崩盘风险与保守主义:伊斯坦布尔证券交易所的证据

IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Borsa Istanbul Review Pub Date : 2024-07-01 DOI:10.1016/j.bir.2024.04.010
Tuba Toksoz
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引用次数: 0

摘要

本研究评估了未来股价暴跌的可能性与保守主义之间的关系--保守主义是一种会计特征,它导致会计净资产相对于经济净资产的价值被低估。这种低估是通过在确认损失时比确认收益时更宽松的验证标准来实现的,从而导致更及时地确认经济损失。本研究利用 2009 年至 2019 年在伊斯坦布尔证券交易所交易的公司样本,在考虑了公司特有的崩盘风险决定因素以及公司和年份固定效应后发现,保守程度较高的公司的崩盘风险显著降低。这一结果与有关保守主义的文献研究结果相吻合,揭示了保守主义削弱了管理者隐瞒不利信息的能力。此外,这些结果具有经济意义,并且在经过一系列稳健性检验后仍然成立。这些发现与业绩不佳的公司尤其相关,表明不利信息的增加会增强公司隐瞒和延迟分享信息的动机。进一步的分析表明,会计保守主义通过降低未来的崩盘风险而带来优势,尤其是对于无形资产密集度高的公司。
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Crash risk and conservatism: Evidence from Borsa Istanbul

This study assesses the relationship between the likelihood of future stock price crashes and conservatism—an accounting characteristic that leads to the undervaluation of accounting net assets relative to economic net assets. This undervaluation is achieved by less stringent verification criteria in acknowledging losses compared with gains, resulting in more timely recognition of economic losses. Utilizing a sample of firms traded on Borsa Istanbul from 2009 to 2019, this study reveals that firms with a greater degree of conservatism witness a significant reduction in crash risk after accounting for firm-specific determinants of crash risk along with firm and year fixed effects. This result corroborates the findings in the literature on conservatism, revealing that conservatism diminishes the ability of managers to withhold unfavorable information. In addition, the results are economically meaningful and hold after a set of tests to assess robustness. The findings are particularly relevant for underperforming firms, indicating that an increase in adverse information enhances the motivation for firms to obscure and delay sharing the information. Further analysis demonstrates that accounting conservatism offers advantages by mitigating future crash risk, especially for firms with high intangible intensity.

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来源期刊
CiteScore
7.60
自引率
3.80%
发文量
130
审稿时长
26 days
期刊介绍: Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations
期刊最新文献
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