Research Article
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TESTING OF THE RELATIONSHIP BETWEEN EARNING MANAGEMENT AND MANAGEMENT CHARACTERISTICS IN BORSA ISTANBUL

Year 2019, Volume: 21 Issue: 2, 126 - 139, 25.12.2019
https://doi.org/10.33707/akuiibfd.593280

Abstract

The
economic losses that occurred in recent years with the accounting scandals in
the world caused interest to focus on earnings management. This situation led
the companies to rethink their investors by offering different data than they
should in their financial statements. These new question marks in the
investor's thinking have enabled the creation of a wide literature on the
determination of earnings management and the application of methods. In
academic studies, the relationship of many factors with earnings management is
investigated within the structure, supervision and management characteristics
of the company. In this study, it was tried to be determined by using Beneish
model that companies which are traded in BIST and applied to gain management, and
then the relationship between the management characteristics and the companies
which are thought to apply to profit management were investigated. The
management characteristics of the companies that effect the earnings management
by using the financial statements of the years 2014-2017 were measured using
logistic regression analysis. According to the results of the analysis, the
management characteristics that is like Top Management Dilemma, Number of Board
Members, Independent Auditor Opinion and Percentage of Foreign Investors in the
Company's Structure are variables that are open to manipulation in companies. 

References

  • KAYNAKÇAAbbott L. J.,Young, P., ve Parker, S. (2000), “The Effects Of Audit Committee Activity And Independence On Corporate Fraud”, Managerial Finance, 26, 55-67.
  • Ali Shah, S.Z., Butt, S.A., Hasan, A. (2009), “Corporate Governance and Earnings Management an Empirical Evidence Form Pakistan Listed Companies”, European Journal of Scientific Research, 26(4), 624–638.
  • Al, F., Alexander, D. (2010), “Ownership Structure and Earnings Management in Emerging Markets: The Case of Jordan”, International Research Journal of Finance and Economics, 38, 28-47.
  • Alkdai, H.,Khalifa, H., ve Mustafa, M., H. (2012), “Audit Committee Characteristics And Earnings Management In Malaysian Shariah-Compliant Companies”, Business and Management Review, 2(2), 52–61.
  • Alves S. (2012), Ownership Structure and Earnings Management: Evidence from Portugal, Australian, Accounting Business and Finance Journal, 6(2), 56- 74. Aren, S. (2003), “Yöneticilerin Kar Yönetimiyle İlgili Tutumları ve İMKB’de Bir Uygulama”, Doktora Tezi, TC Gebze Yüksek Teknoloji Enstitüsü, Sosyal Bilimler Enstitüsü, Gebze.
  • Ayarlıoğlu, M. L. (2007), “Kar Yönetimi Uygulamaları ve İstanbul Menkul Kıymetler Borsa İstanbul’ da İşlem Gören Şirketler Üzerine Uygulama”, Uluslararası Yönetim İktisat ve İşletme Dergisi, 16, 756-770.
  • Bartov, E.,Gul, F. A. ve Tsui, J. S. L. (2001), “Discretionary-accruals models and audit qualifications”, Journal of Accounting and Economics, 30(3), 421-452.
  • Beasley, M. (1996), “An Empirical Analysis of the Relation Between Board of Director Composition and Financial Statement Fraud”, The Accounting Review, 71(4), 443–466.
