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İHTİYATLILIK VE YATIRIM ETKİNLİĞİ: BORSA İSTANBUL FİRMALARI ÜZERİNE BİR ARAŞTIRMA

Year 2022, Issue: 51, 79 - 92, 29.06.2022
https://doi.org/10.30794/pausbed.1008827

Abstract

Muhasebe politikalarında yaygın olarak kullanılan ihtiyatlılık, muhasebe uygulamalarını etkileyen ve yöneticinin fırsatçı davranışlarını sınırlandıran önemli bir kavramdır. İhtiyatlı muhasebe uygulamaları ile kazançlara karşı kayıpların zamanında tespiti, yönetici ile yatırımcılar arasındaki bilgi asimetrisini azaltarak ve kabul edilen projelerin karlılığı hakkında erken sinyaller vererek verimli yatırımların yapılmasını sağlamaktadır. Bu çalışmanın amacı ihtiyatlılık düzeyinin yatırım etkinliği üzerinde etkisinin olup olmadığını incelemektir. Bu amaçla 2012-2020 yılları arasında Borsa İstanbul’da (BIST) faaliyet gösteren 185 firmanın finansal verileri havuzlanmış en küçük kareler yöntemi ile analiz edilmiştir. Çalışmada bağımlı değişken olarak kullanılan yatırım etkinliği Richardson (2006) modeli ile ölçülürken; bağımsız değişken olan ihtiyatlılık düzeyi ise Basu (1997) tarafından geliştirilen Kar/Hisse Senedi Getirisi Modeli ile ölçülmüştür. Ayrıca çalışmada karlılık, borçlanma ve büyüklük olmak üzere üç farklı kontrol değişkeni kullanılmıştır. Elde edilen bulgular neticesinde, ihtiyatlılık ile yatırım etkinliği arasında pozitif ve istatistiksel olarak anlamlı bir ilişkinin olduğu tespit edilmiştir. Ayrıca ihtiyatlılığın yetersiz yatırım ortamlarında yatırım etkinliğini artırdığı; ancak aşırı yatırımlar üzerinde istatistiksel olarak anlamlı bir etkisinin olmadığı görülmüştür.

