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The Effect of The Quality of Audit on The Financial Performance of Companies: An Application in Borsa Istanbul

Year 2020, Volume: 13 Issue: 3, 559 - 576, 15.07.2020
https://doi.org/10.25287/ohuiibf.702681

Abstract

The purpose of this study is to analyze whether the independent audit quality has an effect on the financial performance of the firms. The financial tables between the years 2013-2018 of 148 firms traded in the BIST manufacturing sector were examined within the scope of the research. Whether the audit firm is one of the four major audit firms and the audit opinion variables were used as independent variables to measure the quality of the audit. The Return on Equity (ROE), the Return on Assets (ROA), and TobinQ ratios were used as dependent variables for financial performance measures. The data were analyzed by means of multiple linear regression analysis with EViews and SPSS programs. According to analyses, it was concluded that the quality of the audit affects the ROA, ROE and TOBIN Q variables in different rates.

References

  • Afza, T., & Nazir, M. S. (2014). Audit quality and firm value: A case of Pakistan. Research Journal of Applied Sciences, Engineering and Technology, 7(9), 1803-1810.
  • Al Ani, M. K. and Dhofar, Z. M. (2015), “Audit Quality Firm Performance Quality: Omani Experience”, European Journal of Economies, Finance and Administrative Sciences, Vol:74, s. 13-23.
  • Aledvan, B. A., Yaseen, A. A. B. and Alkubisi, A. (2015), “The Role Of Audit Quality On The Relationship Between Auditor’s And Financial Performance Quality Of Selected Cement Firm In Jordan”, International Journal of Business and Social Science, Vol:6, No:12, s. 138-146.
  • Altıntaş, T. (2007). Halka Açık Şirketlerin Bağımsız Denetiminin Kalitesinin Algılanmasına İlişkin Bir Araştırma. Yayımlanmış Doktora Tezi, İstanbul Üniversitesi Sosyal Bilimler Enstitüsü.
  • Bouaziz, Z. (2012), “The Impact Of The Presence Of Audit Committees On The Financial Performance Of Tunisian Companies”, International Journal of Management & Business Studies, Vol: 2, No:4, s. 57- 64.
  • Brooks, L. Z., Cheng, C. S., & Reichelt, K. J. (2013). Audit firm tenure and audit quality: Evidence from US firms. In CAAA Annual Conference.
  • Cengiz, S., Dinç, Y. Ve Güngör, S. (2017). “Bağımsız Denetim Kalitesinin Finansal Performans Üzerindeki Etkisinin İncelenmesi: Borsa İstanbul’da Bir Uygulama. Mehmet Akif Ersoy Üniversitesi Sosyal Bilimler Enstitüsü Dergisi”, Cilt:9, Sayı: 19.
  • Chan, K. C., Farrell, B., Healy, P. and Lee, P. (2011), “Firm Performance Following Auditor Changes For Audit Fee Savings”, Journal of Business & Economics Research, Vol: 7, No: 10, s. 17-26.
  • Chen, Y.S., Hsu, J. C. S., Huang, M. T. ve Yang, P. S. (2013). “Qualıty, Sıze, And Performance Of Audıt Fırms”, The International Journal of Business and Finance Research, Vol:7, İssue:5, Taiwan.
  • Cheng, Y. S., Chen, Y. S. And Chen, Y. C. (2013), “Direct And Mediating Effects Of Auditor Quality On Auditor Size And Performance”, International Business Research, Vol:6, No:11, s. 134-148.
  • Davidson, R. A., & Neu, D. (1993). A note on the association between audit firm size and audit quality. Contemporary accounting research, 9(2), 479-488.
  • DeAngelo, L.E. (1981), “Auditor size and audit quality”, Journal of Accounting and Economics, Sayı. 3 No. 3, s. 183-199.
  • Eshitemi, P. B. And Omwenga, J. (2016), “Effect of Audit Quality on The Financial Performance Of Listed Parastatals In Nairobi Securities Exchange” Social Science and Humanities Journal, DOI: 10.1234.67/sshj.1015, s. 186-199.