  • Bebchuk, L. (1994), “Efficient and inefficient sales of corporate control”, The Quarterly Journal of Economics, 109, 957-994.
  • Bekçi, İ., Avşarlıgil, N. (2011), “Finansal Bilgi Manipülasyonu Yöntemlerinden Yaratıcı Muhasebe ve Bir Uygulama”, MÖDAV Dergisi, 13(2), 131-162.Beneish, M. (1999), “The Detection of Earnings Manipulation”, Financial Analysts Journal, 55(5), 24-36.
  • Chtourou, S.,Marrakchi, J. B., ve Lucie, C., (2001), Corporate Governance And Earnings Management, SSRN.com/ abstract=275053. (E.T.15.02.2019).
  • Çetinel, T. (2016), Kazanç Yönetiminin Firmaların Piyasa Değeri Üzerine Etkisi: BİST Firmalarına Yönelik Uygulama, Yüksek Lisans Tezi, Nevşehir Hacı Bektaş Veli Üniversitesi.
  • Dechow, P. M.,Sloan, R. ve Sweeney, A. (1996), “Causes and Consequences of Earnings Manipulations: An analysis of Firms Subject to Enforcement Actions by the SEC”, Contemporary Accounting Research, 13,1-36. Er, B. (2013), “Muhasebe Manipülasyonuve Firma Performansı İlişkisi: İMKB Uygulaması”, Ege Akademik Bakiş, 13(1), 43-52.
  • Forker, J. J. (1992), “Corporate Governance and Disclosure Quality”, Accounting and Business Research, 22(86), 111–124.
  • Garcia, L. S.,Emiliano R. B., ve Manuel O. P. (2012), “Audit Committee And Internal Audit And The Quality Of Earnings: Empirical Evidence From Spanish Companies”, Journal Of Management And Governance, 16(2), 305-331.
  • Habbash, M. (2010), The Effectiveness of Corporate Governance and External Audit On Constraining Earnings Management Practice in The UK, Doctor of Philosophy, DurhamUniversity, Business School.
  • Healy, P. M. (1985), “The Effects of Bonus Schemes on Accounting Decision”, Journal of Accounting andEconomics, 7, 85–107.
  • Healy, P.M., Palepu, K.G. (2003), “The Fall of Enron”, The Journal of Economic Perspectives, 17(2), 3-26.
  • Hutchinson, M. R.,Percy, M. ve Erkurtoğlu, L. (2008), “An Investigation Of The Association Between Corporate Governannce, Earnings Management And The Effect Of Governance Reforms”, Accounting Research Journal, 21(3), 239–262.
  • Imhoff, E. A. (2003), “Accounting Quality, Auditing, and Corporate Governance”, Accounting Horizons, 17, 119-123.
  • Inaam, Z.,Hliouı. K., ve Zehri, F. (2012), “The Effect Of Audit Committee Characteristics On Real Activities Manipulation In The Tunisian Context”, International Journal of Multidisciplinary Research, 2(2), 1-15.
  • Ishak, I.,Mohamad, N. H., Nik, M., Zaki, S., A., ve Abdul, R. (2011), Family Control and Earnings Management: Malaysia Evidence, 2.International Conference on Economics, Business and Management, 22, 44-49.
  • Jaggi, B.,Sidney, L., ve Ferdinand, G., (2009), “Family Control, Board Independence And Earnings Management: Evidence Based On Hong Kong Firms”, Journal Account Public Policy, 28, 281-300.
  • Jones, J.J. (1991), “Earnings Management During Import Relief Investigations”, Journalof Accounting Research, 29(2), 193–228.
  • Kara, S., Tuna, M. (2018), “Kar Yönetiminin Düzeltilmiş Jones Modeliyle Ölçümü: BIST’ de Bir Uygulama Uygulama”, Muhasebe ve Denetime Bakış Dergisi, 54, 97-112.
  • Kara, S., Sakarya, Ş. ve Aksu, M. (2016), “Beneish Modeli İle Kazanç Manipülasyonunun Tespit Edilmesi: BIST Şirketleri Üzerine Ampirik Bir Uygulama”, Uluslararası Alanya İşletme Fakültesi Dergisi, 8(2), 13-25.
  • Klein, A. (2003), “Likely Effects of Stock Exchange Governance Proposals and Sarbanes- Oxley on Corporate Boards and Financial Reporting”, Accounting Horizons, 17(4), 343–355.
