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Article Citation - WoS: 2Value Relevance of Earnings and Book Value of Equity in Turkey: the 2003-2009 Period(Bilgesel Yayincilik San & Tic Ltd, 2013) Dincergok, BurcuThis study investigates the value relevance of earnings and the book value of equity in Turkey over the 2003-2009 period. It also focuses on the effects of the Global Financial Crisis and the negative earnings on the value relevance of the stated accounting values. To do this, a number of manufacturing firms are analyzed using both pooled ordinary least squares and panel data regression analysis. The results of the price models reveal that the value relevance of earnings and the book value of equity declined whereas, for the return models, the value relevance of earnings declined in the Global Financial Crisis period compared to non-crisis periods. Additionally, the results provide evidence that the value relevance of earnings for loss-making firms was lower than profit-making ones. Also, these results do not differ across the sub-sectors of the manufacturing sector.Article Does R&d Intensity Contribute To Technical Efficiency in Turkey?(Bilgesel Yayincilik San & Tic Ltd, 2014) Kalayci, Elif; Pamukcu, M. TeomanThe effect of R&D intensity and R&D spillovers on the technical efficiency of R&D performers has not been examined for the Turkish manufacturing sector. This study investigates whether R&D intensity and R&D spillovers contribute to firms' technical efficiency. Employing stochastic frontier analysis, we use micro-level data for 2003-2007 R&D performers. We find that neither R&D intensity nor R&D spillovers exert a statistically significant effect on the technical efficiency of low-tech R&D performers. On the other hand for high-mid tech R&D performers R&D spillovers are found to affect technical efficiency of positively. Subcontracting work and having a large market share are also positively related with technical efficiency.