  • Fooladi, M. ve Shukor, Z. A. (2012), “Board Of Directors, Audit Quality And Firm Performance: Evidence From Malaysia” In National Research & Innovation Conference for Graduate Students in Social Sciences, December 7-9, ISBN 978 983 2408 086, s. 87-96.
  • Fuerman, R. D. (2006). Comparing the auditor quality of Arthur Andersen to that of the Big 4. Accounting and the Public Interest, 6(1), 135-161.
  • Hassan, S. U. And Farouk, M. A. (2014), “Audit Quality And Financial Performance Of Quoted Cement Firms In Nigeria”, European Journal of Business and Management, Vol:6, No:28, s. 73-82.
  • Ibrahim, H. and Samad, F.A. (2011) Agency costs, corporate governance mechanisms and performance of public listed family firms in Malaysia. South African Journal of Business Management 42 (3): 17–25.
  • Jusoh, M. A. and Ahmad, A. C. (2014), "Equity Ownership, Audit Quality and Firm Performance in Malaysia using Generalized Least Square Estimations Technique”, Journal of Emerging Issues in Economics, Finance and Banking (JEIEFB) An Online International Monthly Journal, Vol: 3, No:1, s. 976-991.
  • Knechel, R., W. (2007). “The Business Risk Audit: Origins, Obstacles and Opportunities”, Accounting, Organizations and Society, Sayı: 32, 4, s. 383-408
  • Kyereboah-Coleman, Antony (2007), “Corporate Governance and Firm Performance in Africa: A Dynamic Panel Analysis”, International Conference on Corporate Governance in Emerging Markets, Global Corporate Governance Forum (GCGF) and Asian Institute of Corporate Governance (AICG), 15-17 Kasım, Sabancı Üniversitesi, Istanbul.
  • Lam, S. S. ve Chang, S. L. (1994). “Auditor Service Quality and Auditor Size:Evidence from Initial Public Offerings in Singapore”. Journal of International Accounting Auditing and Taxation, sayı: 3(1), s. 103.
  • Miettinen, J. (2007), “Audit Quality and the Relationship between Auditee’s Agency Problems And Financial Information Quality: Research Proposal”, Department of Accounting and Finance University of Vaasa, s. 1-33.
  • Moutinho, V., Cerqueira, A. Ve Brandao, E. (2012), “Audit Fees And Firm Performance”, November, Social Science Resarch Network, DOI: 10.2139/ssrn.2180020, s. 1-30.
  • Okur, S. (2009). Parametrik ve Parametrik Olmayan Doğrusal Regresyon Analiz Yöntemlerinin Karşılaştırmalı Olarak İncelenmesi. Yüksek Lisans Tezi, Çukurova Üniversitesi Fen Bilimleri Enstitüsü, Adana.
  • Palmrose, V. Z. (1988). “An Analysis of Auditor Litigation and Audit Service Quality”.
  • Sayyar, H., Basiruddin, R. Rasid, Sidi Zaleha A. Elhabib, M. A. (2015), “The Impact Of Audit Quality On Firm Performance: Evidence From Malaysia”, International Business School, University Teknology Malaysia, June, s. 1-19,
  • Sulong, Z., Gardner, J. C., Hussin, A. H., Sanusi, Z. M. and Mcgowan, C. B. (2013). “Managerial Ownership, Leverage And Audit Quality Impact On Firm Performance: Evidence From The Malaysian ACE Market”, Accounting & Taxation, Vol:5, No:1, s. 59-70.
  • Titman, S. ve B. Trueman. (1986). “Information Quality and The Valuation of New Shares”, Journal of Accounting and Economics, Vol.8, Sayı:2.
  • Woodland, A. M., Reynolds, J. K., & Scholar, C. D. (2003). Restatements and audit quality. Working paper
  • Ziaee, M. (2014), “The Effect Of Audit Quality On The Performance Of Listed Companies In Tehran Stock Exchange”, International Letters of Social and Humanistic Sciences, Vol:21, s. 36- 44.
  • Zureigat, M. (2011), “The Effect Of Ownership Structure On Audit Quality: Evidence From Jordan”, June, International Journal Of Business And Social Science, Sayı: 2, No: 10, s. 38-46.

Bağımsız Denetim Kalitesinin Şirketlerin Finansal Performansı Üzerine Etkisi:Borsa İstanbul'da Bir Uygulama

Year 2020, Volume: 13 Issue: 3, 559 - 576, 15.07.2020
https://doi.org/10.25287/ohuiibf.702681