  • Koh, P. S. (2003), “On The Association Between Institutional Ownership And Aggressive Corporate Earnings Management In Australia”, The British Accounting Review, 35(2), 105-128.
  • Kouki, M.,Elkhaldi, A. , Atri, H. ve Souid, S. (2011), “Does Corporate Governance Constrain Earnings Mangement? Evidence from US Firms”, European Journal of Economics, Finance and Administrative Sciences, 35, 58–71.
  • Larcker, D. P.,Scott, A. R., ve İrem A. T. (2005), How Important Is Corporate Governance?, SSRN.com/abstract=595821.(E.T.08.12.2018).
  • Larcker, D.,Richardson S. ve Tuna I. (2004), Does Corporate Governance Really Matter?,Workingpaper, The Wharton School. Liu, G., ve Sun, J. (2010), “Director Tenure and Independent Audit Committee Effectiveness”, International Research Journal of Finance and Economics, 51, 176-189.
  • Memiş, M. ve Çetenak, E.(2012), “Kurumsal Yönetimin Kazanç Yönetimi Uygulamaları Üzerine Etkisi: İMKB’de İşlem Gören Şirketler Üzerine Uygulama”, Ç.Ü. Sosyal Bilimler Enstitüsü Dergisi, 21(3), 205-224.
  • Mulford, W.C.,Comiskey, E.E. (2002), The financial Numbers Game: Detecting Creative Accounting Practices., John Wiley&Sons, Newyork.
  • Rebai I., (2011), “Institutional Investors Heterogeneity And Earnings Management: The R&D Investment Strategy”, International Journal of Business Research and Management, l(3), 122-131.
  • Riahi, Y., ve Ben Arab, M. (2011), “Disclosure frequency and earnings management: An analysis in the Tunisian context”, Journal of Accounting and Taxation, 3(3), 47-59.
  • Roodposthi, F. R. ve Chashmi, S. A. B. (2011), “The Impact Of Corporate Governance Mechanisms On Earnings Management”, African Journal of Business Management, 5(11), 4143–4151.
  • Sağlar, J. ve Kandemir, C. (2007), “Enron Olayı: Muhasebe Hilesi mi, Sistem Hatası mı?”, Çukurova Üniversitesi İİBF Dergisi, 11(1), 20-39.
  • Schipper, K. (1989). Commentary on Earnings Management, Accounting Horizons, 3(4),91–102.
  • Temiz H. & Dalkılıç E. & Hacıhasanoğlu T. (2017), Yönetim Kurulu Yapısı ve Kâr Yönetimi Uygulamaları: BİST İmalat Sektörü Örneği, BMIJ, 5(4), 119-136 doi:http://dx.doi.org/10.15295/bmij.v5i4.
  • Thomsen S. ve Pedersen, T. (2000), “Ownership Structure And Economic Performance İn The Largest European Companies”, Strategic Management Journal, 21,689-705.
  • Varıcı, I. ve Er, B. (2013), “Muhasebe Manipülasyonu ve Firma Performansı İlişkisi: IMKB Uygulaması”, Ege Akademik Bakış, 13(1), 43-52.
  • Xie, B., Wallace, N., Davidson P., ve Dadalt, J. (2003), “Earnings Management and Corporate Governance: The Roles of the Board and the Audit Committee”, Journal of Corporate Finance, 9(3), 295-317.
  • Yeo, G., P., Tan , K., Ho, ve S., Chen (2002), “Corporate Ownership Structure And The Informativeness Of Earnings”, Journal of Business Finance & Accounting, 29, 1023-1046.
  • Zabrosky, A.W. (2003), "Sarbanes-OxleyLaw of Opportunity and Liability", Consulting to Management, 14(2), 1-26.
  • Zhou, J. ve Ken, Y., C. (2004), Audit Committee, Board Characteristics and Earnings Management By Commercial Banks, http://aaahq.org/audit/midyear/ 05midyear/papers/zhou_cg_em_dec16a.pdf. (E.T.22.12.2018).
  • https://www.kap.org.tr/tr/ek-indir/33E83437DA85023CE0530A4A622B5826 (E.T.01.03.2018.-30.12.2018 Tarihleri arasında).

