While neglecting the importance of technological intensity, most of the prior studies documented the positive contribution of intellectual capital (IC) to corporate financial performance. This study aims at analyzing the relation between IC and corporate financial performance addressing the technological intensity in different sectors from 17 emerging countries. The impact of IC, which is measured by Value Added Intellectual Coefficient (VAIC) and its components; Capital Employed Efficiency (CEE), Human Capital Efficiency (HCE), and Structural Capital Efficiency (SCE), on corporate financial performance will be evaluated using panel data analysis for the period between 2009-2019. Accordingly, IC and its components are found to be significant drivers of financial performance being higher for sectors that are more technology intensive. Moreover, human and physical capital are the main components, which boost finance performance for all groups irrespective of technological intensity in the emerging market context.
An extensive review of literature focusing on theoretical and analytical studies reveals that equity markets will benefit from accounting conservatism due to the increase in overall information quality. Conditional conservatism, which is evaluated as to the asymmetry between the impact of good and bad news on earnings, is regarded to be a substitute of discretionary disclosure. Therefore, as the firms increase the extent of their voluntary disclosures, the cost of raising capital is alleviated since this cost depends on how much information is attained by the firms' potential investors. This study conducts a two stage analysis on a data set of nonfinancial firms listed on Borsa Istanbul 2005-2014, inclusive. Accordingly, the existence of conditional conservatism is tested by using cross-sectional regression based on the asymmetric timeliness model developed by Basu (1997) modified by Khan and Watts (2009). Consequently, the resulting firm-year measure of conditional conservatism is used as the explanatory variable of the panel data analysis. The originality of the paper stems from the fact that it attempts to provide evidence on the economic consequences of discretionary accounting practices from Turkey in this specific strand of literature related to the equity investors' required rates of return. Mehtap ÖNER • Aslı AYBARS • Hüseyin EKİZLER İHtİyAtliliğin ÖZ sErmAyE mAlİyEtİ ÜZErİndEkİ Etkİsİ: tÜrkİyE ÖrnEğİ ÖzTeorik ve analitik çalışmalara dayanan geniş bir literatür taraması sermaye piyasalarının, genel bilgi kalitesini arttıracağı gerekçesiyle muhasebedeki ihtiyatlılıktan fayda sağlayacağını ortaya koymuştur. İyi ve kötü haberlerin kazançlar üzerindeki asimetrik etkisi ile ölçülen koşula bağlı ihtiyatlı-lığın, isteğe bağlı açıklamaların yerine kullanılabildiği düşünülmektedir. Dolayısıyla, firmalar isteğe bağlı açıklamalarının miktarını arttırdıkça, sermaye bulma maliyetleri azalmaktadır; çünkü bu maliyet firmanın potansiyel yatırımcıları tarafından ne kadar bilgi edinildiğine bağlıdır. Bu çalışma, 2005-2014 yıllarını kapsayan bir gözlem süreci boyunca Borsa İstanbul' da yer alan reel sektör firmalarına ilişkin bir veri grubu üzerinde iki aşamalı bir analiz yapmaktadır. Bu doğrultuda, koşula bağlı ihtiyatlılığın varlığı kesitsel regresyon yöntemi kullanılarak Basu (1977) tarafından geliştirilen ve sonra Khan and Watts (2009) tarafından genişletilen kazancın asimetrik zamanlılığı modeli ile test edilmiş-tir. Buna bağlı olarak, bahsedilen regresyon analizi sonucunda ortaya çıkan firma-yıl bazındaki koşula bağlı ihtiyatlılık ölçüsü panel veri analizinde açıklayıcı değişken olarak kullanılmıştır. Çalışmanın öz-günlüğü, hisse senedi yatırımcılarının talep ettiği getiriye ilişkin bu spesifik literatür başlığında, Tür-kiye' deki esnek muhasebe uygulamalarının ekonomik sonuçları ile ilgili kanıt sunmaya çalışmasından ileri gelmektedir.
This study explores the connectedness between selected emerging equity markets (BRIC-T) and the Emerging Markets Financial Stress Index (EMFSI). We aim to reveal the extent of spillovers from stock market indices to aggregated financial tension in these countries. Empirical investigations are executed through Quantile Vector Autoregression analysis. Results show that spillovers occur mainly during extreme negative and positive return periods. When we focus on four important phases, namely Global Financial Crisis (GFC), the Euro Area Sovereign Debt Crisis, the COVID-19 pandemic, and the Russia-Ukraine war, three countries come to the fore. While Brazil has had a substantial and persistent impact across the years, during the GFC, two other countries, Russia and Türkiye, seem to induce positive return spillovers toward emerging markets’ stress. This impact becomes bilateral in Russia (both in positive and negative returns) during the pandemic and the Russia-Ukraine war. Thus, we conclude that among the examined market economies, negative or positive return transmissions to emerging market stress are led mainly by Brazil and Russia. The importance of energy sources and political factors can account for this result.
Together with the corporate governance scandals in last two decades, firms have increased corporate governance applications to achieve transparent and accountable structures. These applications' impact on firms' financial performance and stock returns has become an appealing research topic. In this paper, the performance of portfolios constructed with BRICS firms having corporate governance applications between years 2011-2019 have been investigated by utilizing CAPM and Fama-French Three Factor Model. The findings show no abnormal returns in portfolios formed on the basis of corporate governance scores consistent with the Efficient Market Hypothesis. Furthermore, market risk premium has also no impact on portfolio returns.
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