ȀİijȐȜĮȚȠ 3. ȈIJĮIJȚıIJȚțȒ ĮȞȐȜȣıȘ
3.5 ǼʌȓȜȠȖȠȢ
ȉĮ ĮʌȠIJİȜȑıȝĮIJĮ Įʌȩ IJȘȞ ʌĮȜȚȞįȡȩȝȘıȘ IJȠȣ IJȡȓIJȠȣ ȣʌȠįİȓȖȝĮIJȠȢ, İȓȞĮȚ ĮȡțİIJȐ įȚĮijȠȡİIJȚțȐ Įʌȩ IJĮ ʌȡȠȘȖȠȪȝİȞĮ. ȈȪȝijȦȞĮ ȝİ IJȠȣȢ Fama and French (1992), ȠȚ ȠʌȠȓȠȚ ȝİȜİIJȠȪȞ ȝİIJĮȕȜȘIJȑȢ ʌȠȣ İʌȘȡİȐȗȠȣȞ IJȚȢ ȝİIJȠȤȚțȑȢ ĮʌȠįȩıİȚȢ, ȝİIJĮȕȜȘIJȑȢ ȩʌȦȢ IJȠ ȝȑȖİșȠȢ IJȘȢ İIJĮȚȡȓĮȢ ʌȠȣ ȝİIJȡȐIJĮȚ ȝİ IJȘȞ țİijĮȜĮȚȠʌȠȓȘıȘ ĮȜȜȐ țĮȚ Ƞ ȜȩȖȠȢ ǿȀ/ȀİijĮȜĮȚȠʌȠȓȘıȘ ĮʌȠIJİȜȠȪȞ ıIJĮIJȚıIJȚțȐ ıȘȝĮȞIJȚțȐ ȝİȖȑșȘ.
ǼȞIJȠȪIJȠȚȢ, ıIJȘȞ ʌĮȡȠȪıĮ ȑȡİȣȞĮ IJȠ ȝȩȞȠ ȝȑȖİșȠȢ ʌȠȣ ʌĮȡȠȣıȚȐȗİIJĮȚ ıIJĮIJȚıIJȚțȐ ıȘȝĮȞIJȚțȩ İȓȞĮȚ Ƞ ȜȩȖȠȢ BV/MV. ȈȣȖțİțȡȚȝȑȞĮ, ıIJȠ ȝȠȞIJȑȜȠ IJȦȞ Fama and French (1992) ʌȡȩıșİıĮ IJȘȞ İʌȚʌȜȑȠȞ ȝİIJĮȕȜȘIJȒ Accruals ȫıIJİ ȞĮ įȚĮʌȚıIJȫıȦ ĮȞ ȕİȜIJȚȫȞİIJĮȚ IJȠ ʌȜȘȡȠijȠȡȚĮțȩ ʌİȡȚİȤȩȝİȞȠ IJȠȣ ȣʌȠįİȓȖȝĮIJȠȢ. ǹʌȩ IJȚȢ IJȚȝȑȢ ʌȠȣ ȜĮȝȕȐȞȠȣȞ IJĮ p-values ȕȜȑʌȠȣȝİ ȩIJȚ ȠȚ ıȣȞIJİȜİıIJȑȢ IJȦȞ ȝİIJĮȕȜȘIJȫȞ Size țĮȚ Accruals ȟİʌİȡȞȠȪȞ IJȠ ȩȡȚȠ IJȠȣ 0,1 țĮȚ ȑIJıȚ ȤĮȡĮțIJȘȡȓȗȠȞIJĮȚ ȝȘ ıIJĮIJȚıIJȚțȐ ıȘȝĮȞIJȚțȑȢ. ȅ ȜȩȖȠȢ BV/MV ȩȝȦȢ İȓȞĮȚ ıIJĮIJȚıIJȚțȐ ıȘȝĮȞIJȚțȩȢ ıİ įȚȐıIJȘȝĮ İȝʌȚıIJȠıȪȞȘȢ 95% ȝİ p-value=0,0242. ȅ įȚȠȡșȦȝȑȞȠȢ ıȣȞIJİȜİıIJȒȢ ʌȡȠıįȚȠȡȚıȝȠȪ, adjusted-R2 İȓȞĮȚ 1,136% ʌȠȣ ıȘȝĮȓȞİȚ ȩIJȚ ȠȚ ȝİIJĮȕȜȘIJȑȢ įİȞ İȟȘȖȠȪȞ ıİ ȚțĮȞȠʌȠȚȘIJȚțȩ İʌȓʌİįȠ IJȚȢ ȝİȜȜȠȞIJȚțȑȢ ȝİIJȠȤȚțȑȢ ĮʌȠįȩıİȚȢ.