References

  • Abd-Elnaby, H. ve Aref, O. (2019). “The Effect of Accounting Conservatism on Investment Efficiency and Debt Financing: Evidence From Egyptian Listed Companies”, International Journal of Accounting and Financial Reporting, 9/2, 116-144.
  • Ahmed, A. S. ve Duellman, S. (2011). “Evidence on The Role of Accounting Conservatism in Monitoring Managers’ İnvestment Decisions”, Accounting and Finance, 51/3, 609–633.
  • Alkhafaji, A., Kbelah, S.I. ve Al-Fadhel, M.A. (2020). “The Relationship Between Accounting Conservatism and Efficiency of Investment Decisions in Light of Managerial Ownership: The Case of The Tourism Industry in Jordan”, African Journal of Hospitality, Tourism and Leisure, 9/1, 1-20.
  • Aminu, L. ve Hassan, S.U. (2016). “Accounting Conservatism And Investment Efficiency of Listed Nigerian Conglomerate Firms”, Scholedge International Journal of Business Policy & Governance, 3/11, 167-177.
  • Ardana, S., Suprasto, H.B., Sari, M.M. ve Suaryana, G.N.A. (2021). “Effect of Accounting Conservatism on Investment Efficiency with Litigation Risk as Moderating Variable”, PalArch’s Journal of Archaeology of Egypt/Egyptology, 18/7, 1525-1537.
  • Asteriou, D. (2006). Applied Econometrics: A Modern Approach Using Eviews and Microfit. Palgrave Macmillan, New York. Ball, R. ve Shıvakumar, L. (2005). “Earnings Quality in UK Private Firms: Comparative Loss Recognition Timeliness”, Journal of Accounting and Economics, 39/1, 83-128.
  • Basu, S. (1997). “The Conservatism Principle and the Asymmetric Timeliness of Earnings”, Journal of Accounting and Economics, 24/1, 3-37.
  • Beatty, A., Weber, J. ve Yu, J.J. (2008). “Conservatism and Debt”, Journal of Accounting and Economics, 45 /2–3, 154–74.
  • Bliss, J. H. (1924). Management Through Accounts, Ronald Press Company, New York.
  • Bryan, T.G., McKnight, M.A. ve Houmes, R. (2021). “Accounting Conservatism or Earnings Management: A Study of The Allowance for Doubtful Accounts”, Corporate Ownership & Control, 18/3, 175-190.
  • Cengiz, S. (2019). “Bağımsız Denetim Kalitesinin Muhasebe İhtiyatlılığı Üzerindeki Etkisi: BİST’te Bir Araştırma”, Gümüşhane Üniversitesi Sosyal Bilimler Enstitüsü Elektronik Dergisi, 10/EkSayı, 140-149.
  • Chandra, U. (2011). “Income Conservatism in the US Technology Sector”, Accounting Horizons, 25 /2, 285–314.
  • Chiou, B.H. ve Chang, S.H. (2020). “Influence of Investment Efficiency by Managers and Accounting Conservatism on Idiosyncratic Risks to Investors”, Advances in Management & Applied Economics, 10/1, 105-133.
  • Francis, J.R. ve Martin, X. (2010) “Acquisition Profitability and Timely Loss Recognition”, Journal of Accounting and Economics, 49/1, 161–78.
  • Gujarati, D. N. (2009). Basic Econometrics, Tata McGraw-Hill Education.
  • Güler Özçalık, S. ve Aytekin, S. (2018). “Fulmer Modelinin Belirleyicileri: Finansal Performans Açısından Bir Değerlendirme”, Uluslararası İktisadi ve İdari İncelemeler Dergisi, 17. UİK Özel Sayısı, 281-292.
  • Ha, J. Ve Feng, M. (2018). “Conditional Conservatism and Labor İnvestment Efficiency”, Journal of Contemporary Accounting & Economics, 14/2, 143–163.
  • Houcine, A. (2017). “The Effect of Financial Reporting Quality on Corporate Investment Efficiency: Evidence from the Tunisian Stock Market”. Research in International Business and Finance, 42, 321–337.
  • Jensen, M. C. ve Meckling, W. H. (1976). “Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, 3/4, 305-360.