KAZANÇ YÖNETİMİ ve YÖNETİM KARAKTERİSTİKLERİ İLİŞKİSİNİN BORSA İSTANBUL’DA TEST EDİLMESİ

Year 2019, Volume: 21 Issue: 2, 126 - 139, 25.12.2019
https://doi.org/10.33707/akuiibfd.593280

Abstract

ÖZ



Son yıllarda yaşanan ve dünyada oldukça geniş
yankı uyandıran muhasebe skandalları ile ortaya çıkan ekonomik kayıplar,
ilginin kazanç yönetimi üzerine yoğunlaşmasına sebep olmuştur. Bu durum
şirketlerin kazanç yönetimi vasıtasıyla finansal tablolarında olması gerekenden
farklı veriler sunması yatırımcıları yeniden düşünmeye sevk etmiştir. Yatırımcı
düşüncelerinde oluşan bu yeni soru işaretleri kazanç yönetiminin tespiti ve
yöntemlerinin uygulanması konusunda geniş bir literatür oluşmasına olanak
sağlamıştır. Akademik çalışmalarda şirketin yapısı, denetimi ve yönetim
karakteristikleri kapsamında birçok etkenin kazanç yönetimi ile ilişkisi
araştırılmaktadır.              Bu
çalışmada, öncelikle BIST’ te işlem gören şirketlerin kazanç yönetimine
başvurup başvurmadıkları Beneish modeli kullanılarak tespit edilmeye çalışılmış
ve daha sonra da kazanç yönetimine başvurdukları düşünülen şirketler ile
yönetim karakteristikleri arasındaki ilişki araştırılmıştır. Şirketlerin
2014-2017 yılları finansal tablolarından yararlanılarak kazanç yönetimine
etkisi olan yönetim karakteristikleri lojistik regresyon analizi kullanılarak
ölçülmüştür. Analiz sonuçlarına göre, yönetim karakteristiklerinden Tepe
Yöneticiliği İkilemi, Yönetim Kurulu Üye Sayısı, Bağımsız Denetçi Görüşü ve Ortaklık
Yapısındaki Yabancı Yatırımcı Yüzdesinin, şirketlerde manipülasyona açık
değişkenler olduğu sonucuna varılmıştır. 

