and the value relevance of accounting data”, Accounting Horizons, v13, 399-412.
  • Elsayed K., Paton D. (2009). “The impact of financial performance on environmental policy: Does firm life cycle matter?” Business Strategy and the Environment 18(6): 397–413.
  • Galbraith J. 1982. “The stages of growth.” The Journal of Business Strategy 3: 70–79.
  • Hanks S, Watson C, Hansen E, Chandler G. 1993. “Tightening the life cycle construct.” Entrepreneurship Theory and Practice 18: 5–30.
  • Hasan, M. M., Hossain, M., and Habib, A. (2015). “Corporate life cycle and cost of equity capital.” Journal of Contemporary Accounting & Economics, 11(1), 46-60.
  • Jaafar, H., & Halim, H. A. (2015). “Refining the firm life cycle classification method: a firm value perspective.” Journal of Economics, Business and Management, 4(2), 112-119.
  • Jain, B. A., ve Kini, O. (1999). “The life cycle of initial public offering firms.” Journal of Business Finance & Accounting, 26(9‐10), 1281-1307.
  • Kallunki, J.-P., & Silvola, H. (2008). “The effect of organizational life cycle stage on the use of activity-based costing.” Management Accounting Research, 19(1), 62-79.
  • Koh, S., Durand, R. B., Dai, L., and Chang, M. (2015). “Financial distress: Lifecycle and corporate restructuring.” Journal of Corporate Finance, 33, 19-33.
  • Kothari, S.P., and J. Zimmerman, (1995). “Price and return models”, Journal of Accounting and Economics, v20, 155-192.
  • Kousenidis, D.V. (2005), ‘‘Earnings-returns relation in Greece: some evidence on the size effect and on the life-cycle hypothesis’’, Managerial Finance, Vol. 31, pp. 24-54.
  • Liu, M. M. (2006). “Accruals and managerial operating decisions over the firm life cycle.” Massachusetts Institute of Technology. Unpublished Ph.D. Dissertation.
  • Miller, D., & Friesen, P. H. (1984). “A longitudinal study of the corporate life cycle.” Management Science, 30(10), 1161-1183.
  • Mintzberg H. (1984). “Power and organizational life cycles.” Academy of Management Review 9: 207–224.
  • Myers, S. C. (1977). “Determinants of corporate borrowing.” Journal of Financial Economics, 5(2), 147-175.
  • Ohlson, J. (1995). Earnings, book values and dividends in security valuation. Contemporary Accounting Research 11:661-687.
  • Schipper, K., and Vincent, L. (2003). “Earnings quality.” Accounting Horizons, 17, 97-110.
  • Seifert, B., and Gonenc, H. (2012). “Issuing and repurchasing: The influence of mispricing, corporate life cycle and financing waves.” Journal of Multinational Financial
  • Spence, A. M. (1977). “Entry, capacity, investment, and oligopolistic pricing.” The Bell Journal of Economics 8, 534-544. Wernerfelt, B. (1985). “The dynamics of prices and market shares over the product life cycle.” Management Science, 31(8), 928-939.
  • Xu, B. (2007). “Life cycle effect on the value relevance of common risk factors.” Review of Accounting and Finance, 6(2), 162-175.
  • Yonpae, P., & Chen, K. (2006). “The effect of accounting conservatism and life-cycle stages on firm valuation.” Journal of Applied Business Research, 22(3), 75.
There are 36 citations in total.

Details

Primary Language English
Journal Section Research Article
Authors

Ömer Faruk Güleç

Semra Karacaer

Publication Date April 4, 2018
Submission Date September 11, 2017
Published in Issue Year 2018 Issue: 78

Cite

APA Güleç, Ö. F., & Karacaer, S. (2018). Kurumsal Yaşam Eğrisi ve Muhasebe Performansı: Borsa İstanbul Örneği. Muhasebe Ve Finansman Dergisi(78), 265-279. https://doi.org/10.25095/mufad.412716
AMA Güleç ÖF, Karacaer S. Kurumsal Yaşam Eğrisi ve Muhasebe Performansı: Borsa İstanbul Örneği. Muhasebe ve Finansman Dergisi. April 2018;(78):265-279. doi:10.25095/mufad.412716
Chicago Güleç, Ömer Faruk, and Semra Karacaer. “Kurumsal Yaşam Eğrisi Ve Muhasebe Performansı: Borsa İstanbul Örneği”. Muhasebe Ve Finansman Dergisi, no. 78 (April 2018): 265-79. https://doi.org/10.25095/mufad.412716.
EndNote Güleç ÖF, Karacaer S (April 1, 2018) Kurumsal Yaşam Eğrisi ve Muhasebe Performansı: Borsa İstanbul Örneği. Muhasebe ve Finansman Dergisi 78 265–279.
IEEE Ö. F. Güleç and S. Karacaer, “Kurumsal Yaşam Eğrisi ve Muhasebe Performansı: Borsa İstanbul Örneği”, Muhasebe ve Finansman Dergisi, no. 78, pp. 265–279, April 2018, doi: 10.25095/mufad.412716.
ISNAD Güleç, Ömer Faruk - Karacaer, Semra. “Kurumsal Yaşam Eğrisi Ve Muhasebe Performansı: Borsa İstanbul Örneği”. Muhasebe ve Finansman Dergisi 78 (April 2018), 265-279. https://doi.org/10.25095/mufad.412716.
JAMA Güleç ÖF, Karacaer S. Kurumsal Yaşam Eğrisi ve Muhasebe Performansı: Borsa İstanbul Örneği. Muhasebe ve Finansman Dergisi. 2018;:265–279.
MLA Güleç, Ömer Faruk and Semra Karacaer. “Kurumsal Yaşam Eğrisi Ve Muhasebe Performansı: Borsa İstanbul Örneği”. Muhasebe Ve Finansman Dergisi, no. 78, 2018, pp. 265-79, doi:10.25095/mufad.412716.
Vancouver Güleç ÖF, Karacaer S. Kurumsal Yaşam Eğrisi ve Muhasebe Performansı: Borsa İstanbul Örneği. Muhasebe ve Finansman Dergisi. 2018(78):265-79.