Özet:

The study investigates the role of earnings announcements on firm value by taking into account the earnings persistence and some firm-level characteristics. The data used in the analysis includes 78 firms listed in BIST 100 index of Borsa Istanbul for the period between 2009 and 2013. Financial values are obtained quarterly. Two modeling approaches are used for analysis. The first approach used event-study methodology to analyze the effect of earnings announcements on firm value in the short run as the approach uses daily returns. The second approach utilize panel data analysis to evaluate the longer term impact of earnings announcements on firm value as measured by monthly return after the announcement date. Panel data analysis provide evidence that earning announcements influence firm value. In particular, results indicate an increase in firm value when there is a positive surprise in earnings announcements and a decline in firm value when there is a negative surprise in earnings announcements. Furthermore, earnings persistence appears to have a magnifying effect on the effect of earnings surprises on firm value. The analysis also show that dividend policy of the firm and brand image are important factors for the effects of earnings announcements on firm value

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