DECISION USEFULNESS AND INFLATION ACCOUNTING: THE CASE OF TURKEY

Yıl 2023, Cilt: 25 Sayı: 4, 465 - 497, 31.12.2023

Seyfullah Selimefendigil

https://doi.org/10.31460/mbdd.1253007

Öz

The purpose of this study is to examine the issue of inflation accounting and decision useful-ness. As well as having political costs for a country, inflation has financial costs for compa-nies and their stakeholders. To test the necessity of inflation accounting adoption, Ohlson's (1995) pricing model is used and earnings volatility is measured across years. It was con-cluded that earnings are more volatile and don’t explain the changes in company market val-ue when inflation adjustments are required. Furthermore, it has been suggested that steward-ship theory can explain the reporting of inflation-adjusted values in conjunction with histori-cal cost values.

Anahtar Kelimeler

Inflation Accounting, Decision Usefulness, Stewardship Theory

KARARA FAYDALILIK VE ENFLASYON MUHASEBESİ: TÜRKİYE ÖRNEĞİ

Öz

Bu çalışmanın temel amacı enflasyon muhasebesi ve karara faydalılık konusunu incelemektir. Enflasyonun ülkeye siyasi maliyeti olmasının yansıra, şirketlere ve paydaşlarına finansal maliyeti de bulunmaktadır. Enflasyon muhasebesinin uygulanması gerekliliğini kanıtlamak için Ohlson (1995) tarafından geliştirilen fiyat modeli kullanılmış ve kazançların yıllara göre oynaklığı ölçülmüştür. Sonuç olarak, enflasyon düzeltmesi gerektiği zamanlarda kazançların daha fazla oynaklık gösterdiği ve şirketin piyasa değerini açıklayamadığı görülmüştür. Ayrıca, enflasyon muhasebesi uygulaması sonucu oluşan değerlerin tarihi muhasebe değerleriyle birlikte sunumu temsil teorisi ile açıklanabileceği öne sürülmüştür.