References

  • KAYNAKÇAAbbott L. J.,Young, P., ve Parker, S. (2000), “The Effects Of Audit Committee Activity And Independence On Corporate Fraud”, Managerial Finance, 26, 55-67.
  • Ali Shah, S.Z., Butt, S.A., Hasan, A. (2009), “Corporate Governance and Earnings Management an Empirical Evidence Form Pakistan Listed Companies”, European Journal of Scientific Research, 26(4), 624–638.
  • Al, F., Alexander, D. (2010), “Ownership Structure and Earnings Management in Emerging Markets: The Case of Jordan”, International Research Journal of Finance and Economics, 38, 28-47.
  • Alkdai, H.,Khalifa, H., ve Mustafa, M., H. (2012), “Audit Committee Characteristics And Earnings Management In Malaysian Shariah-Compliant Companies”, Business and Management Review, 2(2), 52–61.
  • Alves S. (2012), Ownership Structure and Earnings Management: Evidence from Portugal, Australian, Accounting Business and Finance Journal, 6(2), 56- 74. Aren, S. (2003), “Yöneticilerin Kar Yönetimiyle İlgili Tutumları ve İMKB’de Bir Uygulama”, Doktora Tezi, TC Gebze Yüksek Teknoloji Enstitüsü, Sosyal Bilimler Enstitüsü, Gebze.
  • Ayarlıoğlu, M. L. (2007), “Kar Yönetimi Uygulamaları ve İstanbul Menkul Kıymetler Borsa İstanbul’ da İşlem Gören Şirketler Üzerine Uygulama”, Uluslararası Yönetim İktisat ve İşletme Dergisi, 16, 756-770.
  • Bartov, E.,Gul, F. A. ve Tsui, J. S. L. (2001), “Discretionary-accruals models and audit qualifications”, Journal of Accounting and Economics, 30(3), 421-452.
  • Beasley, M. (1996), “An Empirical Analysis of the Relation Between Board of Director Composition and Financial Statement Fraud”, The Accounting Review, 71(4), 443–466.
  • Bebchuk, L. (1994), “Efficient and inefficient sales of corporate control”, The Quarterly Journal of Economics, 109, 957-994.
  • Bekçi, İ., Avşarlıgil, N. (2011), “Finansal Bilgi Manipülasyonu Yöntemlerinden Yaratıcı Muhasebe ve Bir Uygulama”, MÖDAV Dergisi, 13(2), 131-162.Beneish, M. (1999), “The Detection of Earnings Manipulation”, Financial Analysts Journal, 55(5), 24-36.
  • Chtourou, S.,Marrakchi, J. B., ve Lucie, C., (2001), Corporate Governance And Earnings Management, SSRN.com/ abstract=275053. (E.T.15.02.2019).
  • Çetinel, T. (2016), Kazanç Yönetiminin Firmaların Piyasa Değeri Üzerine Etkisi: BİST Firmalarına Yönelik Uygulama, Yüksek Lisans Tezi, Nevşehir Hacı Bektaş Veli Üniversitesi.
  • Dechow, P. M.,Sloan, R. ve Sweeney, A. (1996), “Causes and Consequences of Earnings Manipulations: An analysis of Firms Subject to Enforcement Actions by the SEC”, Contemporary Accounting Research, 13,1-36. Er, B. (2013), “Muhasebe Manipülasyonuve Firma Performansı İlişkisi: İMKB Uygulaması”, Ege Akademik Bakiş, 13(1), 43-52.
  • Forker, J. J. (1992), “Corporate Governance and Disclosure Quality”, Accounting and Business Research, 22(86), 111–124.
  • Garcia, L. S.,Emiliano R. B., ve Manuel O. P. (2012), “Audit Committee And Internal Audit And The Quality Of Earnings: Empirical Evidence From Spanish Companies”, Journal Of Management And Governance, 16(2), 305-331.
  • Habbash, M. (2010), The Effectiveness of Corporate Governance and External Audit On Constraining Earnings Management Practice in The UK, Doctor of Philosophy, DurhamUniversity, Business School.
  • Healy, P. M. (1985), “The Effects of Bonus Schemes on Accounting Decision”, Journal of Accounting andEconomics, 7, 85–107.
  • Healy, P.M., Palepu, K.G. (2003), “The Fall of Enron”, The Journal of Economic Perspectives, 17(2), 3-26.
  • Hutchinson, M. R.,Percy, M. ve Erkurtoğlu, L. (2008), “An Investigation Of The Association Between Corporate Governannce, Earnings Management And The Effect Of Governance Reforms”, Accounting Research Journal, 21(3), 239–262.
  • Imhoff, E. A. (2003), “Accounting Quality, Auditing, and Corporate Governance”, Accounting Horizons, 17, 119-123.
  • Inaam, Z.,Hliouı. K., ve Zehri, F. (2012), “The Effect Of Audit Committee Characteristics On Real Activities Manipulation In The Tunisian Context”, International Journal of Multidisciplinary Research, 2(2), 1-15.
  • Ishak, I.,Mohamad, N. H., Nik, M., Zaki, S., A., ve Abdul, R. (2011), Family Control and Earnings Management: Malaysia Evidence, 2.International Conference on Economics, Business and Management, 22, 44-49.
  • Jaggi, B.,Sidney, L., ve Ferdinand, G., (2009), “Family Control, Board Independence And Earnings Management: Evidence Based On Hong Kong Firms”, Journal Account Public Policy, 28, 281-300.
  • Jones, J.J. (1991), “Earnings Management During Import Relief Investigations”, Journalof Accounting Research, 29(2), 193–228.
