ALACAK KARŞILIKLARININ FİNANSAL BİLGİ MANİPÜLASYONU AÇISINDAN İNCELENMESİ: İHTİYARİ TAHAKKUKLARIN TAHMİNİ İÇİN BİR MODEL ÖNERİSİ

Year 2023, , 420 - 444, 22.06.2023

Serdar Benligiray , Ahmet Onay

https://doi.org/10.17130/ijmeb.1266870

Abstract

Bu çalışmanın amacı, dönem içinde kaydedilen alacak karşılıklarının kazanç yönetimi için kullanılıp kullanılmadığını araştırmaktır. Muhasebe standartlarının, özellikle 2018 yılında TFRS 9’un yürürlüğe girmesiyle, yöneticilere sağladığı takdir alanını genişletmesi, alacak karşılıklarının araştırılmasının en önemli gerekçesidir. Bu çalışmada, kazanç yönetimi davranışlarını alacak karşılıkları üzerinden incelemek için ampirik literatüre yön veren ilk önemli araştırma olan McNichols & Wilson çalışmasında geliştirilen modeli referans alan modifiye bir model kurgulanmıştır. Çalışmada referans model ve modifiye model, panel veri analizinde havuzlanmış en küçük kareler ve sabit etkiler regresyon modelleriyle test edilmiştir. Modellerin çıktıları benzer ve her ikisi de anlamlı olmasına rağmen, modifiye modelin açıklayıcılık düzeyi daha yüksektir. Her iki modelin çıktısı, endeks dışı borsa şirketleri ve denetim raporunda olumlu görüş almayan şirketler için kazanç yönetimini ima eden değerlerin daha yüksek olduğuna işaret eder. Betimleyici analizler bu sonucu doğrulamaktadır. Bu çalışma, Borsa İstanbul özelinde kazanç yönetimini alacak karşılıkları üzerinden inceleyen ilk modelleme çalışmasıdır. Bu çalışmada sunulan model, alacak karşılıklarındaki aşırılıkları daha geniş çerçevede ele alan değişkenlerle araştıracak çalışmalara bir çerçeve oluşturmaktadır.

Keywords

Kazanç yönetimi, Spesifik tahakkuklar, Alacak karşılık gideri, Panel veri analizi, Borsa İstanbul

Supporting Institution

Eskişehir Teknik Üniversitesi

Project Number

22ADP285 numaralı bilimsel araştırma projesi

Investigation of Bad Debt Provisions from the Perspective of Financial Information Manipulation: A Model Proposal for the Estimation of Discretionary Accruals

Abstract

The purpose of this paper is to investigate whether provisions for bad debts are used for earnings management. The main reason for investigating the provision for bad debts is the discretion provided to managers by accounting standards, especially with the adoption of TFRS 9 in 2018. In this study, a modified model was designed with reference to the McNichols & Wilson study, which is the first significant research that guides the empirical literature to investigate earnings management behavior through the provision for bad debts. The reference model and the modified model are tested using pooled ordinary least squares and fixed effects regression models in panel data analysis. Although the outputs of the models are similar and both are significant, the explanatory power of the modified model is higher. The output for both models marks higher values indicating earnings management for companies not listed in stock exchange indexes and those not receiving unqualified opinions in their audit reports. The descriptive analytics confirm this result. This study is the first modeling study that examines earnings management in terms of provisions for receivables in Borsa Istanbul. The model presented in this study forms a framework for future studies investigating excessive provisions with a broader range of variables.

Keywords

Earnings management, Specific Accruals, Bad debt expense, Panel data analysis, Borsa Istanbul