Anahtar Kelimeler

Enflasyon Muhasebesi, Karara Faydalılık, Temsil Teorisi

Kaynakça

• Adwan, S., Alhaj-Ismail, A., & Girardone, C. (2020). Fair value accounting and value relevance of equity book value and net income for European financial firms during the crisis. Journal of International Accounting, Auditing and Taxation, 39, 100320. https://doi.org/10.1016/j.intaccaudtax.2020.100320
• Aggarwal, R., Inclan, C., & Leal, R. (1999). Volatility in emerging stock markets. Journal of Financial and Quantitative Analysis, 34(1), 33–55.
• Aliyu, S. U. R. (2012). Does inflation have an impact on stock returns and volatility? Evidence from Nigeria and Ghana. Applied Financial Economics, 22(6), 427–435.
• Altınışık, İ. (2019). Enflasyonun İşletmeler Üzerindeki Etkisi Ve Bu Etkileri Gidermeye Yönelik Yöntemler. İKSAD. Anandarajan, A., Hasan, I., Isik, I., & McCarthy, C. (2006). The Role of Earnings and Book Values in Pricing Stocks: Evidence from Turkey. Advances in International Accounting, 19(06), 59–89. https://doi.org/10.1016/S0897-3660(06)19003-0
• Anderson, S. B., Brown, J. L., Hodder, L., & Hopkins, P. E. (2015). The effect of alternative accounting measurement bases on investors’ assessments of managers’ stewardship. Accounting, Organizations and Society, 46, 100–114. https://doi.org/10.1016/j.aos.2015.03.007
• Andrejcik, D., Singh, G., & Halari, A. (2021). Fair value accounting: Perspective on stewardship function. Journal of Accounting and Taxation, 13(4), 226–242. https://doi.org/10.5897/jat2021.0483
• Arsoy, A. P., & Gucenme, U. (2009). The development of inflation accounting in Turkey. Critical Perspectives on Accounting, 20(5), 568–590. https://doi.org/10.1016/j.cpa.2008.01.006
• Arzova, S. B., & Şahin, B. Ş. (2022). Financial reporting processes in high inflation economies and the effect of inflation accounting on financial statements *. Mali Cözüm Dergisi, 32(170), 13–31.
• Ashton, D., Peasnell, K., & Wang, P. (2011). Residual Income Valuation Models and Inflation. European Accounting Review, 20(3), 459–483. https://doi.org/10.1080/09638180.2010.493661
• Aydoğan, E. (2004). 1980’den Günümüze Türkiye’de Enflasyon Serüveni. Yönetim Ve Ekonomi Dergisi, 11(1), 92–111.
• Ayres, D., Huang, X. (Sharon), & Myring, M. (2017). Fair value accounting and analyst forecast accuracy. Advances in Accounting, 37, 58–70. https://doi.org/10.1016/j.adiac.2016.12.004
• Ayvaz Güven, E. T., & Ayvaz, Y. Y. (2018). Enflasyon ve ekonomik büyüme arasındaki ilişki: 1990-2017 dönemi Türkiye örneği. Journal of Human Sciences, 15(2), 766. https://doi.org/10.14687/jhs.v15i2.5303
• Bakan, S. (2022). Savaş, Dünya Ekonomisi ve Fi̇nansal Pi̇yasalar içi̇n de Felaket mi̇? Politics, Humanities & Social Sciences, 5, 0–2.
• Ballas, A. A., Skoutela, D., & Tzovas, C. A. (2010). The relevance of IFRS to an emerging market: evidence from Greece. Managerial Finance, 36(11), 931–948.
• Barlev, B., & Haddad, J. R. (2003). Fair value accounting and the management of the firm. Critical Perspectives on Accounting, 14(4), 383–415. https://doi.org/10.1016/S1045-2354(02)00139-9
• Barth, M. E. (2000). Valuation-based accounting research: Implications for financial reporting and opportunities for future research. Accounting and Finance, 40(1), 7–32. https://doi.org/10.1111/1467-629X.00033
• Barviv, R. (1999). The value relevance of inflation-adjusted and historical-cost earnings during hyperinflation. Journal of International Accounting, Auditing and Taxation, 8(2), 269–287. https://doi.org/10.1016/s1061-9518(99)00016-6
• Basu, S., Markov, S., & Shivakumar, L. (2010). Inflation, earnings forecasts, and post-earnings announcement drift. Review of Accounting Studies, 15, 403–440.
• Belesis, N. D., Kampouris, C. G., & Karagiorgos, A. T. (2022). The Effect of COVID-19 on the Value Relevance of European Firms’ Financial Statements. International Journal of Applied Economics, Finance and Accounting, 14(1), 91–911. https://doi.org/10.33094/ijaefa.v14i1.661