ǼȞȫ IJĮ Accruals İȓȞĮȚ ıIJĮIJȚıIJȚțȐ ıȘȝĮȞIJȚțȐ ıIJĮ ȣʌȠįİȓȖȝĮIJĮ (1) țĮȚ (2), İįȫ İȓȞĮȚ ȝȘ ıIJĮIJȚıIJȚțȐ ıȘȝĮȞIJȚțȐ. ǼʌȓıȘȢ, Ș ȝİIJĮȕȜȘIJȒ Size ʌȠȣ įȘȜȫȞİȚ IJȠ ȝȑȖİșȠȢ İȓȞĮȚ ȝȘ ıIJĮIJȚıIJȚțȐ ıȘȝĮȞIJȚțȒ. Ǿ ʌȜȘȡȠijȠȡȚĮțȒ ȚțĮȞȩIJȘIJĮ IJȠȣ ȜȩȖȠȣ BV/MV
«ĮʌȠȡȡȠijȐ» IJȠ ʌȜȘȡȠijȠȡȚĮțȩ ʌİȡȚİȤȩȝİȞȠ IJȦȞ Accruals țĮȚ IJȠȣ Size. īȚĮ IJȘȞ İʌİȟȒȖȘıȘ IJȦȞ ʌĮȡĮʌȐȞȦ ĮʌȠIJİȜİıȝȐIJȦȞ șĮ ʌȡȑʌİȚ ȞĮ ȜȐȕȠȣȝİ ȣʌȩȥȘ IJȘȞ ȣȥȘȜȒ ıȣıȤȑIJȚıȘ IJȦȞ ȝİIJĮȕȜȘIJȫȞ Size țĮȚ BV/MV ĮȜȜȐ țĮȚ IJȘȞ ĮȡȞȘIJȚțȒ ıȣıȤȑIJȚıȘ IJȘȢ ȝİIJĮȕȜȘIJȒȢ Accruals ȝİ ĮȣIJȑȢ IJȦȞ Size țĮȚ BV/MV.
IJȚȢ İȣțĮȚȡȓİȢ ĮȜȜȐ țĮȚ IJȠȣȢ țȚȞįȪȞȠȣȢ IJȘȢ İʌȚȤİȚȡȘȝĮIJȚțȒȢ ȜİȚIJȠȣȡȖȓĮȢ. īȚĮ IJȠȞ ȜȩȖȠ ĮȣIJȩ, Ș įȚȠȓțȘıȘ ȠȡȚıȝȑȞİȢ ijȠȡȑȢ țĮIJĮijİȪȖİȚ ıIJȘȞ ʌĮȡĮʌȠȓȘıȘ IJȦȞ ʌĮȡĮʌȐȞȦ ʌȠıȫȞ. ȈȪȝijȦȞĮ țĮȚ ȝİ IJȘ șİȦȡȘIJȚțȒ İʌȚıțȩʌȘıȘ İʌȓ IJȘȢ įȚĮȤİȓȡȚıȘȢ țİȡįȫȞ, ıȣȝʌİȡĮȓȞȠȣȝİ ȩIJȚ Ș İIJĮȚȡȓĮ ĮȞIJȚȜĮȝȕȐȞİIJĮȚ IJȘ ıȘȝĮıȓĮ IJȦȞ accruals țĮȚ ʌȦȢ ĮȣIJȐ İʌȘȡİȐȗȠȣȞ IJȚȢ İʌİȞįȣIJȚțȑȢ țȚȞȒıİȚȢ. ȈȣȞİʌȫȢ, ıIJȘȞ ʌȡȠıʌȐșİȚĮ ȞĮ ʌȡȠıİȜțȪıȠȣȞ ʌİȡȚııȩIJİȡȠȣȢ İʌİȞįȣIJȑȢ, ȠȚ İIJĮȚȡȓİȢ İȓȞĮȚ ʌȠȜȪ ʌȚșĮȞȩȞ ȞĮ įȚĮȤİȚȡȚıIJȠȪȞ IJĮ țȑȡįȘ IJȠȣȢ. ȆĮȡȩȜĮ ĮȣIJȐ, ȠȚ ȜȩȖȠȚ IJȘȢ įȚĮȤİȓȡȚıȘȢ įİȞ ʌİȡȚȠȡȓȗȠȞIJĮȚ ȝȩȞȠ ʌȡȠȢ IJȘȞ țĮIJİȪșȣȞıȘ IJȦȞ İʌİȞįȣIJȫȞ ĮȜȜȐ țĮȚ ʌȡȠȢ IJȘȞ ȕİȜIJȓȦıȘ Ȓ țĮȚ įȚĮIJȒȡȘıȘ IJȦȞ ıȣȝȕĮIJȚțȫȞ ıȤȑıİȦȞ IJȘȢ İIJĮȚȡȓĮȢ.
