The Effect of Auditor Opinions on Stock Return

Yıl 2019, Cilt: 19 Sayı: 58, 173 - 194, 01.10.2019

Merve Acar Hüseyin Temiz

Öz

This study investigates the valuation effect of audit opinions adverse and disclaimer of opinion on the Borsa Istanbul stock market. In line with this purpose, a query covering the years 2005-2017 has been carried out for companies that are traded in BIST. In this context, having sufficient data for analysis, 22 events detected and analyzed. The event study method is used in the study and the stock returns are analyzed both daily and cumulatively through the event window. According to findings, there is limited evidence that the stocks of the companies with adverse or disclaimer audit opinions are responding negatively to this announcement. In general, this announcements adverse and disclaimer of opinion has been assessed as having no effect on companies’ shares

Anahtar Kelimeler

Adverse Opinion, Disclaimer Opinion, Event Study, Audit, Audit Opinion

DENETÇİ GÖRÜŞLERİNİN PAY SENEDİ GETİRİLERİ ÜZERİNDEKİ ETKİSİ

Öz

Bu çalışmanın amacı olumsuz ya da görüş bildirmekten kaçınma şeklinde denetçi görüşüne sahip şirket pay senetlerinin bu haberin duyurulmasına vereceği tepkinin ölçülmesidir. Bu amaç doğrultusunda BIST’de işlem gören firmaların 2005-2017 dönemi için aldıkları denetçi görüşleri ve bu görüşlerin bilgi değeri incelenmiştir. Bu kapsamda tespit edilen ve analiz için gerekli verileri mevcut olan 22 olay incelenmiştir. Çalışmada olay çalışması yöntemi uygulanmış ve pay senedi getirileri, olay penceresinde hem günlük hem de kümülatif olarak analiz edilmiştir. Elde edilen bulgulara göre olumsuz ya da görüş bildirmekten kaçınan denetçi görüşüne sahip şirket pay senetlerinin bu duyuruya karşı negatif anlamlı anormal getirilerle tepki verdiklerine dair sınırlı kanıtlar elde edilmiştir. Genel olarak olumsuz ve görüş bildirmekten kaçınan denetçi görüşünün şirket pay senetleri üzerinde bir etkisinin olmadığı gözlemlenmiştir

Anahtar Kelimeler

Olumsuz Denetçi Görüşü, Görüş Bildirmekten Kaçınma, Olay Çalışması, Denetim, Denetçi Görüşü

Kaynakça

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