Abstract

Bağımsız denetim, firmaların hazırlamış olduğu finansal tabloların firma dışı üçüncü kişiler tarafından denetlenmesi ve elde edilen sonuçların raporlanmasıdır. Bağımsız denetimin daha kaliteli olduğu piyasalarda sağlanacak güven ortamı, beraberinde yatırımcılar, kreditörler ve potansiyel ortaklar gibi farklı finansal tablo kullanıcılarının daha sağlıklı kararlar vererek sağlam adımlar atmasını sağlayacaktır.
Bu çalışmanın amacı bağımsız denetim kalitesinin firmaların finansal performansı üzerinde etkili olup olmadığının araştırılmasıdır. Araştırma kapsamında, BİST imalat sektöründe işlem gören 148 firmanın 2013-2018 yılları arası finansal tabloları incelenmiştir. Denetim kalitesini ölçmek için bağımsız değişken olarak, denetim firmasının dört büyük denetim firmalarından biri olup olmadığı ve denetim görüşü değişkenleri kullanılmıştır. Finansal performans ölçütleri için ise bağımlı değişkenler olarak Aktif Karlılık Oranı (ROA), Özsermaye Karlılığı Oranı (ROE) ve TobinQ oranları kullanılmıştır. Elde edilen veriler çoklu doğrusal regresyon analizi yöntemi ile EViews ve SPSS programları yardımıyla incelenmiştir. Yapılan analizler sonrasında, denetim kalitesinin ROA, ROE ve TobinQ değişkenlerini farklı oranlarda etkilediği sonucuna varılmıştır.