  • Kabir, M.H. ve Laswad, F. (2014). ‘The Behaviour of Earnings, Accruals and Impairment Losses of Failed New Zealand Finance Companies”, Australian Accounting Review, 24/3, 262–75.
  • LaFond, R., ve Watts, R. (2008). “The Information Role of Conservatism”, The Accounting Review, 83/2, 447-478.
  • Lara, J. M. G, Osma, B. G. ve Penalva, F. (2016). “Accounting Conservatism and Firm Investment Efficiency”, Journal of Accounting and Economics, 61/1, 221-238.
  • Lara, J. M. G., Osma, B. G. ve Penalva, F. (2009). “Accounting Conservatism and Corporate Governance”, Review of Accounting Studies, 14/1, 161-201.
  • Latif, K., Chaudhary, G.M. ve Waqas, A. (2020). “Relationship Between Accounting Conservatism and Investment Efficiency with the Moderating Role of IFRS Adoption in Pakistan”, Journal of Accounting and Finance,6/4, 1139-1150.
  • Laux, V. ve Ray, K. (2020). “Effects of Accounting Conservatism on Investment Efficiency and Innovation”, Journal of Accounting and Economics, 70, 1-21.
  • Liu, J.P. ve Cui, Y.J. (2019). “Study on the Influence of Accounting Conservatism on Investment Efficiency—Based on the Perspective of Board Characteristics”, 5th International Conference on Economics and Management, China 22-23 June 2009.
  • Nejad, J.G., Khedri, M. ve Dahmarde, M. (2017). “Investigating The Relationship Between Accounting Conservatism and Investment Efficiency in Companies Accepted in Tehran Stock Exchange”, World Journal of Environmental Biosciences, 6, 41-45.
  • Nezhad, M.K.C., Darabi, R. ve Sarraf, F. (2016). “Relation between Conditional and Unconditional Conservatism with Investment Opportunities”, Asian Social Science, 12/5, 74-83.
  • Özer, G. ve Merter, A.K. (2020).” İhtiyatlılık Kavramının Ölçülmesi ve Bist’te İşlem Gören Şirketler Üzerine Bir Uygulama”, Muhasebe Bilim Dünyası Dergisi, 22/1, 1-20.
  • Pan, X. (2017). “Accounting conservatism, Bank Lending and Firm Investment: Evidence from a Quasi-Experiment of China's Stimulus Package”. Pacific-Basin Finance Journal, 44/3, 64-79.
  • Pour, A.K. ve Gonharani, R.P. (2017). “The Impact of Accounting Conservatism on the Investment Efficiency Considering Information Asymmetry”, Journal of Financial Accounting Research, 9/3, 91-110.
  • Razzaq, N., Rui, Z. ve Donghua, Z. (2016). “Accounting Conservatism Alleviates Firm’s Investment Efficiency: An Evidence from China”, International Journal of Business and Economics Research, 5/4, 85-94.
  • Richardson, S. (2006). “The Overinvestment of Free Cash Flows”, Review of Accounting Studies, 11, 1159–1189.
  • Ryan, S., G. (2006). “Identifying Conditional Conservatism European”, Accounting Review, 15/4, 511-525.
  • Tatoğlu, F. (2013). İleri Panel Veri Analizi: Stata uygulamalı, Beta, İstanbul.
  • Tatoğlu, F. (2020). Panel Veri Ekonometrisi, 5.Baskı, Beta, İstanbul.
  • Ting, F. (2015). “Empirical Research of Accounting Conservatism and Over-Investment in Listed Firms of China”, International Journal of Economics, Commerce and Management, 3/5, 145-159.
  • Watts, R.L. (2003). “Conservatism in Accounting Part I: Explanations and Implications”, Accounting Horizons, 17/3, 207– 221.
  • Wooldridge, Jeffrey M. (2009). Introductory Econometrics a Modern Approach, South-Western Cengage Learning, Boston.
  • Xu, X., Wang, X. ve Han, N. (2012). “Accounting Conservatism, Ultimate Ownership and Investment Efficiency”. China Finance Review International, 2/1, 53-77.
  • Zhong, Y. ve Li, W. (2017). “Accounting Conservatism: A Literature Review”, Australian Accounting Review, 27, 195–213.