ȆĮȡȠȣıȚȐȗȠȞIJĮȢ IJȘȞ țȡȚıȚȝȩIJȘIJĮ ȜȠȚʌȩȞ IJȠȣ ȝİȖȑșȠȣȢ IJȦȞ accruals țĮȚ ʌȦȢ ĮȣIJȐ ȕİȜIJȚȫȞȠȣȞ (Ȓ ȠȡȚıȝȑȞİȢ ijȠȡȑȢ ĮȜȜȠȚȫȞȠȣȞ) IJĮ țȑȡįȘ, șĮ ʌȡȑʌİȚ ȞĮ ȜȐȕȠȣȝİ ȣʌȩȥȘ ȝĮȢ țĮȚ ȐȜȜȠȣȢ țȡȓıȚȝȠȣȢ ʌĮȡȐȖȠȞIJİȢ ȠȚ ȠʌȠȓȠȚ İȣȞȠȠȪȞ IJo ʌȜȘȡȠijȠȡȚĮțȩ
ʌİȡȚİȤȩȝİȞȠ IJȦȞ accruals. ȍȢ ʌȡȠȢ IJȠȞ ıțȠʌȩ ĮȣIJȩ, șĮ ʌȡȑʌİȚ ȞĮ ȝİȜİIJȒıȠȣȝİ ʌĮȡȐȖȠȞIJİȢ IJȘȢ ȠȚțȠȞȠȝȓĮȢ ȠȚ ȠʌȠȓȠȚ İʌȘȡİȐȗȠȣȞ IJȠ İʌȚȤİȚȡȘȝĮIJȚțȩ ʌİȡȚȕȐȜȜȠȞ.
ȂĮțȡȠȠȚțȠȞȠȝȚțȠȓ țĮȚ ȝȚțȡȠȠȚțȠȞȠȝȚțȠȓ ʌĮȡȐȖȠȞIJİȢ İʌȘȡİȐȗȠȣȞ IJȠȞ IJȡȩʌȠ ʌȠȣ Ș İIJĮȚȡȓĮ įȚĮȤİȚȡȓȗİIJĮȚ IJĮ țȡȓıȚȝĮ ȝİȖȑșȘ ʌȠȣ įȘȝȠıȚİȪİȚ ȝȑıȦ IJȦȞ ȠȚțȠȞȠȝȚțȫȞ IJȘȢ țĮIJĮıIJȐıİȦȞ. Ǿ ȞȠȝȠșİıȓĮ, IJȠ ijȠȡȠȜȠȖȚțȩ ʌȜĮȓıȚȠ, ȠȚ ȡȣșȝȚıIJȚțȑȢ ĮȡȤȑȢ țĮȚ Ș ijȐıȘ IJȘȢ ȠȚțȠȞȠȝȓĮȢ ȖİȞȚțȩIJİȡĮ İʌȘȡİȐȗȠȣȞ ȐȝİıĮ IJȚȢ İʌȚȤİȚȡȘȝĮIJȚțȑȢ țȚȞȒıİȚȢ.
