INCOME SMOOTHING AND FIRM-SPECIFIC FACTORS: TURKEY CASE

Abstract

This study investigates the income smoothing behaviours of the listed firms in BIST from the period spans from 2012 to 2019. The study scrutinizes such behaviours at the sectoral level. Moreover, the relationship between firm-specific factors -size, leverage, growth- and income smoothing practices are also examined. For the detection of the income smoothing so-called Eckel Model (1981) model is used. Based on the analysis it is found that 1 in 3 observation in the manufacturing sector, 1 in 5 observation in the utility and transportation sector and 1 in 2 observation in the finance sector implement income smoothing practices between the period of 2012-2019. Regarding firm-specific factors, it is found that compared with the non-smoothing firms, income- smoothing firms are smaller, low leveraged and exhibit lower growth in the manufacturing sector. Moreover, in the finance sector, income- smoothing firms are smaller and low leveraged comparing with the non- smoothing firms. Lastly, there is no significant difference between the income-smoothing and non-smoothing firms with regards to firm-specific factors for the utility & transportation industry.

Keywords

• Income Smoothing
• Earnings Smoothing
• Firm-Specific Factors

GELİR YUMUŞATMA VE FİRMAYA-ÖZGÜ ETKENLER: TÜRKİYE ÖRNEĞİ

Abstract

Bu çalışma, BIST'te işlem gören firmanın 2012-2019 dönemini kapsayan gelir yumuşatma davranışlarını incelemektedir. Çalışma, bu tür davranışları sektörel düzeyde irdelemektedir. Ayrıca firmaya-özgü etkenler -büyüklük, kaldıraç, büyüme- ve gelir yumuşatma uygulamaları arasındaki ilişkiler de incelenmiştir. Gelir yumuşatma faaliyetlerinin tespiti için Eckel Modeli (1981) kullanılmıştır. Analize göre 2012-2019 döneminde imalat sektöründe 3 gözlemden 1'inin, hizmet ve ulaştırma sektöründe 5 gözlemden 1'inin ve finans sektöründe 2 gözlemden 1'inin gelir yumuşatma uyguladığı kanaatine varılmıştır. Firmaya özgü faktörler dikkate alındığında, gelir yumuşatmayan firmalara kıyasla, imalat sektöründeki gelirlerini yumuşatan firmaların daha küçük, daha düşük kaldıraçlı olduğu ve daha düşük büyüme sergilediği görülmüştür. Bunun yanında, finans sektöründe gelirlerini yumuşatan grupta olan firmaların, yumuşatmayan firmalara göre daha küçük ve düşük kaldıraçlı olduğu ancak daha düşük büyümeye sahip olmadığı gözlemlenmiştir. Son olarak, hizmet ve ulaşım endüstrisi için firmaya özgü faktörler açısından gelirlerini yumuşatan ve yumuşatmayan firmalar arasında anlamlı bir fark tespit edilmemiştir.

Keywords

• Gelir Yumuşatma
• Kazanç Yumuşatma
• Firmaya-Özgü Etkenler

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