10 research outputs found
The Expectation Gap in Internet Financial Reporting: Evidence from an Emerging Capital Market
The development of the internet as a global medium has significantly impacted financial reporting environment of the companies. Recently, companies have started reporting their financial results and other information relating to business on their web pages. The internet offers the facility to provide all interested groups with information to make well-informed, timely investment decision thus reducing the information advantages of institutional investors and information intermediaries. This study examines the level of internet financial reporting in Turkey. Furthermore, it tries to find out whether there is an expectation gap in internet financial reporting. In this study, “expectation gap” refers to the difference between (1) what financial statement users perceive important in decision making process to be and (2) what companies actually disclose or present in their web pages. Our findings indicate that an expectation gap exists; financial statement users have higher expectations for various facets than what companies actually report in the areas such as; reports of analysts, phone number to investor relations, segmental reporting, financial data in processable format, and summary of financial data. Our findings serve as evidence that the companies should engage in appropriate actions to reduce this expectation gap.Internet, Financial Reporting, Turkey
Derivatives Usage in Risk Management By Turkish Non-Financial Firms and Banks: A Comparative Study
The purpose of this study to compare the previous research about how the nonfinancial companies listed in the Istanbul Stock Exchange (ISE) and deposit banks in Turkey have disclosed information regarding the usage of derivatives, and the accounting treatment of these derivatives. The results of these studies indicate that banks and the non-financial companies listed in the ISE-100 Indices, which represent 86 % of the market capitalization, use derivatives mainly for hedging purposes. However, the evidence that they usually prefer reporting their gains/losses arising from these transactions as “held for trading” instead of applying “hedge accounting”, since they could not meet the compulsory criterions described in the IAS 39.Derivative Instruments, IAS 39, IFRS 7, Hedge Accounting,
Timeliness of financial reporting in emerging capital markets:Evidence from Turkey
Timely financial reporting is an essential ingredient for a well-functioning capital market. This study has two objectives. The first one is to measure the extend of timeliness of financial reporting in a developing country, Turkey. The second one is to establish the impact of both company specific and audit related factors on timeliness of financial reporting in Turkey. This study reports on the results of an empirical investigation of the timeliness of financial reports by 211 non-financial companies listed on the Istanbul Stock Exchange. The descriptive analysis indicates that 59% of the companies that prepares separate financial statements and 66% of the companies that prepares consolidated financial statements release their financial statements less than the maximum time allowed after the financial year-end. 28% of the companies that prepares separate financial statements and 16% of the companies that prepares consolidated financial statements exceeded the regulatory deadline. The multivariate regression analysis indicates that both sign of income, audit opinion, auditor firm and industry affect timeliness. The findings indicate that the companies, which report net income, have standard audit opinion, and operate in manufacturing industry release their financial statements earlier while the companies are audited by the big four audit firms report their financial statements later.Timeliness, financial reporting, accounting, Turkey
The Expectation Gap in Internet Financial Reporting: Evidence from an Emerging Capital Market
The development of the internet as a global medium has significantly impacted
financial reporting environment of the companies. Recently, companies have started
reporting their financial results and other information relating to business on their web
pages. The internet offers the facility to provide all interested groups with information to
make well-informed, timely investment decision thus reducing the information advantages
of institutional investors and information intermediaries. This study examines the level of
internet financial reporting in Turkey. Furthermore, it tries to find out whether there is an
expectation gap in internet financial reporting. In this study, “expectation gap” refers to the
difference between (1) what financial statement users perceive important in decision
making process to be and (2) what companies actually disclose or present in their web
pages. Our findings indicate that an expectation gap exists; financial statement users have
higher expectations for various facets than what companies actually report in the areas such
as; reports of analysts, phone number to investor relations, segmental reporting, financial
data in processable format, and summary of financial data. Our findings serve as evidence
that the companies should engage in appropriate actions to reduce this expectation gap
Timeliness of financial reporting in emerging capital markets:Evidence from Turkey
Timely financial reporting is an essential ingredient for a well-functioning capital market.
This study has two objectives. The first one is to measure the extend of timeliness of
financial reporting in a developing country, Turkey. The second one is to establish the
impact of both company specific and audit related factors on timeliness of financial
reporting in Turkey. This study reports on the results of an empirical investigation of the
timeliness of financial reports by 211 non-financial companies listed on the Istanbul
Stock Exchange. The descriptive analysis indicates that 59% of the companies that
prepares separate financial statements and 66% of the companies that prepares
consolidated financial statements release their financial statements less than the
maximum time allowed after the financial year-end. 28% of the companies that prepares
separate financial statements and 16% of the companies that prepares consolidated
financial statements exceeded the regulatory deadline. The multivariate regression
analysis indicates that both sign of income, audit opinion, auditor firm and industry affect
timeliness. The findings indicate that the companies, which report net income, have
standard audit opinion, and operate in manufacturing industry release their financial
statements earlier while the companies are audited by the big four audit firms report
their financial statements later
Timeliness of financial reporting in emerging capital markets:Evidence from Turkey
Timely financial reporting is an essential ingredient for a well-functioning capital market.
This study has two objectives. The first one is to measure the extend of timeliness of
financial reporting in a developing country, Turkey. The second one is to establish the
impact of both company specific and audit related factors on timeliness of financial
reporting in Turkey. This study reports on the results of an empirical investigation of the
timeliness of financial reports by 211 non-financial companies listed on the Istanbul
Stock Exchange. The descriptive analysis indicates that 59% of the companies that
prepares separate financial statements and 66% of the companies that prepares
consolidated financial statements release their financial statements less than the
maximum time allowed after the financial year-end. 28% of the companies that prepares
separate financial statements and 16% of the companies that prepares consolidated
financial statements exceeded the regulatory deadline. The multivariate regression
analysis indicates that both sign of income, audit opinion, auditor firm and industry affect
timeliness. The findings indicate that the companies, which report net income, have
standard audit opinion, and operate in manufacturing industry release their financial
statements earlier while the companies are audited by the big four audit firms report
their financial statements later
Derivatives Usage in Risk Management By Turkish Non-Financial Firms and Banks: A Comparative Study
The purpose of this study to compare the previous research about how the nonfinancial
companies listed in the Istanbul Stock Exchange (ISE) and deposit banks in Turkey have
disclosed information regarding the usage of derivatives, and the accounting treatment of these
derivatives. The results of these studies indicate that banks and the non-financial companies listed
in the ISE-100 Indices, which represent 86 % of the market capitalization, use derivatives mainly
for hedging purposes. However, the evidence that they usually prefer reporting their gains/losses
arising from these transactions as “held for trading” instead of applying “hedge accounting”,
since they could not meet the compulsory criterions described in the IAS 39
Derivatives Usage in Risk Management By Turkish Non-Financial Firms and Banks: A Comparative Study
The purpose of this study to compare the previous research about how the nonfinancial
companies listed in the Istanbul Stock Exchange (ISE) and deposit banks in Turkey have
disclosed information regarding the usage of derivatives, and the accounting treatment of these
derivatives. The results of these studies indicate that banks and the non-financial companies listed
in the ISE-100 Indices, which represent 86 % of the market capitalization, use derivatives mainly
for hedging purposes. However, the evidence that they usually prefer reporting their gains/losses
arising from these transactions as “held for trading” instead of applying “hedge accounting”,
since they could not meet the compulsory criterions described in the IAS 39