Project Number

22ADP285 numaralı bilimsel araştırma projesi

References

• Anandarajan, A., Hasan, I. & Lozano-Vivas, A. (2003). The role of loan loss provisions in earnings management, capital management, and signaling: The Spanish experience. Advances in International Accounting, 16, 45-65.
• Aytürk, Y. (2016). UFRS 9 Finansal araçlar kapsamında yeni değer düşüklüğü modeli ve bankacılık sektörüne etkileri. Mali Çözüm Dergisi, 137, 133-143.
• Beaver, W. & Engel, E. (1996). Discretionary behavior with respect to allowances for loan losses and the behavior of security prices. Journal of Accounting and Economics. 22(1–3), 177–206.
• Beneish, M. D. (2001). Earnings management: A perspective. Managerial Finance, 27(12), 3-17.
• Benligiray, S. & Onay, A. (2020). Finansal bilgi manipülasyonu bağlamında bağımsız denetçi raporlarının ve SPK bültenlerinin incelenmesi. Anadolu Üniversitesi İşletme Fakültesi Dergisi, 2(2), 13-42.
• Bouvatier, V., Lepetit, L. & Strobel, F. (2014). Bank income smoothing, ownership concentration and the regulatory environment. Journal of Banking and Finance, 41, 253–270.
• Bryan, T. G., McKnight, M. A., Houmes, R. & McGehee, T. R. (2021). Unfaithful representation: Understating accounts receivable in the name of conservatism. Accountancy Business and the Public Interest, 1(1), 52-72.
• Bushman, R. M. & Williams, C. D. (2012). Accounting discretion, loan loss provisioning, and discipline of banks’ risk-taking. Journal of Accounting and Economics, 54(1), 1-18.
• Chang, R. D., Shen, W. H. & Fang, C. J. (2008). Discretionary loan loss provisions and earnings management for the banking industry. International Business & Economics Research Journal (IBER), 7(3), 9-20.
• Christodoulou-Volos, C. N. (2020). Allowance for doubtful accounts and earning management: An empirical study of Chinese listed companies. Journal of Finance and Investment Analysis, 9(3), 51-69.
• DeAngelo, L. (1988). Discussion of evidence of earnings management from the provision for bad debts. Journal of Accounting Research, 26, 32-40.
• Demir, Ş. (2014). Türkiye muhasebe standartları, tekdüzen hesap planı ve yargı kararları yönünden şüpheli ticari alacaklar ve karşılık ayırma yöntemlerinin incelenmesi. Ekonomik Toplumsal ve Siyasal Analiz Dergisi, 1, 96-123.
• El Sood, H. A. (2012). Loan loss provisions and income smoothing in US banks pre and post the financial crisis. International Review of Financial Analysis, 25, 64-72.
• Fidan, M. M. (2019). Ticari alacaklarda değer düşüklüğü-TFRS 9 finansal araçlar standardının basit yaklaşımı ve Vergi Usul Kanunu karşılaştırılması. Muhasebe ve Finansman Dergisi, (81), 37-58.
• Fonseca, A. R. & Gonzalez, F. (2008). Cross-country determinants of bank income smoothing by managing loan-loss provisions. Journal of Banking and Finance, 32, 217–228.
• Frank, M. M. & Rego, S. O. (2006). Do managers use the valuation allowance account to manage earnings around certain earnings targets?. Journal of the American Taxation Association, 28(1), 43-65.
• Healy, P. M. & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365-383.
• IAS 39 Financial Instruments: Recognition and Measurement. Erişim Tarihi: 19.02.2023, https://www. ifrs.org/content/dam/ifrs/publications/pdf-standards/english/2021/issued/part-a/ias-39-financialinstruments-recognition-and-measurement.pdf IFRS 9 Financial Instruments. Erişim Tarihi: 14.01.2023, https://www.ifrs.org/content/dam/ifrs/ publications/pdf-standards/english/2021/issued/part-a/ifrs-9-financial-instruments.pdf.
• Jackson, S. B. & Liu, X. (2010). The allowance for uncollectible accounts, conservatism, and earnings management. Journal of Accounting Research, 48(3), 565-601.
• Jackson, S. B., Wilcox, W. E. & Strong, J. M. (2002). Do initial public offering firms understate the allowance for bad debts?. Advances in Accounting, 19, 89-118.
• Jin, J., Kanagaretnam, K. & Lobo, G. J. (2018). Discretion in bank loan loss allowance, risk taking and earnings management. Accounting & Finance, 58(1), 171-193.
• Kieso, D. E., Weygandt, J. & Warfield, T. D. (2019). Intermediate accounting: IFRS edition. USA: John Wiley and Sons.
• Lee, H. A. (2019). The impact of IFRS adoption on management of bad debt expense and real operational activities: Evidence from South Korea. Asia-Pacific Journal of Accounting & Economics, 26(4), 434-456.
• Lee, H. A. & Choi, W. W. (2016). Allowance for uncollectible accounts as a tool for earnings management: Evidence from South Korea. International Journal of Accounting & Information Management, 24(2), 162-184.
• Liu, C. & Ryan, S. (2006). Income smoothing over the business cycle: Changes in banks’ coordinated management of provisions for loan losses and loan charge-offs from the pre-1990 bust to the 1990s boom. The Accounting Review, 81, 421–441.
• Ma, C. K. (1988). Loan loss reserve and income smoothing: The experience in the U.S. banking industry. Journal of Business Finance and Accounting, 15(4), 487–497.
• Marquardt, C. A. & Wiedman, C. I. (2004). How are earnings managed? An examination of specific accruals. Contemporary Accounting Research, 21(2), 461-491.
• McNichols, M. F. (2000). Research design issues in earnings management studies. Journal of Accounting and Public Policy, 19(4-5), 313-345.
• McNichols, M. & Wilson, G. P. (1988). Evidence of earnings management from the provision for bad debts. Journal of Accounting Research, 26, 1-31.
• Moon, H. J. (2004). The discretionary behaviors of loan loss provisions for banks and their value relevance. Korean Accounting Review, 29(2), 111-131.
• Nikulin, E. & Downing, J. (2021). Loan-loss provisions, earnings management, and capital management by Russian banks: The impact of changes in banking regulation and oversight. Eurasian Business Review, 11(4), 659-677.
• Norden, L. & Stoian, A. (2014). Bank earnings management through loan loss provisions: A doubleedged sword? De Nederlandsche Bank Working Paper No. 404.
• Özerhan, Y. & Aslan, Ü. (2016). Şeffaflık ilkesi açısından finansal araçlarda değer düşüklüğünün raporlanmasının yeni UFRS 9: Finansal araçlar standardı kapsamında değerlendirilmesi. Muhasebe Bilim Dünyası Dergisi, 18(1), 573-603.
• Riley, M. & Pasewark, W. (2009). Assessing the allowance for bad debt. Journal of Accountancy, 208(3), 40-57.
• Saltoğlu, M. (2016). UFRS 9 ve beklenen kredi zararları modeli. Muhasebe Bilim Dünyası Dergisi, 18(1), 51-66.
• Teoh, S. H., Wong, T. J. & Rao, G. R. (1998). Are accruals during initial public offerings opportunistic?. Review of Accounting Studies, 3(1), 175-208.
• Tran, D. V., Hassan, M. K. & Houston, R. (2020). Discretionary loan loss provision behavior in the US banking industry. Review of Quantitative Finance and Accounting, 55(2), 605-645.