OWNERSHIP STRUCTURE AND EARNINGS QUALITY: AN EXAMINATION ON BORSA ISTANBUL

Abstract

Earnings quality has become an important concept in accounting and finance literature in recent years and a number of studies on the subject have been made. In this study, the relationship between ownership structure and earnings quality is examined. The study  in which benefited 130 companies registered in the stock exchange Istanbul are used covers  2014-2015 years. In the study, institutional ownership, managerial ownership, foreign ownership and dispersed ownership were used as indicators of ownership structure. Discretionary accruals have been used as indicators of earnings quality consistent with the literature. In the result of the study, a positive and statistically significant relationship is found between  earnings quality and foreign ownership which is used as the ownership structure indicatorHowever, a significant relationship has not been obtained  between earnings quality and the other ownership structure indicators. 

Keywords

• Ownership Structure,Earning Quality,Managerial Ownership

SAHİPLİK YAPISI VE KAR KALİTESİ: BORSA İSTANBUL ÜZERİNE BİR İNCELEME

Abstract

Kar kalitesi son yıllarda muhasebe ve finansman literatüründe önemli bir kavram haline gelmiş ve konuya ilişkin çok sayıda çalışma yapılmıştır. Bu çalışmada sahiplik yapısı ve kar kalitesi arasındaki ilişki incelenmiştir.  Borsa İstanbul’a kayıtlı 130 firma verisinden yararlanılan çalışma 2014-2015 yıllarını kapsamaktadır. Çalışmada sahiplik yapısı göstergesi olarak kurumsal sahiplik, yönetsel sahiplik, yabancı sahiplik ve dağınık sahiplik kullanılmıştır. Kar kalitesi göstergesi olarak da literatür ile tutarlı bir biçimde ihtiyari tahakkuklar kullanılmıştır. Yapılan çalışma sonucunda kar kalitesi ile sahiplik yapısı göstergesi olarak kullanılan yabancı sahiplik arasında pozitif ve istatistiksel olarak anlamlı bir ilişki tespit edilmiştir. Buna karşın diğer sahiplik yapısı göstergeleri ile kar kalitesi arasında anlamlı bir ilişki elde edilememiştir.

Keywords

• Sahiplik Yapısı,Kar Kalitesi,Yönetsel Sahiplik

References

1. KAYNAKÇA
2. Alaryan, Laith A. (2015). Relationship Between Ownership Structure and Earnings Quality", Basic Research Journal of Business Management and Accounts, Vol. 4, No. 8, 200-205.
3. Alipour, M., Barandagh M., I. and Nazari, N. (2014). An Analysis of The Earnings Quality of Iranian Public and Private Firms, Briefing in Entrepreneurial Finance, Vol. 23, 31-46.
4. Alves, S. (2012). Ownership Structure and Earnings Management: Evidence from Portugal, Australasian Accounting, Business and Finance Journal, Vol. 6, No. 1, 57-74.
5. Amos, B., Garba I., Mustapha N., and Karaye Y.I. (2016). The Impact of Institutional Ownership Structure on Earnings Quality of Listed Food/ Beverages and Tobacco Firms in Nigeria, Journal of Arts, Science & Commerce, Vol.7, 20-30.
6. Asri, M. (2017). The Effect Ownership Structure on Earnings Quality (Empirical Study of Manufacturing Companies Listed on Indonesia Stock Exchange), https://sssrn.com/abstract=2993110.
7. Ayadi, W.M. and Younes B. (2014). The Relationship between Ownership Structure and Earnings Quality in the French Context, International Journal of Accounting and Economics Studies, Vol. 2, 80-87.
8. Bellovary, J.L., Giacomino D.E. and Akers M. D. (2005). Earnings Quality: It's Time to Measure and Report, The CPA Journal, Vol. 75, No.11, 32-37.

