jats Journal of Accounting and Taxation Studies 1308-3740 2564-6591 Ankara Serbest Muhasebeci Mali Müşavirler Odası 10.29067/muvu.1273117 Business Administration İşletme Muhasebe Manipülasyonunun Pay Senedi Getirisine Etkisi: BİST Sınai İşletmelerinde Bir Uygulama The Effect of Accounting Manipulation on Stock Return: An Application in BIST Industrial Firms https://orcid.org/0000-0003-4394-5541 Aslanoğlu Suphi KIRIKKALE ÜNİVERSİTESİ https://orcid.org/0000-0001-5275-833X Yanya Evren KIRIKKALE ÜNİVERSİTESİ 08 01 2023 16 2 247 267 03 29 2023 07 06 2023 Copyright © 2008, Journal of Accounting and Taxation Studies 2008 Journal of Accounting and Taxation Studies

Bu çalışmada, muhasebe manipülasyonunun işletmelerin pay senedi getirisi üzerindeki etkisi incelenmiştir. Çalışmada, 2012-2021 yılları arasında BİST Sınai Endeksi’nde faaliyet gösteren 95 işletmeye ilişkin veriler panel veri analizi ile değerlendirilmiştir. Pay senedi getirilerinin hesaplanmasında yıllık veriler esas alınmıştır. Muhasebe manipülasyonu, Beneish (1999) modeline göre hesaplanan M-skor göstergesi ile temsil edilmiştir. Çalışmanın kontrol değişkenleri, finansal kaldıraç oranı ve işleme büyüklüğü olmak üzere modelde yer almıştır. Analiz sonuçlarına göre, pay senedi getirisi üzerinde muhasebe manipülasyonunun etkisi pozitif yönde ve işletme büyüklüğünün etkisi ise negatif yönde ve anlamlı bulunmuştur.

The current study examines the impact of accounting manipulation on the stock returns of firms. In the study, the data of 95 firms operating in the BIST Industrial Index between 2012 and 2021 are evaluated using panel data analysis. Stock returns are calculated using annual data. The M-score indicator calculated according to the Beneish (1999) model represents accounting manipulation. The control variables of the study are the financial leverage ratio and firm size. According to the results of the analysis, the effect of accounting manipulation on stock returns is found to be positive, while the effect of firm size is negative and significant.

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