ACCOUNTING CONSERVATISM AND INVESTMENT EFFICIENCY: AN INVESTIGATION ON BORSA ISTANBUL

Year 2022, Issue: 51, 79 - 92, 29.06.2022
https://doi.org/10.30794/pausbed.1008827

Abstract

Conservatism, is widely used in accounting policies, is an important concept that affects accounting practices and limits the opportunistic behavior of the manager. Conservative accounting practices and timely detection of earnings versus expenses ensure efficient investments by reducing the information asymmetry between the investor and manager and giving early signals about profitability of accepted projects. The aim of this study is to examine whether the level of conservatism has an effect on investment efficiency. For this purpose, the financial data of 185 firms that operate in Borsa Istanbul (BIST) between 2012 and 2020 were analyzed with the pooled least squares method. While the investment efficiency used as the dependent variable was measured with the Richardson model (2006) in the study, the independent variable, is the level of conservatism, was measured with the Profit/Equity Return Model which developed by Basu (1997). Also, profitability, leverage and size were used as control variables in the study. As a results of the findings, there is a positive and statistically significant relationship between conservatism and investment efficiency. In addition, conservatism increases investment efficiency in underinvestment environments, but it was seen that there was no statistically significant effect on overinvestment.

References

  • Abd-Elnaby, H. ve Aref, O. (2019). “The Effect of Accounting Conservatism on Investment Efficiency and Debt Financing: Evidence From Egyptian Listed Companies”, International Journal of Accounting and Financial Reporting, 9/2, 116-144.
  • Ahmed, A. S. ve Duellman, S. (2011). “Evidence on The Role of Accounting Conservatism in Monitoring Managers’ İnvestment Decisions”, Accounting and Finance, 51/3, 609–633.
  • Alkhafaji, A., Kbelah, S.I. ve Al-Fadhel, M.A. (2020). “The Relationship Between Accounting Conservatism and Efficiency of Investment Decisions in Light of Managerial Ownership: The Case of The Tourism Industry in Jordan”, African Journal of Hospitality, Tourism and Leisure, 9/1, 1-20.
  • Aminu, L. ve Hassan, S.U. (2016). “Accounting Conservatism And Investment Efficiency of Listed Nigerian Conglomerate Firms”, Scholedge International Journal of Business Policy & Governance, 3/11, 167-177.
  • Ardana, S., Suprasto, H.B., Sari, M.M. ve Suaryana, G.N.A. (2021). “Effect of Accounting Conservatism on Investment Efficiency with Litigation Risk as Moderating Variable”, PalArch’s Journal of Archaeology of Egypt/Egyptology, 18/7, 1525-1537.
  • Asteriou, D. (2006). Applied Econometrics: A Modern Approach Using Eviews and Microfit. Palgrave Macmillan, New York. Ball, R. ve Shıvakumar, L. (2005). “Earnings Quality in UK Private Firms: Comparative Loss Recognition Timeliness”, Journal of Accounting and Economics, 39/1, 83-128.
  • Basu, S. (1997). “The Conservatism Principle and the Asymmetric Timeliness of Earnings”, Journal of Accounting and Economics, 24/1, 3-37.
  • Beatty, A., Weber, J. ve Yu, J.J. (2008). “Conservatism and Debt”, Journal of Accounting and Economics, 45 /2–3, 154–74.
  • Bliss, J. H. (1924). Management Through Accounts, Ronald Press Company, New York.
  • Bryan, T.G., McKnight, M.A. ve Houmes, R. (2021). “Accounting Conservatism or Earnings Management: A Study of The Allowance for Doubtful Accounts”, Corporate Ownership & Control, 18/3, 175-190.
  • Cengiz, S. (2019). “Bağımsız Denetim Kalitesinin Muhasebe İhtiyatlılığı Üzerindeki Etkisi: BİST’te Bir Araştırma”, Gümüşhane Üniversitesi Sosyal Bilimler Enstitüsü Elektronik Dergisi, 10/EkSayı, 140-149.
  • Chandra, U. (2011). “Income Conservatism in the US Technology Sector”, Accounting Horizons, 25 /2, 285–314.
  • Chiou, B.H. ve Chang, S.H. (2020). “Influence of Investment Efficiency by Managers and Accounting Conservatism on Idiosyncratic Risks to Investors”, Advances in Management & Applied Economics, 10/1, 105-133.
  • Francis, J.R. ve Martin, X. (2010) “Acquisition Profitability and Timely Loss Recognition”, Journal of Accounting and Economics, 49/1, 161–78.
  • Gujarati, D. N. (2009). Basic Econometrics, Tata McGraw-Hill Education.
  • Güler Özçalık, S. ve Aytekin, S. (2018). “Fulmer Modelinin Belirleyicileri: Finansal Performans Açısından Bir Değerlendirme”, Uluslararası İktisadi ve İdari İncelemeler Dergisi, 17. UİK Özel Sayısı, 281-292.
  • Ha, J. Ve Feng, M. (2018). “Conditional Conservatism and Labor İnvestment Efficiency”, Journal of Contemporary Accounting & Economics, 14/2, 143–163.