ǹȣıIJȘȡȩ ijȠȡȠȜȠȖȚțȩ ʌȜĮȓıȚȠ țĮIJİȣșȪȞİȚ IJȚȢ İIJĮȚȡȓĮȢ ʌȡȠȢ ıȣȡȡȓțȞȦıȘ IJȦȞ țİȡįȫȞ İȞȫ ĮȣıIJȘȡȑȢ İʌȠʌIJȚțȑȢ ĮȡȤȑȢ ʌİȡȚȠȡȓȗȠȣȞ IJȘȞ įȚĮıIJȡȑȕȜȦıȘ ĮȜȜȐ țĮȚ IJȠ
«ȝĮȖİȓȡİȝĮ» IJȦȞ ȜȠȖȚıIJȚțȫȞ ʌȠıȫȞ.
ȆĮȡȩȜĮ ĮȣIJȐ, IJĮ ĮʌȠIJİȜȑıȝĮIJĮ IJȦȞ ʌĮȜȚȞįȡȠȝȒıİȦȞ ıIJȘȞ ʌĮȡȠȪıĮ İȡȖĮıȓĮ įİȞ ȝʌȠȡȠȪȞ ȞĮ İțIJȚȝȒıȠȣȞ ıİ ȚțĮȞȠʌȠȚȘIJȚțȩ ȕĮșȝȩ IJȘȞ ıȘȝĮȞIJȚțȩIJȘIJĮ IJȦȞ
accruals ȜȩȖȦ IJȦȞ ʌİȡȚȠȡȚıȝȑȞȦȞ įİįȠȝȑȞȦȞ. ȉȠ įİȓȖȝĮ ʌȠȣ ȑȤİȚ ȜȘijșİȓ ȦȢ ʌȡȠȢ IJȘ įȚİȡİȪȞȘıȘ IJȠȣ ʌȜȘȡȠijȠȡȚĮțȠȪ IJȠȣȢ ʌİȡȚİȤȠȝȑȞȠȣ ʌİȡȚȠȡȓȗİIJĮȚ ıIJĮ ȑIJȘ IJĮ ȠʌȠȓĮ ȠȚ ǼȜȜȘȞȚțȑȢ İIJĮȚȡȓİȢ įȘȝȠıȚİȪȠȣȞ țĮIJĮıIJȐıİȚȢ ȕȐıİȚ IJȦȞ ǻȚİșȞȫȞ ȁȠȖȚıIJȚțȫȞ ȆȡȠIJȪʌȦȞ țĮȚ IJĮ ȠʌȠȓĮ įİȞ İʌĮȡțȠȪȞ ȖȚĮ ȝȚĮ ıȦıIJȒ țĮȚ ʌȜȒȡȘ ĮȟȚȠȜȩȖȘıȘ. ȅ ʌİȡȚȠȡȚıȝȩȢ ĮȣIJȩȢ, ĮʌȠIJİȜİȓ țȓȞȘIJȡȠ ȖȚĮ IJȘȞ ȝİȜȑIJȘ ıİ İʌȩȝİȞĮ ȑIJȘ ȝȑıĮ ıIJĮ ȠʌȠȓĮ ȠȚ İʌİȞįȣIJȑȢ șĮ ȑȤȠȣȞ țĮIJĮȞȠȒıİȚ ʌȜȒȡȦȢ IJȠ ʌȜȘȡȠijȠȡȚĮțȩ ʌİȡȚİȤȩȝİȞȠ IJȦȞ accruals țĮȚ ʌȦȢ ȝȑıȦ ĮȣIJȫȞ ȝʌȠȡȠȪȝİ ȞĮ İțIJȚȝȒıȠȣȝİ IJȘȞ ȝİȜȜȠȞIJȚțȒ țİȡįȠijȠȡȓĮ IJȘȢ İIJĮȚȡȓĮȢ.
ǺȚȕȜȚȠȖȡĮijȓĮ
Ali Ashiq, Lee-Seok Hwang and Mark A. Trombley, 2001, Accruals and Future Stock Returns: Tests of the Naïve Investor Hypothesis. Journal of Accounting Auditing and Finance 15, 161-181.
Ball Ray and Lakshmanan Shivakumar, 2008, Earnings Quality at Initial Public Offerings. Journal of Accounting and Economics 45, 324-349.