• Berry, A., & Robertson, J. (2006). Overseas bankers in the UK and their use of information for making lending decisions: Changes from 1985. British Accounting Review, 38(2), 175–191. https://doi.org/10.1016/j.bar.2005.10.004
• Bilgic, F. A., Ho, S., Hodgson, A., & Xiong, Z. (2018). Do macro-economic crises determine accounting value relevance? Accounting in Europe, 15(3), 402–422.
• Bilgic, F. A., & İbis, C. (2013). Effects of new financial reporting standards on value relevance–a study about Turkish stock markets. International Journal of Economics and Finance, 5(10), 126–140.
• Bilici, B., & Çekin, S. E. (2020). Inflation persistence in Turkey: A TVP-estimation approach. Quarterly Review of Economics and Finance, 78, 64–69. https://doi.org/10.1016/j.qref.2020.04.002
• Biondi, Y. (2011). The pure logic of accounting: A critique of the fair value revolution. Accounting, Economics and Law, 1(1). https://doi.org/10.2202/2152-2820.1018
• Bublitz, B., Frecka, T. J., & McKeown, J. C. (1985). Market Association Tests and FASB Statement No. 33 Disclosures: A Reexamination. Journal of Accounting Research, 23(33), 1. https://doi.org/10.2307/2490685
• Busari, K., & Bagudo, M. M. (2021). Comparing the Value Relevance of Selected Accounting Information in Consolidated and Separate Financial Statements: the Case of Nigerian Listed Financial Service Firms. Journal of Economics and Sustainability, 3(Number 2), 16–32. https://doi.org/10.32890/jes2021.3.2.2
• Chamisa, E., Mangena, M., Pamburai, H. H., & Tauringana, V. (2018). Financial reporting in hyperinflationary economies and the value relevance of accounting amounts: hard evidence from Zimbabwe. Review of Accounting Studies, 23(4), 1241–1273. https://doi.org/10.1007/s11142-018-9460-4
• Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
• Davis-Friday, P. Y., & Rivera, J. M. (2000). Inflation accounting and 20-F disclosures: Evidence from Mexico. Accounting Horizons, 14(2), 113–135. https://doi.org/10.2308/acch.2000.14.2.113
• DeFond, M., Hu, J., Hung, M., & Li, S. (2020). The effect of fair value accounting on the performance evaluation role of earnings. Journal of Accounting and Economics, 70(2–3), 101341. https://doi.org/10.1016/j.jacceco.2020.101341
• Demir, C. (2019). Macroeconomic determinants of stock market fluctuations: The case of BIST-100. Economies, 7(1). https://doi.org/10.3390/economies7010008
• Dichev, I. D., & Tang, V. W. (2009). Earnings volatility and earnings predictability. Journal of Accounting and Economics, 47(1–2), 160–181. https://doi.org/10.1016/j.jacceco.2008.09.005
• Di̇nçergök, B. (2013). Value relevance of earnings and book value of equity in Turkey: The 2003-2009 period. Iktisat Isletme ve Finans, 28(332), 47–66.
• Donaldson, L. (1990). The Ethereal Hand : Organizational Economics and Management Theory. 15(3), 369–381.
• Donaldson, L., & Davis, J. H. (1991). Stewardship Theory or Agency Theory: CEO Governance andShareholder Returns. Australian Journal of Management, 16(June 1991), 49–66.
• Durak, G., & Gürel, E. (2014). Finansal Raporların Kalitesine Etki Eden Ülkeye Özgü Faktörler. Muhasebe ve Finansman Dergisi, 64, 95–110. https://doi.org/10.25095/mufad.396492
• Erbaykal, E., & Okuyan, H. A. (2008). Does Inflation Depress Economic Growth ? Evidence from Turkey. International Research Journal of Finance and Economics, 17(17). http://www.eurojournals.com/finance.htm
• Ertuğrul, M. (2020). Direct and indirect value relevance of R&D capitalization. İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi, 19(37), 781–802.
• Faria, J. R., & Carneiro, F. G. (2001). Does High Inflation Affect Growth in the Long and Short Run? Journal of Applied Economics, 4(1), 89–105. https://doi.org/10.1080/15140326.2001.12040559
• Fiechter, P. (2011). The Effects of the Fair Value Option under IAS 39 on the Volatility of Bank Earnings. Journal of International Accounting Research, 10(1), 85–108. https://doi.org/10.2308/jiar.2011.10.1.85
