Yatırımcı İlişkilerinde Finansal İletişim Yoğunluğu ile Firma Piyasa ve Finansal Performansı Arasındaki İlişki: BIST’da Bir Uygulama

Year 2019, Volume: 23 Issue: 3, 1345 - 1371, 15.10.2019

Oğuzhan Ece

Abstract

Teknolojik
ilerlemeler, keskin rekabet koşulları ve sanayi toplumundan bilgi toplumuna
geçiş yönetim anlayışına finansal iletişim kavramını kazandırmıştır. Bu
araştırma, firmalar için bu teorik gelişimin etkilerinin neler olduğuna dair
ampirik kanıtlar sunmayı amaçlamaktadır.Yapılan değerlendirmeler Türkiye
perspektifinde olup 2007/Q1-2018/Q2 periyoduna sahiptir.Finansal iletişim
yoğunluğu ile firma piyasa ve finansal performansı arasındaki ilişki,
firmaların yapmış olduğu 19765 finansal enformatiğe dayalı olarak
gerçekleştirilmiştir.Firma piyasa performansı Tobin’in Q (PD1), Piyasa
Değerinin doğal logaritması (PD2) ve hisse başına kazanç (PIYPER) vekilliğinde
3 bağımlı değişken ile temsil edilmiştir. Firma finansal performansı ise
sermaye yeterliliği ve karlılık açısından ele alınmış, sermaye yeterlilik oranı
(FINYET), aktif karlılığı (ROA) ve özsermaye karlılığı (ROE) vekilliğinde 3
bağımlı değişken ile temsil edilmiştir. Panel veri metodolojisine dayalı olarak
gerçekleştirilen araştırma sonucunda piyasa değeri perspektifinde negatif,
piyasa performansı ve finansal performansı perspektifinde pozitif yönlü ve
istatistiksel olarak anlamlı sonuçlar kaydedilmiştir.