9. Beuselinck, C., Blanco B. and Garcia-Lara J. M. (2013). The Role of Foreign Shareholders in Disciplining Financial Reporting, IESEG Working Paper Series 2013-MAN-07.
10. Bouchkova, M.K. ve Megginson W. (2000). Privatization and The Rise of The Global Capital Markets, Financial Management, Vol. 29, No. 4, 31-75.
11. Büyükmert, N. (2015). İşletmelerde Sahiplik Yapısının Karlılık ve Sermaye Yapısı Üzerine Etkileri: Borsa İstanbul'da Ampirik Bir Uygulama, Balıkesir Üniversitesi SBE, Yüksek Lisans Tezi.
12. Carnes, T.A., Jones, J. Biggart P., Timothy, B. and Barker, K.J. (2003). Just-in-time Inventory Sytems Innovation and The Predictability of Earnings, International Journal of Forecasting, Vol. 19, No. 4, 743-749.
13. Dechow, P.M., R.G. Sloan ve A.P. Sweeney (1995). Detecting Earnings Management, The Accounting Review, Vol. 70, No. 2, 193-225.
14. Dong-Lin, X.I.A. and Gang L. (2008). Institutional Ownership and Earnings Quality, Contemporary Finance and Economics, Vol. 2, No. 1, 1-24.
15. Gönenç, H. (2004). Sermaye Sahipliği Yapısı, Yatırımcıların Korunması ve Firma Değeri: Türkiye, ABD ve Japonya Karşılaştırması, VII. Ulusal Finans Sempozyumu Kitabı, İstanbul.
16. Han, S. (2004). Ownership Structure and Quality of Financial Reporting, https://ssrn.com/abstract=591801.
17. Hashim, H.A. ve Devi S. (2006). Corporate Governance, Ownership Structure and Earnings Quality: Malaysian, https://www.researchgate.net
18. Hashim, H. A.ve Devi S. (2012). Institutional Monitoring ve Earnings Quality in Malaysia", Procedia- Social and Behavioral Sciences, Vol. 65, 419-426.
19. Hashim, H.A. ve Devi S. (2014). Corporate Governance, Ownership Structure and Earnings Quality: Malaysian Evidence, https://www.researchgate.net
20. Karabıyık, H. (2011). Türkiye'de Firma Büyüklüğü ve Sahiplik Yapısını Etkileyen Sektöre Özgü Firma Belirleyicilerinin Analizi: İMKB'de Sektörel Karşılaştırma", Atılım Üniversitesi SBE, Yüksek Lisans Tezi.
21. Karayormuk, K. (2010). İşletme Gruplarında Sahiplik Yapısı ile Strateji Arasındaki İlişki: Türkiye'de İşletme Grupları Üzerinde Bir Araştırma, Afyon Kocatepe Üniversitesi SBE, Doktora Tezi.
22. Latif, A.W., Latif A.S. and Fahad A. (2017). Influence of Institutional Ownership on Earnings Quality: Evidence For Firms Listed on The Pakistan Stock Exchange, Pakistan Business Review, 668-687.
23. Mamman, S., Bashir U.K., Abubakar M.A., Bukar A. and Aliyu A.A. (2016). Institutional Ownership and Earnings Quality: Evidence from Quoted Food/Beverages and Tobacco Firms in Nigeria, Nigerian Journal of Management Technology and Development, Vol. 7, No. 1, 41-50.
24. Mehrani, S., Moradi M. and Hoda E. (2017). Institutional Ownership Type and Earnings Quality: Evidence From Iran, Emerging Markets Finance and Trade, Vol. 53, No. 1, 54-73.
25. Mengoli, S., Pazzaglia F. and Sandri S. (2017). Family Firms, Institutional Development and Earnings Quallity: Does Family Ownership Complement or Substitute For Weak Institutions? https://ssrn.com/abstract=2932069.
26. Mokhtari, Z. ve Makerani K.F. (2013). Relationship of Institutional Ownership with Firm Value and Earnings Quality: Evidence from Tehran Stock Exchange, International Journal of Economy, Management and Social Sciences, Vol. 2,Sayı. 7, 495-502.
27. Moradi, M.A. ve Nezami A. (2011). Influence of Ownership Structure on Earning Quality in the Listed Firms of Tehran Stock Exchange, International Journal of Business Administration, Vol. 2, No. 4, 146-154.
28. Nasr, B.H., Boubarki N. ve Cosset J. (2009). Ownership Structure and Earnings Quality: Evidence from Newly Privatized Firms, https://www.researchgate.net/publication/228431077_Ownership_Structure_and_Earnings_Quality_Evidence_from_Newly_Privatized_Firms.
29. Nasr, B.H., Boubakri N. ve Cosset J. (2015). Earnings Quality in Privatized Firms: The Role of State and Foreign Owners, Journal of Accounting and Public Policy, Vol. 34, No. 4, 392-416.
30. Parte-Esteban, L. and Garcia C.F. (2014). The influence of firm characteristics on earnings quality", International Journal of Hospitality Management, Vol. 42, 50-60.
31. Sakarya, Ş., ve Koçak, Z.S. (2016). Kazanç Kalitesi ve Yönetiminin İşletmelerin Finansal Performansı Üzerine Etkisi: İSO 500 Firmaları Üzerine Bir Araştırma, Yönetim ve Ekonomi, Cilt 23, Sayı 3, 733-749.
32. Sayılgan, G. ve Gürdal K. (2004). Yatırım ve Yönetim Kararları Açısından Kar Kavramındaki Değişim, Hacettepe Üniversitesi İİBF Dergisi, Vol. 22, No.1, 115-135.
33. Schipper, K. and Vincent L.(2003). Earnings Quality, Accounting Horizons, 97-110.
34. Shah, S.Z, Zafar N. and Durrani T.K. (2009). Board Composition and Earnings Management: An Empirical Evidence from Pakistani Listed Companies, Middle Eastern Finance and Commerce, No. 3, 28-38.
35. Shaikh, A.M., Iqbal M.J., Zulfiqar S. and Shah A. (2012). Institutional Ownership and Discretionary Accruals: Empirical evidences from Pakistani listed Non-Financial Companies, Journal of Information Management and Business Review, Vol. 4, No. 4, 217-222.
36. Tükenmez, N., Gençyürek A. ve Kabakcı C. (2016). Türk Bankacılık Sektöründe Sahiplik Yoğunlaşması ile Finansal Performans İlişkisinin İncelenmesine Yönelik Ampirik Bir Çalışma, Atatürk Üniversitesi İİBF Dergisi, Cilt 30, Sayı:3, 625-644.
37. Velury, U. and Jenkins S. (2006). Institutional Ownership and The Quality of Earnings, Journal of Business Research, Vol. 59, No. 9, 1043-1051.
38. Yel, T. (2012). Kar Kalitesi ve Hisse Senetleri Getirileri Arasındaki İlişkilerin İMKB’de Test Edilmesi, Uluslararası Yönetim İktisat ve İşletme Dergisi, Cilt 8, Sayı 16, 120-135.