Audit Fees and Financial Performance in Capital-Intensive Industries: An Empirical Study on the Basic Metal Industry in Borsa Istanbul

Öz

This study examines the relationship between audit fees and financial performance through the lens of agency theory and signaling theory. Analyzing panel data from 20 companies in the Borsa Istanbul Basic Metal Industry sector between 2020-2024, the research reveals significant findings. Both return on assets and firm size demonstrate a positive and statistically significant impact on audit fees, while net profit margin shows a negative correlation. The effect of return on equity was found to be statistically insignificant. The results indicate that operationally profitable and larger firms incur higher audit costs, whereas financially healthy companies with higher net profit margins pay lower audit fees due to reduced risk profiles. Contributing to emerging market literature, this sector-specific analysis provides valuable insights for policymakers regarding the development of risk-based audit frameworks. The study employs robust econometric methods to address cross-sectional dependence, autocorrelation, and heteroskedasticity issues, enhancing the reliability of its conclusions.

Anahtar Kelimeler

• Audit Fee
• Financial Performance
• Panel Data Regression Analysis

SERMAYE YOĞUN SEKTÖRLERDE DENETİM ÜCRETLERİ VE FİNANSAL PERFORMANS İLİŞKİSİ: BIST ANA METAL SANAYİ SEKTÖRÜNE YÖNELİK AMPİRİK BİR İNCELEME

Öz

Bu çalışma, denetim ücretleri ile finansal performans arasındaki ilişkiyi ajans teorisi ve sinyal teorisi perspektifinden incelemektedir. Borsa İstanbul'da Ana Metal Sanayi sektöründe faaliyet gösteren 20 firmanın 2020-2024 yıllarına ait verileri panel veri regresyon analiziyle değerlendirilmiştir. Araştırma sonuçlarına göre, aktif kârlılık oranı ve firma büyüklüğü denetim ücretleri üzerinde pozitif yönde anlamlı bir etkiye sahipken, net kâr marjının negatif yönde etkili olduğu tespit edilmiştir. Özsermaye kârlılık oranının ise istatistiksel olarak anlamlı bir etkisi bulunmamıştır. Bulgular, operasyonel açıdan kârlı ve büyük firmaların daha yüksek denetim maliyetlerine katlandığını, buna karşılık yüksek net kâr marjına sahip finansal açıdan sağlam firmaların daha düşük denetim ücreti ödediğini ortaya koymaktadır. Çalışma, gelişmekte olan piyasalarda sektörel düzeyde yapılan analizle literatüre katkı sağlamakta ve risk odaklı denetim süreçlerinin geliştirilmesine yönelik politika önerileri sunmaktadır.

Anahtar Kelimeler

• Denetim Ücreti
• Finansal Performans
• Panel Veri Regresyon Analizi

Kaynakça

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