Sahiplik Yapısının Kâr Düzleştirme Uygulamaları Üzerine Etkisi: Borsa İstanbul Uygulaması

Abstract

Kâr düzleştirme uygulamaları yıllar itibariyle istikrarlı bir kâr dağıtımı sağlayarak az riskli ve yüksek getirili bir işletme algısı yaratmayı ve kârın yüksek olduğu dönemlerde kârın düşük gösterilmesini, düşük olduğu dönemlerde ise yüksek gösterilmesini amaçlamaktadır. Bu çalışmanın amacı kâr düzleştirme uygulamaları ile sahiplik yapısı arasındaki ilişkiyi incelemektir. Çalışmada 2012- 2020 yılları arasında Borsa İstanbul’da faaliyet gösteren 199 firmanın finansal verileri ikili lojistik regresyon yöntemi ile analiz edilmiştir. Çalışmanın bağımlı değişkenini oluşturan kâr düzleştirme uygulamaları Eckel (1981) değişim katsayısı modeli ile ölçülmüştür. Bağımsız değişken olarak kullanılan sahiplik yapısının göstergeleri olarak ise kurumsal sahiplik oranı, yönetsel sahiplik oranı ve yabancı sahiplik oranı kullanılmıştır. Ayrıca kârlılık, borçlanma, büyüklük, ödenen temettü oranı ve nakit akış oranı olmak üzere beş farklı kontrol değişkeni kullanılmıştır. Yapılan analiz neticesinde, yabancı sahiplik oranının kâr düzleştirme uygulamaları üzerinde negatif ve istatistiksel olarak anlamlı bir etkisinin olduğu tespit edilmiş; ancak kurumsal sahiplik ve yönetsel sahiplik oranlarının kâr düzleştirme uygulamaları üzerinde istatistiksel olarak anlamlı bir etkisinin olmadığı belirlenmiştir. Ayrıca kontrol değişkeni olarak kullanılan kârlılık, borçlanma ve büyüklük oranları arttıkça işletme yönetiminin kâr düzleştirme uygulamalarını gerçekleştirme olasılığının arttığı, nakit akış oranı yüksek olan işletmelerde ise kâr yumuşatma uygulamalarının gerçekleştirilme olasılığının azaldığı sonucuna ulaşılmıştır.

Keywords

• Sahiplik Yapısı
• Kâr Düzleştirme Uygulamaları
• İkili Lojistik Regresyon

The Effect of Ownership Structure on Earnings Smoothing: A Study on Borsa İstanbul

Abstract

Earnings smoothing practices aim to create a low risk and high yield business perception by providing a stable profit distribution over the years and to decrease the profit in the periods when the profit is high and to increase it in the periods when it is low. The aim of this study is to examine the relationship between ownership structure and earnings smoothing practices. In the study, 199 firms which operate between 2012 and 2020 on Borsa İstanbul were analyzed by binary logistic regression method with financial data. Earnings smoothing practices is dependent variable and it was measured with the Eckel (1981) coefficient of variation model in the study. Ownership structure indicators which are institutional ownership rate, managerial ownership rate and foreign ownership rate was used as independent variables. In addition, profitability, leverage, size, dividend payout and cash flow rate were used as control variables. As a result of the analysis, while the relationship of between earnings smoothing and foreign ownership rate has a negative and statistically significant effect, institutional ownership rate and managerial ownership rate have not a statistically significant effect on earnings smoothing. Also, according to this study, profitability, leverage and size which were used control variables increase the probability of applying earnings smoothing on the other hand cash flow rate decreases the probability of applying earnings smoothing.

Keywords

• Ownership Structure
• Earnings Smoothing Practices
• Binary Logistic Regression
• income smoothing

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