Keywords

Finansal iletişim, Yatırımcı İlişkileri, Piyasa Performansı, Finansal Performans

References

• Agarwal, V,. Taffler, R, J,. Bellotti, X., & Nash, E, A. (2016). Investor Relations, Information Asymmetry and Market Value, Accounting and Business Research, 46(1), 31-50Agarwal, Vineet vd, (2008), The Impact of Effective Investor Relations on Market Value (March 4, 2008), Available at http://dx,doi,org/10,2139/ssrn,1102644Baskin, Otis W,, Aronoff, Craig E, & Lattimore, Dan (1997); Public Relations: The Profession and the Practice, Edition, 4, revised, Publisher, Brown & Benchmark Publishers, 1997, Original from, Pennsylvania State University, Digitized, Jun 4, 2009, ISBN, 0697201228, 9780697201225, LengthBotosan, C, A, (1997), Disclosure Level and the Cost of Equity Capital, Accounting Review, 323-349Brennan, M, J,, & Tamarowski, C, (2000), Investor Relations, Liquidity, and Stock Prices, Journal of Applied Corporate Finance, 12(4), 26-37Bushee, B, J,, & Miller, G, S, (2012), Investor Relations, Firm Visibility, and Investor Following, The Accounting Review, 87(3), 867-897Bushee, B, J,, & Noe, C, F, (2000), Corporate Disclosure Practices, Institutional Investors, and Stock Return Volatility, Journal of Accounting Research, 171-202Bushee, Brian J, & Miller, Gregory S,, (2007), Investor Relations, Firm Visibility, and Investor Following, Available at http://dx,doi,org/10,2139/ssrn,643223Chahine, S,, Colak, G,, Hasan, I,, & Mazboudi, M, (2018), Investor Relations and IPO Performance, FMA Conferances February 19/2018 Annual MeetingChang, M,, D'Anna, G,, Watson, I,, & Wee, M, (2008), Does Disclosure Quality Via Investor Relations Affect Information Asymmetry?, Australian Journal of Management, 33(2), 375-390 Debreceny, R,, & Rahman, A, (2005), Firm-Specific Determinants of Continuous Corporate Disclosures, The International Journal of Accounting, 40(3), 249-278Di Toro, P,, & Stefanoni, A, (2010), Business Entities and the Environment: the Role of Financial CommunicationFrancis, J,, Hanna, J, D,, & Philbrick, D, R, (1997), Management communications with securities analysts, Journal of Accounting and Economics, 24(3), 363-394Green, W,H,,2003, Econometric Analysis, Fifth Edition, Prentice Hall, New Jersey Gregory, A,, (2005), Public Relations in Practice, London, The Institute of PRGrisiel, D,, (2008), Consistent Corporate Communication, Equties, January, 56(1), 89Gujarati, D, N, (1999), Basic Econometrics, Mc Graw Hill,3rd Edition, İstanbul: Literatür YayıncılıkHeldenbergh, A,, Scoubeau, C,, Arnone, L,, & Croquet, M, (2006), The financial communication during a period of transition: The case of banks and insurance companies in Belgium, Corporate Communications: An International Journal, 11(2), 174-188Hong, Harrison & Huang, Ming, (2005), Talking up Liquidity: Insider Trading and Investor Relations, Journal of Financial Intermediation, 14, 1-31Kelly, K, S,, Laskin, A, V, & Rosenstein, G, A, (2010), “Investor Relations: Two-Way Symmetrical Practice”, Journal of Public Relations Research, 22 (2):182-208 https://doi,org/10,1080/10627261003601630 Marcus, B,W, & Wallace, S,L, 1997, New Dimensions in Investor Relations, Competing for Capital in the 21st century, New York: John WileyMendes-da-Silva, W., & Christensen, T. E. (2004). Determinants of voluntary disclosure of financial information on the internet by Brazilian firms. Available at SSRN 638082.Mendes-Da-Silva, W., & de Lira Alves, L. A. (2004). The voluntary disclosure of financial information on the internet and the firm value effect in companies across Latin America. In Universidad Navarra Barcelona, 13th International Symposium on Ethics, Business and Society.O'Brien, P, C,, & Bhushan, R, (1990), Analyst following and institutional ownership, Journal of Accounting Research, 55-76Pozniak L, (2010), "Financial Communication on the Web - Evidence from Belgium", Accounting & Taxation, 2(1), 47-58Pozniak, L,, Croquet, M,, & Colot, O, (2013), The Relationship between Financial Communication and Firm Performance: Evidence from France, Accountıng & Taxatıon, 5(1) :9-17 Pozniak, Laetitia, (2013), Internet Financial Communication: Evidence from Unregulated Markets of Brussels and Paris, The International Journal of Business and Finance Research, v, 7 (5), 107-122Richardson, A, J,, & Welker, M, (2001), Social Disclosure, Financial Disclosure and the Cost of Equity Capital, Accounting, Organizations and Society, 26(7-8), 597-616Rodrigues, S, D, S,, & Galdi, F, C, (2017), Investor relations and information asymmetry, Revista Contabilidade & Finanças, (AHEAD), 0-0, 28, 74, (297), Paper presented at the XXXIX Meeting of the Brazilian National Association of Graduate Studies and Research in Administration, ,DOI: 10,1590/1808-057x201703630Salvioni, D, (2002), Transparency Culture and Financial Communication, Symphonya, Emerging Issues in Management No 2, Corporate Culture and Market Complexity 22-33 DOI: http://dx,doi,org/10,4468/2002,2,04salvioniStraker, C,, & Marston, M, (2001), Investor Relations: a European Survey, Corporate Communications: An International Journal, 6(2), 82 – 93Tatoğlu, F, Y, (2013), İleri Panel Veri Analizi, Beta Yayınları, No: 3012,, 2, Baskı İstanbulTutar Hasan & Yılmaz, Kemal, M, (2013), İletişim (Genel ve Örgütsel Boyutuyla), Seçkin Yayınları, yayın No:42, 13, Baskı, AnkaraWilson, M,H, (1980), The Corporate Investor Relations Function, A survey Michigan: UMIXiao, J, Z,, Yang, H,, & Chow, C, W, (2004), The Determinants and Characteristics of Voluntary Internet-Based Disclosures By Listed Chinese Companies, Journal of accounting and public policy, 23(3), 191-225