• Filip, A., & Raffournier, B. (2010). The value relevance of earnings in a transition economy: The case of Romania. International Journal of Accounting, 45(1), 77–103. https://doi.org/10.1016/j.intacc.2010.01.004
• Frank, E. O. (2019). A Comparative Analysis of Inflation-Adjusted and Historical Cost Accounting Information: Implications for the Value Relevance of Corporate Reports. Trends Economics and Management, 13(33), 35. https://doi.org/10.13164/trends.2019.33.35
• Gassen, J., & Schwedler, K. (2010). The decision usefulness of financial accounting measurement concepts: Evidence from an online survey of professional investors and their advisors. European Accounting Review, 19(3), 495–509. https://doi.org/10.1080/09638180.2010.496548
• Gençoğlu, Ü. G., & Ertan, Y. (2012). Muhasebe Kalitesini Etkileyen Faktörler ve Türkiye’deki Durum. Muhasebe ve Finansman Dergisi, 53, 1–24. http://dergipark.gov.tr/mufad/issue/35632/396089
• Hatipoğlu, M. (2016). Enflasyonun Finansal Piyasaların Volantilitesine Etkisi: Borsa İstanbul Üzerine Bir Uygulama. Hitit Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 9(2), 711–720.
• Higson, A., Shinozawa, Y., & Tippett, M. (2007). IAS 29 and the cost of holding money under hyperinflationary conditions. Accounting and Business Research, 37(2), 97–121. https://doi.org/10.1080/00014788.2007.9730064
• Hitz, J. M. (2007). The decision usefulness of fair value accounting - A theoretical perspective. European Accounting Review, 16(2), 323–362. https://doi.org/10.1080/09638180701390974
• https://www.bloomberght.com/sabanci-da-enflasyon-muhasebesine-gecis-hazirligi-2312812. (2022). Sabancı’da enflasyon muhasebesine geçiş hazırlığı. Bloomberght.Com. https://www.bloomberght.com/sabanci-da-enflasyon-muhasebesine-gecis-hazirligi-2312812
• https://www.bursa.com/haber/bursa-is-dunyasindan-ekonomi-yonetimine-quot-enflasyon-muhasebesi-quot-cagrisi-530794.html. (2022). Bursa İş dünyasından ekonomi yönetimine ‘enflasyon muhasebesi’ çağrısı. Bursa.Com. https://www.bursa.com/haber/bursa-is-dunyasindan-ekonomi-yonetimine-quot-enflasyon-muhasebesi-quot-cagrisi-530794.html
• https://www.resmigazete.gov.tr/eskiler/2022/01/20220129-9.htm. (2022). Vergi Usul Kanunu Ile Kurumlar Vergisi Kanununda Değişiklik Yapilmasina Dair Kanun. Resmî Gazete,7532.
• Hughes, J., Liu, J., & Zhang, M. (2004). Valuation and Accounting for Inflation and Foreign Exchange. Journal of Accounting Research, 42(4), 731–754. https://doi.org/10.1111/j.1475-679X.2004.00155.x
• IASB. (1989). Financial Reporting in Hyperinflationary Economies. In IFRS. https://doi.org/10.1002/9781119200772.ch17
• IASB. (2018). Conceptual framework for financial reporting. In IFRS (Issue September 2010). https://doi.org/10.1007/978-1-137-00662-2_5
• Iatridis, G. (2010). IFRS adoption and financial statement effects: The UK case. International Research Journal of Finance and Economics, 38.
• Ilgın, K. S., & Sarı, S. S. (2020). Covid-19 pandemisinin hisse senedi piyasalarına etkisi: Vaka ve ölümlerin yoğun olduğu ülkeler ile Türkiye incelemesi. Karadeniz Sosyal Bilimler Dergisi, 12(23), 434–453.
• Jermakowicz, E. K., Prather‐Kinsey, J., & Wulf, I. (2007). The value relevance of accounting income reported by DAX‐30 German companies. Journal of International Financial Management & Accounting, 18(3), 151–191.
• Kantar, M. A., Abar, H., & Önderş, T. (2021). Enflasyonuİşletmeleri̇nFi̇nansal OranlarinEtki̇si̇: Bistİmalat SektöründeBi̇r Uygulama. Muhasebe ve Finansman Dergisi, 856384(90), 1–18. https://doi.org/10.25095/mufad.856384
• Kantur, Z., & Özcan, G. (2022). Dissecting Turkish inflation: theory, fact, and illusion. Economic Change and Restructuring, 55(3), 1543–1553. https://doi.org/10.1007/s10644-021-09357-1
• Karapınar, A., & Eflatun, A. O. (2022). TMS-BOBİ FRS İlkelerine Göre Enflasyon Muhasebesi Gerçek Uygulama Örnekleriyle. Gazi Kitabevi.