  • Kara, S., Tuna, M. (2018), “Kar Yönetiminin Düzeltilmiş Jones Modeliyle Ölçümü: BIST’ de Bir Uygulama Uygulama”, Muhasebe ve Denetime Bakış Dergisi, 54, 97-112.
  • Kara, S., Sakarya, Ş. ve Aksu, M. (2016), “Beneish Modeli İle Kazanç Manipülasyonunun Tespit Edilmesi: BIST Şirketleri Üzerine Ampirik Bir Uygulama”, Uluslararası Alanya İşletme Fakültesi Dergisi, 8(2), 13-25.
  • Klein, A. (2003), “Likely Effects of Stock Exchange Governance Proposals and Sarbanes- Oxley on Corporate Boards and Financial Reporting”, Accounting Horizons, 17(4), 343–355.
  • Koh, P. S. (2003), “On The Association Between Institutional Ownership And Aggressive Corporate Earnings Management In Australia”, The British Accounting Review, 35(2), 105-128.
  • Kouki, M.,Elkhaldi, A. , Atri, H. ve Souid, S. (2011), “Does Corporate Governance Constrain Earnings Mangement? Evidence from US Firms”, European Journal of Economics, Finance and Administrative Sciences, 35, 58–71.
  • Larcker, D. P.,Scott, A. R., ve İrem A. T. (2005), How Important Is Corporate Governance?, SSRN.com/abstract=595821.(E.T.08.12.2018).
  • Larcker, D.,Richardson S. ve Tuna I. (2004), Does Corporate Governance Really Matter?,Workingpaper, The Wharton School. Liu, G., ve Sun, J. (2010), “Director Tenure and Independent Audit Committee Effectiveness”, International Research Journal of Finance and Economics, 51, 176-189.
  • Memiş, M. ve Çetenak, E.(2012), “Kurumsal Yönetimin Kazanç Yönetimi Uygulamaları Üzerine Etkisi: İMKB’de İşlem Gören Şirketler Üzerine Uygulama”, Ç.Ü. Sosyal Bilimler Enstitüsü Dergisi, 21(3), 205-224.
  • Mulford, W.C.,Comiskey, E.E. (2002), The financial Numbers Game: Detecting Creative Accounting Practices., John Wiley&Sons, Newyork.
  • Rebai I., (2011), “Institutional Investors Heterogeneity And Earnings Management: The R&D Investment Strategy”, International Journal of Business Research and Management, l(3), 122-131.
  • Riahi, Y., ve Ben Arab, M. (2011), “Disclosure frequency and earnings management: An analysis in the Tunisian context”, Journal of Accounting and Taxation, 3(3), 47-59.
  • Roodposthi, F. R. ve Chashmi, S. A. B. (2011), “The Impact Of Corporate Governance Mechanisms On Earnings Management”, African Journal of Business Management, 5(11), 4143–4151.
  • Sağlar, J. ve Kandemir, C. (2007), “Enron Olayı: Muhasebe Hilesi mi, Sistem Hatası mı?”, Çukurova Üniversitesi İİBF Dergisi, 11(1), 20-39.
  • Schipper, K. (1989). Commentary on Earnings Management, Accounting Horizons, 3(4),91–102.
  • Temiz H. & Dalkılıç E. & Hacıhasanoğlu T. (2017), Yönetim Kurulu Yapısı ve Kâr Yönetimi Uygulamaları: BİST İmalat Sektörü Örneği, BMIJ, 5(4), 119-136 doi:http://dx.doi.org/10.15295/bmij.v5i4.
  • Thomsen S. ve Pedersen, T. (2000), “Ownership Structure And Economic Performance İn The Largest European Companies”, Strategic Management Journal, 21,689-705.
  • Varıcı, I. ve Er, B. (2013), “Muhasebe Manipülasyonu ve Firma Performansı İlişkisi: IMKB Uygulaması”, Ege Akademik Bakış, 13(1), 43-52.
  • Xie, B., Wallace, N., Davidson P., ve Dadalt, J. (2003), “Earnings Management and Corporate Governance: The Roles of the Board and the Audit Committee”, Journal of Corporate Finance, 9(3), 295-317.
  • Yeo, G., P., Tan , K., Ho, ve S., Chen (2002), “Corporate Ownership Structure And The Informativeness Of Earnings”, Journal of Business Finance & Accounting, 29, 1023-1046.
  • Zabrosky, A.W. (2003), "Sarbanes-OxleyLaw of Opportunity and Liability", Consulting to Management, 14(2), 1-26.
  • Zhou, J. ve Ken, Y., C. (2004), Audit Committee, Board Characteristics and Earnings Management By Commercial Banks, http://aaahq.org/audit/midyear/ 05midyear/papers/zhou_cg_em_dec16a.pdf. (E.T.22.12.2018).
  • https://www.kap.org.tr/tr/ek-indir/33E83437DA85023CE0530A4A622B5826 (E.T.01.03.2018.-30.12.2018 Tarihleri arasında).
There are 46 citations in total.

Details

Primary Language Turkish
Journal Section Research Articles
Authors

Şakir Sakarya

Suat Kara 0000-0001-7818-2551

Ahmet Mesut Toraman 0000-0002-1730-5084

Publication Date December 25, 2019
Submission Date July 17, 2019
Acceptance Date September 20, 2019
Published in Issue Year 2019 Volume: 21 Issue: 2

Cite

APA Sakarya, Ş., Kara, S., & Toraman, A. M. (2019). KAZANÇ YÖNETİMİ ve YÖNETİM KARAKTERİSTİKLERİ İLİŞKİSİNİN BORSA İSTANBUL’DA TEST EDİLMESİ. Afyon Kocatepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 21(2), 126-139. https://doi.org/10.33707/akuiibfd.593280

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