Ball Rayand Lakshmanan Shivakumar, 2005, The Role of Accruals in Asymmetrically Timely Gain and Loss Recognition. Journal of Accounting Research 44, 207-242.
Barton Jan and Paul J. Simko, 2002, The balance sheet as an earnings management constraint. The Accounting Review 77, 1-27.
Black L. Ervin, 1998, Which is more value relevant: Earnings or cash flows? A life cycle examination. Journal of Financial Statement Analysts.
Burgstahler David and Ilia Dichev, 1997, Earnings management to avoid earnings decreases and losses. Journal of Accounting and Economics 24, 99-127.
Cohen Sandra, Afroditi Papadaki and Georgia Siougle, 1997, SEOs in a “Hot Market”: evidence of timing. Applied Financial Economics 17, 1179-1190.
Da Angelo L.E, 1986, Accounting numbers as market valuation substitutes: a study of management buyouts of public stockholders. The Accounting Review 61, 400-420.
Dechow M. Patricia and Weili Ge, 2006, The persistence of earnings and cash flows and the role of special items: Implications for the accrual anomaly. Review of Accounting Standards 11, 253-296.
Dechow M. Patricia, 1994, Accounting earnings and cash flows as measures of firm performance. The role of accounting accruals. Journal of Accounting and Economics 18, 3-42.
Dechow M. Patricia, Scott A. Richardson and Irem Tuna, 2003, Why Are Earnings Kinky? An Examination of the Earnings Management Explanation. Review of Accounting Studies 8, 355–384.
Dechow Patricia M., Scott A. Richardson and Richard G. Sloan, The Persistence and Pricing of the Cash Component of Earnings. Working paper, University of Michigan and University of Pennsylvania.
Dechow, P., Kothari, S., and Watts, R. 1998, The relation between earnings and cash flows. Journal of Accounting and Economics 25, 133–168.
Fama E. & French K., 1992, The cross-section of expected stock returns. Journal of Finance 47, 427–465.
Financial Accounting Standards Board, 1978, Statement of Financial Accounting Concepts No 1., Objectives of financial reporting by business enterprises, (www.fasb.org).
Financial Accounting Standards Boards, 1987, Statement of Financial Accounting Standards No. 95, Statement of Cash Flows, (www.fasb.org).
Healy M. Paul, 1985, The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics 7, 85-107.
Jones J. Jones, 1991, Earnings Management During Import Relief Investigations.
Journal of Accounting Research 29, 193-228.
Kallunki Juha-Pekka and Eija Paakki, 2004, Stock Market Response to IFRS/IAS Cash Flows. Working paper, University of Oulu.
Kothari S. P., 2001, Capital markets research in accounting. Journal of Accounting and Economics 31, 105-231.
Kothari S. P., Elena Loutskina and Valeri Nikolaev, 2006, Agency Theory of Overvalued Equity as an Explanation for the Accrual Anomaly. Tilburg University, Center for Economic Research in its series Discussion Paper No. 103.
Kothari, S. P., Andrew J. Leone, and Charles E. Wasley, 2005, Performance matched discretionary accrual measures. Journal of Accounting and Economics 39, 163-197.
Nagata Kyoko and Toyohiko Hachiya, 2006, Competing motives for earnings management in initial public offerings –To reduce wealth loss or to keep control of the firm?-. Working paper, Tokyo Institute of Technology.
Penman Stephen H. and Nir Yehuda, 2009, The Pricing of Earnings and Cash Flows and an Affirmation of Accrual Accounting. Review of Accounting Standards 14, 453-479.
Prevost K. Andrew, Christopher J. Skousen and Ramesh P. Rao, 2008, Earnings Management and the Cost of Debt. Journal of Banking and Finance 33(8), 1472-1480.
Richardson A. Scott, Richard G. Sloan, Mark T. Soliman and Irem Tuna, 2005, Accrual Reliability, Earnings Persistence and Stock Prices. Journal of Accounting and Economics 39, 437–485.
Siew Hong Teoh, T. J. Wong and Gita R. Rao, 1998, Are Accruals during Initial Public Offerings Opportunistic?. Review of Accounting Studies 3, 175-208.
Sloan G. Richard, 1996, Do stock prices fully reflect information in accruals and cash flows about future earnings?. The Accounting Review 71, 289-315.