• Karasioğlu, F., & Erdemir, N. K. (2005). Enflasyon muhasebesi̇ uygulamalarinda temel i̇şlemler üzeri̇ne bi̇r çalışma. Selçuk Üniversitesi Karaman İktisadi ve İdari Bilimler Dergisi, 5(Aralık), 145–167.
• Kargin, S. (2013). The Impact of IFRS on the Value Relevance of Accounting Information: Evidence from Turkish Firms. International Journal of Economics and Finance, 5(4), 71–80. https://doi.org/10.5539/ijef.v5n4p71
• Kibritçioğlu, A. (2002). Inflation and Disinflation in Turkey. In A. Kibritçioğlu, L. Rittenberg, & S. Faruk (Eds.), Causes of Inflation in Turkey: A Literature Survey with Special Reference to Theories of Inflation (pp. 43–76).
• Kieso, D., Jerry, W., & Terry, W. (2019). Intermediate Accounting (17th ed.). Wiley.
• Kirkulak, B., & Balsari, C. K. (2009). Value Relevance of Inflation-adjusted Equity and Income. International Journal of Accounting, 44(4), 363–377. https://doi.org/10.1016/j.intacc.2009.09.007
• Kılıç, R., & Dilber, C. (2017). Türkiye’deki enflasyon ve dolar kuru volatilitesinin bist-100 endeksi oynaklığı üzerindeki etkisi. Çankırı Karatekin Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 8(1), 164–174.
• Konchitchki, Y. (2013a). Accounting and the macroeconomy: The case of aggregate price-level effects on individual stocks. Financial Analysts Journal, 69(6), 40–54. https://doi.org/10.2469/faj.v69.n6.3
• Konchitchki, Y. (2013b). Inflation and Nominal Financial Reporting: Implications for Performance and Stock Prices. The Accounting Review, 86(3), 1159–1179.
• Kramarova, K. (2021). The global problem of inflation and need for inflation adjusted-financial reporting. SHS Web of Conferences, 129, 09010. https://doi.org/10.1051/shsconf/202112909010
• Laux, C. (2012). Financial instruments, financial reporting, and financial stability. Accounting and Business Research, 42(3), 239–260. https://doi.org/10.1080/00014788.2012.681857
• Lee, C. M. C. (2014). Performance measurement: An investor’s perspective. Accounting and Business Research, 44(4), 383–406. https://doi.org/10.1080/00014788.2014.910376
• Leuz, C., Nanda, D., & Wysocki, P. D. (2003). Earnings management and investor protection: An international comparison. Journal of Financial Economics, 69(3), 505–527. https://doi.org/10.1016/S0304-405X(03)00121-1
• Liu, G., & Sun, J. (2022). The impact of COVID-19 pandemic on earnings management and the value relevance of earnings: US evidence. Managerial Auditing Journal, 37(7), 850–868. https://doi.org/10.1108/MAJ-05-2021-3149
• Magnan, M., Menini, A., & Parbonetti, A. (2015). Fair value accounting: information or confusion for financial markets? Review of Accounting Studies, 20(1), 559–591. https://doi.org/10.1007/s11142-014-9306-7
• McGregor, S. (2022). Fair value accounting impact on decision-usefulness of accounting information: evidence from accounting standards update 2016–01 on the USinsurance industry. Journal of Financial Reporting and Accounting, 20(5), 926–952. https://doi.org/10.1108/JFRA-12-2020-0352
• OECD. (2023). G20 – CPI All items. OECD.Stats. https://stats.oecd.org
• Ohlson, J. A. (1995). Earnings, Book Values, and Dividends in Equity Valuation. Contemporary Accounting Research, 11(2), 661–687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x
• Öncel, M. (1995). Enflasyon ve vergi̇lendi̇rme. Ankara Üniversitesi Hukuk Fakültesi Dergisi, 44(1).
• Özcan, İ. (2022). Mevduat Bankalarinda Gerçeğe Uygun Değer Hiyerarşisinin İçerik Analizi Ve Kazanç Oynakliğina Etkisi. Muhasebe Bilim Dünyası Dergisi, 24(1), 109–131.
• Özdemir, L. (2020). Covid-19 pandemisinin BIST sektör endeksleri üzerine asimetrik etkisi. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 5(3), 546–556.
• Ozkan, S., & Kaytmaz Balsari, C. (2010). Impact of financial crises on the value relevance of earnings and book value: 1994 and 2001 crises in Turkey. Iktisat Isletme ve Finans, 25(288).