References

  • Afza, T., & Nazir, M. S. (2014). Audit quality and firm value: A case of Pakistan. Research Journal of Applied Sciences, Engineering and Technology, 7(9), 1803-1810.
  • Al Ani, M. K. and Dhofar, Z. M. (2015), “Audit Quality Firm Performance Quality: Omani Experience”, European Journal of Economies, Finance and Administrative Sciences, Vol:74, s. 13-23.
  • Aledvan, B. A., Yaseen, A. A. B. and Alkubisi, A. (2015), “The Role Of Audit Quality On The Relationship Between Auditor’s And Financial Performance Quality Of Selected Cement Firm In Jordan”, International Journal of Business and Social Science, Vol:6, No:12, s. 138-146.
  • Altıntaş, T. (2007). Halka Açık Şirketlerin Bağımsız Denetiminin Kalitesinin Algılanmasına İlişkin Bir Araştırma. Yayımlanmış Doktora Tezi, İstanbul Üniversitesi Sosyal Bilimler Enstitüsü.
  • Bouaziz, Z. (2012), “The Impact Of The Presence Of Audit Committees On The Financial Performance Of Tunisian Companies”, International Journal of Management & Business Studies, Vol: 2, No:4, s. 57- 64.
  • Brooks, L. Z., Cheng, C. S., & Reichelt, K. J. (2013). Audit firm tenure and audit quality: Evidence from US firms. In CAAA Annual Conference.
  • Cengiz, S., Dinç, Y. Ve Güngör, S. (2017). “Bağımsız Denetim Kalitesinin Finansal Performans Üzerindeki Etkisinin İncelenmesi: Borsa İstanbul’da Bir Uygulama. Mehmet Akif Ersoy Üniversitesi Sosyal Bilimler Enstitüsü Dergisi”, Cilt:9, Sayı: 19.
  • Chan, K. C., Farrell, B., Healy, P. and Lee, P. (2011), “Firm Performance Following Auditor Changes For Audit Fee Savings”, Journal of Business & Economics Research, Vol: 7, No: 10, s. 17-26.
  • Chen, Y.S., Hsu, J. C. S., Huang, M. T. ve Yang, P. S. (2013). “Qualıty, Sıze, And Performance Of Audıt Fırms”, The International Journal of Business and Finance Research, Vol:7, İssue:5, Taiwan.
  • Cheng, Y. S., Chen, Y. S. And Chen, Y. C. (2013), “Direct And Mediating Effects Of Auditor Quality On Auditor Size And Performance”, International Business Research, Vol:6, No:11, s. 134-148.
  • Davidson, R. A., & Neu, D. (1993). A note on the association between audit firm size and audit quality. Contemporary accounting research, 9(2), 479-488.
  • DeAngelo, L.E. (1981), “Auditor size and audit quality”, Journal of Accounting and Economics, Sayı. 3 No. 3, s. 183-199.
  • Eshitemi, P. B. And Omwenga, J. (2016), “Effect of Audit Quality on The Financial Performance Of Listed Parastatals In Nairobi Securities Exchange” Social Science and Humanities Journal, DOI: 10.1234.67/sshj.1015, s. 186-199.
  • Fooladi, M. ve Shukor, Z. A. (2012), “Board Of Directors, Audit Quality And Firm Performance: Evidence From Malaysia” In National Research & Innovation Conference for Graduate Students in Social Sciences, December 7-9, ISBN 978 983 2408 086, s. 87-96.
  • Fuerman, R. D. (2006). Comparing the auditor quality of Arthur Andersen to that of the Big 4. Accounting and the Public Interest, 6(1), 135-161.
  • Hassan, S. U. And Farouk, M. A. (2014), “Audit Quality And Financial Performance Of Quoted Cement Firms In Nigeria”, European Journal of Business and Management, Vol:6, No:28, s. 73-82.
  • Ibrahim, H. and Samad, F.A. (2011) Agency costs, corporate governance mechanisms and performance of public listed family firms in Malaysia. South African Journal of Business Management 42 (3): 17–25.
  • Jusoh, M. A. and Ahmad, A. C. (2014), "Equity Ownership, Audit Quality and Firm Performance in Malaysia using Generalized Least Square Estimations Technique”, Journal of Emerging Issues in Economics, Finance and Banking (JEIEFB) An Online International Monthly Journal, Vol: 3, No:1, s. 976-991.
  • Knechel, R., W. (2007). “The Business Risk Audit: Origins, Obstacles and Opportunities”, Accounting, Organizations and Society, Sayı: 32, 4, s. 383-408
  • Kyereboah-Coleman, Antony (2007), “Corporate Governance and Firm Performance in Africa: A Dynamic Panel Analysis”, International Conference on Corporate Governance in Emerging Markets, Global Corporate Governance Forum (GCGF) and Asian Institute of Corporate Governance (AICG), 15-17 Kasım, Sabancı Üniversitesi, Istanbul.
  • Lam, S. S. ve Chang, S. L. (1994). “Auditor Service Quality and Auditor Size:Evidence from Initial Public Offerings in Singapore”. Journal of International Accounting Auditing and Taxation, sayı: 3(1), s. 103.
  • Miettinen, J. (2007), “Audit Quality and the Relationship between Auditee’s Agency Problems And Financial Information Quality: Research Proposal”, Department of Accounting and Finance University of Vaasa, s. 1-33.
  • Moutinho, V., Cerqueira, A. Ve Brandao, E. (2012), “Audit Fees And Firm Performance”, November, Social Science Resarch Network, DOI: 10.2139/ssrn.2180020, s. 1-30.
  • Okur, S. (2009). Parametrik ve Parametrik Olmayan Doğrusal Regresyon Analiz Yöntemlerinin Karşılaştırmalı Olarak İncelenmesi. Yüksek Lisans Tezi, Çukurova Üniversitesi Fen Bilimleri Enstitüsü, Adana.
  • Palmrose, V. Z. (1988). “An Analysis of Auditor Litigation and Audit Service Quality”.
  • Sayyar, H., Basiruddin, R. Rasid, Sidi Zaleha A. Elhabib, M. A. (2015), “The Impact Of Audit Quality On Firm Performance: Evidence From Malaysia”, International Business School, University Teknology Malaysia, June, s. 1-19,
  • Sulong, Z., Gardner, J. C., Hussin, A. H., Sanusi, Z. M. and Mcgowan, C. B. (2013). “Managerial Ownership, Leverage And Audit Quality Impact On Firm Performance: Evidence From The Malaysian ACE Market”, Accounting & Taxation, Vol:5, No:1, s. 59-70.
  • Titman, S. ve B. Trueman. (1986). “Information Quality and The Valuation of New Shares”, Journal of Accounting and Economics, Vol.8, Sayı:2.
  • Woodland, A. M., Reynolds, J. K., & Scholar, C. D. (2003). Restatements and audit quality. Working paper
  • Ziaee, M. (2014), “The Effect Of Audit Quality On The Performance Of Listed Companies In Tehran Stock Exchange”, International Letters of Social and Humanistic Sciences, Vol:21, s. 36- 44.
  • Zureigat, M. (2011), “The Effect Of Ownership Structure On Audit Quality: Evidence From Jordan”, June, International Journal Of Business And Social Science, Sayı: 2, No: 10, s. 38-46.
There are 31 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Bilal Kesen This is me 0000-0002-9862-684X

Mehmet Nuri Salur 0000-0003-1089-1372

Publication Date July 15, 2020
Submission Date March 14, 2020
Acceptance Date May 30, 2020
Published in Issue Year 2020 Volume: 13 Issue: 3

Cite

APA Kesen, B., & Salur, M. N. (2020). Bağımsız Denetim Kalitesinin Şirketlerin Finansal Performansı Üzerine Etkisi:Borsa İstanbul’da Bir Uygulama. Ömer Halisdemir Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 13(3), 559-576. https://doi.org/10.25287/ohuiibf.702681

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