ABSTRACT

High-levered firms have serious concerns related to avoiding covenant violations and meeting the needs of their creditors. Accounting information of those firms should be less value relevant for market participants. Based on a sample of Turkish listed firms over 2009–2018, we analyse whether the value relevance of accounting information is significantly lower for high-levered firms. For this purpose, we group observations with no net debt and divide the rest into quintiles based on leverage levels. We conclude that the value relevance of both earnings and book value of equity is lower for the high-levered quintile than the rest. Moreover, the value relevance of earnings is moderated more than the value relevance of book value of equity for the high-levered quintile. Last, book value of equity is more dominant in the valuation of the high-levered quintile than the valuation of the rest.

摘要

高杠杆公司对避免违反契约和满足债权人的需求有严重的担忧。这些公司的会计信息与市场参与者之间的相关价值应较小。基于2009-2018年土耳其上市公司的样本，我们分析了高杠杆公司会计信息的价值相关性是否显着降低。为此，我们将没有净债务的观察结果分组，然后根据杠杆水平将其余部分划分为五分位数。我们得出的结论是，高杠杆五分位数的收益和股权账面价值两者的价值相关性均低于其他五分位数。此外，对于高杠杆的五分位数，收益的价值相关性比权益账面价值的价值相关性要缓和得多。最后的，