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Value Relevance of Earnings and Book Value of Equity in Turkey: The 2003-2009 Period

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  • Burcu DİNÇERGÖK

    (ATILIM ÜNİVERSİTESİ)

Abstract

This study investigates the value relevance of earnings and the book value of equity in Turkey over the 2003-2009 period. It also focuses on the effects of the Global Financial Crisis and the negative earnings on the value relevance of the stated accounting values. To do this, a number of manufacturing firms are analyzed using both pooled ordinary least squares and panel data regression analysis. The results of the price models reveal that the value relevance of earnings and the book value of equity declined whereas, for the return models, the value relevance of earnings declined in the Global Financial Crisis period compared to non-crisis periods. Additionally, the results provide evidence that the value relevance of earnings for loss-making firms was lower than profit-making ones. Also, these results do not differ across the sub-sectors of the manufacturing sector.

Suggested Citation

  • Burcu DİNÇERGÖK, 2013. "Value Relevance of Earnings and Book Value of Equity in Turkey: The 2003-2009 Period," Iktisat Isletme ve Finans, Bilgesel Yayincilik, vol. 28(332), pages 47-66.
    • Handle: RePEc:iif:iifjrn:v:28:y:2013:i:332:p:47-66
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    More about this item

    Keywords

    Value Relevance; Global Financial Crisis; Earnings; Book Value Of Equity;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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