Payları Borsa İstanbul'da İşlem Gören Şirketlerin Vuk ve Tfrs'ye Göre Açıklanan Finansal Tablolarının Pay Fiyatları Üzerindeki Etkileri

Abstract

In this study, reaction taken by investors of companies whose shares are traded on the stock exchange after they publish their financial statements in accordance with both Turkish Financial Reporting Standards (TFRS) and Tax Procedure Law are examined through the company stock prices. In this context, the abnormal returns before and after the announcements will be calculated using the event study method. In addition, the effects of variables determined in accordance with the literature such as information asymmetry, profitability, ROA, Tobin's Q and asset structure (tangible and intangible assets) etc. on market reactions are examined with the logistic regression method. The main findings show that VUK announcements generally create negative market reactions, while IFRS announcements create positive market reactions. The findings of the logistic regression analysis can be summarized as follows: Information asymmetry reduces the probability of the IFRS-VUK CAR difference being positive; while the leverage level increases this probability. While a high tangible fixed asset ratio has a negative effect, the effect of intangible fixed assets is also generally negative. Although profitability (ROA) has a positive effect, it is not significant in some cases. The effect of company size and growth opportunities is inconsistent. The consolidated statement requirement can show both positive and negative effects. These findings show that the independent variables in the model generally have explanatory power. In the first part of this thesis, after the definition, importance, development and emergence of International Financial Reporting Standards (IFRS) are discussed in a theoretical framework, important institutions that play a role in the development of IFRS are mentioned and developments towards IFRS in the United States, the European Union and the United Kingdom are discussed. In the second section, Turkey's transition process to International Financial Reporting Standards (IFRS), regulations carried out by the Capital Markets Board (SPK), Turkish Accounting Standards Board (TMSK), Public Oversight, Accounting and Auditing Standards Authority and Banking Regulation (KGK) and Supervision Agency (BDDK) within the scope of the TFRS compliance process, regulations made within the scope of the process of compliance with international financial reporting standards in the Turkish Commercial Law (TTK) legislation and the differences between financial reporting according to Turkish Financial Reporting Standards (TFRS) and Tax Procedure Law in Turkey are international standards and financial reporting according to VUK in Turkey are explanied. In the third section, after the Financial Statements and Efficient Markets hypothesis is discussed in a theoretical framework, the financial statements published to the public within the framework of VUK and TFRS were assessed within the framework of the efficient markets hypothesis. Finally, in the fourth section, the literature was summarized and the empirical studies and their results were explained.