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Journals / Alanya Akademik Bakış / 2026 / Cilt: 10 Sayı: 2

The Impact of Accounting Conservatism on Investor Confidence and Firm Value: An Empirical Analysis on BIST100 Companies

Muhafazakâr Muhasebenin Yatırımcı Güveni ve Firma Değerine Etkisi: BIST100 Firmaları Üzerine Ampirik Bir Analiz

Salih Tutar(SAMSUN ÜNİVERSİTESİ)0000-0002-1248-6234
Pages
380–398
Publication Date
2026-05-30
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

The findings indicate that conservative accounting practices increase investor confidence, but do not directly affect firm value.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:This study examines the impact of conservative accounting practices on investor confidence and firm value, particularly in the case of BIST 100 companies, the leading firms in the Turkish capital market.
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Key Findings & Data:In the survey covering 2015–2024, conservative accounting was measured using the accrual basis; the beta coefficient represented investor confidence; and firm value was determined using the Tobin's Q ratio.
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Conclusion & Impact:The findings indicate that conservative accounting practices increase investor confidence, but do not directly affect firm value.
🔬Design:Survey & Empirical Study
📍Scope:2015–2024 Verileri
⚙️Variables:Muhafazakâr Muhasebe · Yatırımcı Güveni · Firma Değeri

Abstract

This study examines the impact of conservative accounting practices on investor confidence and firm value, particularly in the case of BIST 100 companies, the leading firms in the Turkish capital market. It also investigates whether investor confidence plays a mediating role in this relationship. The study's theoretical framework is based on information asymmetry, agency, and behavioral finance theories. In the survey covering 2015–2024, conservative accounting was measured using the accrual basis; the beta coefficient represented investor confidence; and firm value was determined using the Tobin's Q ratio. Panel data analysis was conducted on data from 56 firms over 10 years, with fixed and random effects models applied, along with Hausman tests, heteroskedasticity, and autocorrelation controls. The findings indicate that conservative accounting practices increase investor confidence, but do not directly affect firm value. On the other hand, investor confidence positively affects firm value, and conservative accounting plays a mediating role in this relationship. Consequently, conservative accounting indirectly affects firm value through investor confidence, highlighting the critical role of financial reporting policies in investor behavior, particularly in emerging markets.

Özet

Bu çalışma, muhafazakâr muhasebe uygulamalarının yatırımcı güveni ve firma değeri üzerindeki etkisini, Türkiye sermaye piyasasının önde gelen firmaları olan BIST100 şirketleri özelinde incelemektedir. Ayrıca yatırımcı güveninin bu ilişkide aracı bir rol oynayıp oynamadığı da araştırılmıştır. Araştırmanın teorik çerçevesi bilgi asimetrisi, vekâlet ve davranışsal finans teorilerine dayandırılmıştır.2015–2024 yıllarını kapsayan çalışmada, muhafazakâr muhasebe tahakkuk esasına göre ölçülmüş; yatırımcı güveni, beta katsayısı ile temsil edilmiş; firma değeri ise Tobin’s Q oranı kullanılarak belirlenmiştir. 56 firmanın 10 yıla ait verileri panel veri analizine tabi tutulmuş; Hausman testi, heteroskedastisite ve otokorelasyon kontrolleri yapılarak sabit ve rastgele etkiler modelleri uygulanmıştır. Bulgulara göre, muhafazakâr muhasebe uygulamaları yatırımcı güvenini artırmakta; ancak firma değeri üzerinde doğrudan anlamlı bir etkisi bulunmamaktadır. Öte yandan, yatırımcı güveni firma değerini pozitif yönde etkilemekte; bu ilişkide muhafazakar muhasebenin aracılık rolü bulunmaktadır. Sonuç olarak, muhafazakâr muhasebe, yatırımcı güveni üzerinden firma değerine katkı sağlayan dolaylı bir etkiye sahiptir. Bu durum, özellikle gelişmekte olan piyasalarda finansal raporlama politikalarının yatırımcı davranışları üzerindeki kritik rolünü vurgulamaktadır.

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Cite This Article

Tutar, S. (2026). The Impact of Accounting Conservatism on Investor Confidence and Firm Value: An Empirical Analysis on BIST100 Companies. Alanya Akademik Bakış, Cilt: 10 Sayı: 2, 380–398. https://doi.org/10.29023/alanyaakademik.1751859

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