• Özkan, T. (2005). EnflasyonMuhasebesi̇ Uygulamasının Fi̇rmalarin Fi̇nansal Yapıları Üzeri̇ne Etki̇leri̇. Muhasebe ve Denetime Bakış, 15, 49–72. https://dergipark.org.tr/tr/pub/mdbakis/issue/63884/967105
• Palea, V. (2014). Fair value accounting and its usefulness to financial statement users. Journal of Financial Reporting and Accounting, 12(2), 102–116. https://doi.org/10.1108/jfra-04-2013-0021
• Pathirawasam, C. (2013). The Value Relevance of Earnings and Book Value: The Importance of Ownership Concentration and Firm Size. Journal of Competitiveness, 5(2), 98–107. https://doi.org/10.7441/joc.2013.02.07
• Patjoshi, P. K. (2020). Impact of Inflation on Major Financial Ratios. Indian Journal of Natural Sciences, 10(60). https://doi.org/10.37896/jxu14.4/377
• Ronen, J. (2012). What Do FAS 157 ‘Fair Values’ Really Measure: Value Or Risk? Accounting Perspectives, 11(3), 149–164. https://doi.org/10.1111/j.1911-3838.2012.00037.x
• Sapkauskiene, A., & Orlovskij, S. (2017). The usefulness of fair value estimates for financial decision making: a literature review. Zeszyty Teoretyczne Rachunkowości, 93(0), 0–0. https://doi.org/10.5604/01.3001.0010.3195
• Scholtens, B., & Kang, F. C. (2013). Corporate Social Responsibility and Earnings Management: Evidence from Asian Economies. Corporate Social Responsibility and Environmental Management, 20(2), 95–112. https://doi.org/10.1002/csr.1286
• Seleteng, M., Bittencourt, M., & van Eyden, R. (2013). Non-linearities in inflation-growth nexus in the SADC region: A panel smooth transition regression approach. Economic Modelling, 30(1), 149–156. https://doi.org/10.1016/j.econmod.2012.09.028
• Suadiye, G. (2012). Value relevance of book value & earnings under the local GAAP and IFRS: Evidence from Turkey. Ege Academic Review, 12(3), 301–310.
• Sweidan, O. D. (2004). Does Inflation Harm Economic Growth in Jordan? An Econometric Analysis for the Period 1970-2000. International Journal of Applied Econometrics and Quantitative Studies, 1(1), 41–66.
• TÜİK. (2022). Producer price index. https://biruni.tuik.gov.tr/medas/?kn=84&locale=tr
• Türel, A. (2009). The value relevance of IFRS: The case of Turkey. Acta Universitatis Danubius. Œconomica, 5(1), 119–128.
• TURMOB. (2020). Korona Salgınının Türkiye Ekonomisine Etkisi. https://www.turmob.org.tr/haberler/f599274f-c33d-48ff-bfb8-b3f29e5f575d/korona-salgininin-turkiye-ekonomisine-etkisi--degerlendirmeler-ve-oneri-raporu--basin-bulteni
• Varol, N. (2022). Inflation Accounting in Terms of Tax Legislation and Accounting Standards in Turkey. Muhasebe ve Finansman Dergisi, 93, 19–30. https://doi.org/10.25095/mufad.979514
• Wang, H. (2012). The Decision Usefulness of Fair Value Accounting in the Debt Market (Issue October). The John Molson School of Business.
• Wang, J. L., Hsiung, H. H., & Jhu, Y. W. (2020). The Study on Accounting Information Value Relevance in the Practice of IFRS 16 - An Empirical Study of Taiwan. ACM International Conference Proceeding Series, 146–152. https://doi.org/10.1145/3429551.3429560
• Whittington, G. (2008). Fair value and the IASB/FASB conceptual framework project: An alternative view. Abacus, 44(2), 139–168. https://doi.org/10.1111/j.1467-6281.2008.00255.x
• Yaya, O. S., & Shittu, O. I. (2010). On the impact of inflation and exchange rate on conditional stock market volatility: a re-assessment.
• Yeldan, E. (2001). On the Imf-Directed Disinflation Program in Turkey: A Program for Stabilization and Usterity or a Recipe for Impoverishment and Financial Chaos? The Ravages of Neo-Liberalism: Economy, Society, and Gender in Turkey, 1, 1–26. https://ssrn.com/abstract=290539
• Yilmazkuday, H. (2022). Drivers of Turkish inflation. Quarterly Review of Economics and Finance, 84, 1–24.
• Yücel, G. (2023). Parasal Kazanç ( Monetary Gain ) Kavramı Anlaşılmadan Enflasyona Göre Düzeltilmiş Finansal Tablolar Anlaşılamaz. Denetim ve Güvence Hizmetleri Dergisi, 3(1), 1–10.