KALDIRAÇ VE MUHASEBE TAKDİRİ ARASINDAKI İLİŞKİ FARKLI KALDIRAÇ SEVİYELERİNE GÖRE FARKLILIK GÖSTERİR Mİ? AŞIRI BORÇLULUK DURUMU

Year 2025, Volume: 10 Issue: 2, 426 - 443, 12.12.2025

Ömer Faruk Büyükkurt

https://doi.org/10.54452/jrb.1597346

Abstract

Bu çalışmada firmaların kaldıraç ile ihtiyari tahakkuklar arasındaki ilişkisinin tekdüze olup olmadığı araştırılmaktadır. Örneklem, 2013-2021 dönemini kapsayan ve 1.653 firma-yıl gözlemi ile BIST'te (Borsa İstanbul) işlem gören tüm imalat firmalarından oluşmaktadır. Analizde kullanılan metodoloji, panel veri sabit etkili regresyon modelidir. Bu çalışmada, kaldıraç düzeyinin ihtiyari tahakkuklarla pozitif ve anlamlı bir ilişkiye sahip olduğu bulunmuştur. Ancak, örneklemin geri kalanının aksine, aşırı kaldıraçlı firmalar için ihtiyari tahakkuklar ile kaldıraç düzeyi arasındaki ilişki anlamlı şekilde negatiftir. Çalışmanın temel bulguları, alt örneklemler arasındaki ihtiyari tahakkukların ortalamalarına yönelik t-testleriyle de desteklenmektedir. Çalışma neticelerine göre, aşırı kaldıraçlı firmaların ihtiyari tahakkuklarının örneklemin geri kalanından anlamlı şekilde farklı olduğu doğrulanmıştır. Genel sonuçlar, aynı örneklem içinde kaldıraç ve ihtiyari tahakkuk ilişkisinin tekdüze olmadığını ve bilakis ihtiyari tahakkukların kaldıraç seviyesine göre değişiklik arzedebileceğini göstermektedir. Dolayısıyla akademik çalışmalarda kardıraç seviyelerinin farklı düzeyleri dikkate alınmadan yapılacak her türlü ihtiyari tahakkuk analizi yanıltıcı olma risk içermektedir.

Keywords

ihtiyari muhasebe , tahakkuk muhasebesi , kaldıraç

DOES THE RELATIONSHIP BETWEEN LEVERAGE AND ACCOUNTING DISCRETION DIFFER ACROSS LEVERAGE LEVELS? THE CASE OF EXTREME INDEBTEDNESS

Abstract

This study investigates whether the relationship between leverage and discretionary accruals is uniform across firms. The sample consists of all manufacturing firms listed on Borsa Istanbul (BIST) during the 2013–2021 period, comprising 1,653 firm-year observations. The methodology employed is a panel data fixed-effects regression model. The findings reveal that leverage levels have a positive and significant relationship with discretionary accruals. However, contrary to the rest of the sample, the relationship between leverage and discretionary accruals is significantly negative for highly leveraged firms. The study's main findings are further supported by t-tests comparing the means of discretionary accruals across sub-samples. The results confirm that the discretionary accruals of highly leveraged firms differ significantly from the rest of the sample. Overall, the findings demonstrate that the relationship between leverage and discretionary accruals is not uniform within the same sample; rather, discretionary accruals vary depending on leverage levels. Consequently, any analysis of discretionary accruals conducted without accounting for different levels of leverage may carry the risk of producing misleading results.

Keywords

accounting discretion , accrual accounting , leverage

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