  • Houcine, A. (2017). “The Effect of Financial Reporting Quality on Corporate Investment Efficiency: Evidence from the Tunisian Stock Market”. Research in International Business and Finance, 42, 321–337.
  • Jensen, M. C. ve Meckling, W. H. (1976). “Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, 3/4, 305-360.
  • Kabir, M.H. ve Laswad, F. (2014). ‘The Behaviour of Earnings, Accruals and Impairment Losses of Failed New Zealand Finance Companies”, Australian Accounting Review, 24/3, 262–75.
  • LaFond, R., ve Watts, R. (2008). “The Information Role of Conservatism”, The Accounting Review, 83/2, 447-478.
  • Lara, J. M. G, Osma, B. G. ve Penalva, F. (2016). “Accounting Conservatism and Firm Investment Efficiency”, Journal of Accounting and Economics, 61/1, 221-238.
  • Lara, J. M. G., Osma, B. G. ve Penalva, F. (2009). “Accounting Conservatism and Corporate Governance”, Review of Accounting Studies, 14/1, 161-201.
  • Latif, K., Chaudhary, G.M. ve Waqas, A. (2020). “Relationship Between Accounting Conservatism and Investment Efficiency with the Moderating Role of IFRS Adoption in Pakistan”, Journal of Accounting and Finance,6/4, 1139-1150.
  • Laux, V. ve Ray, K. (2020). “Effects of Accounting Conservatism on Investment Efficiency and Innovation”, Journal of Accounting and Economics, 70, 1-21.
  • Liu, J.P. ve Cui, Y.J. (2019). “Study on the Influence of Accounting Conservatism on Investment Efficiency—Based on the Perspective of Board Characteristics”, 5th International Conference on Economics and Management, China 22-23 June 2009.
  • Nejad, J.G., Khedri, M. ve Dahmarde, M. (2017). “Investigating The Relationship Between Accounting Conservatism and Investment Efficiency in Companies Accepted in Tehran Stock Exchange”, World Journal of Environmental Biosciences, 6, 41-45.
  • Nezhad, M.K.C., Darabi, R. ve Sarraf, F. (2016). “Relation between Conditional and Unconditional Conservatism with Investment Opportunities”, Asian Social Science, 12/5, 74-83.
  • Özer, G. ve Merter, A.K. (2020).” İhtiyatlılık Kavramının Ölçülmesi ve Bist’te İşlem Gören Şirketler Üzerine Bir Uygulama”, Muhasebe Bilim Dünyası Dergisi, 22/1, 1-20.
  • Pan, X. (2017). “Accounting conservatism, Bank Lending and Firm Investment: Evidence from a Quasi-Experiment of China's Stimulus Package”. Pacific-Basin Finance Journal, 44/3, 64-79.
  • Pour, A.K. ve Gonharani, R.P. (2017). “The Impact of Accounting Conservatism on the Investment Efficiency Considering Information Asymmetry”, Journal of Financial Accounting Research, 9/3, 91-110.
  • Razzaq, N., Rui, Z. ve Donghua, Z. (2016). “Accounting Conservatism Alleviates Firm’s Investment Efficiency: An Evidence from China”, International Journal of Business and Economics Research, 5/4, 85-94.
  • Richardson, S. (2006). “The Overinvestment of Free Cash Flows”, Review of Accounting Studies, 11, 1159–1189.
  • Ryan, S., G. (2006). “Identifying Conditional Conservatism European”, Accounting Review, 15/4, 511-525.
  • Tatoğlu, F. (2013). İleri Panel Veri Analizi: Stata uygulamalı, Beta, İstanbul.
  • Tatoğlu, F. (2020). Panel Veri Ekonometrisi, 5.Baskı, Beta, İstanbul.
  • Ting, F. (2015). “Empirical Research of Accounting Conservatism and Over-Investment in Listed Firms of China”, International Journal of Economics, Commerce and Management, 3/5, 145-159.
  • Watts, R.L. (2003). “Conservatism in Accounting Part I: Explanations and Implications”, Accounting Horizons, 17/3, 207– 221.
  • Wooldridge, Jeffrey M. (2009). Introductory Econometrics a Modern Approach, South-Western Cengage Learning, Boston.
  • Xu, X., Wang, X. ve Han, N. (2012). “Accounting Conservatism, Ultimate Ownership and Investment Efficiency”. China Finance Review International, 2/1, 53-77.
  • Zhong, Y. ve Li, W. (2017). “Accounting Conservatism: A Literature Review”, Australian Accounting Review, 27, 195–213.
There are 41 citations in total.

Details

Primary Language Turkish
Subjects Finance
Journal Section Research Article
Authors

Aysel Öztürkçü Akçay 0000-0001-9655-5673

Early Pub Date July 18, 2022
Publication Date June 29, 2022
Acceptance Date April 8, 2022
Published in Issue Year 2022 Issue: 51

Cite

APA Öztürkçü Akçay, A. (2022). İHTİYATLILIK VE YATIRIM ETKİNLİĞİ: BORSA İSTANBUL FİRMALARI ÜZERİNE BİR ARAŞTIRMA. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi(51), 79-92. https://doi.org/10.30794/pausbed.1008827
AMA Öztürkçü Akçay A. İHTİYATLILIK VE YATIRIM ETKİNLİĞİ: BORSA İSTANBUL FİRMALARI ÜZERİNE BİR ARAŞTIRMA. PAUSBED. June 2022;(51):79-92. doi:10.30794/pausbed.1008827
Chicago Öztürkçü Akçay, Aysel. “İHTİYATLILIK VE YATIRIM ETKİNLİĞİ: BORSA İSTANBUL FİRMALARI ÜZERİNE BİR ARAŞTIRMA”. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, no. 51 (June 2022): 79-92. https://doi.org/10.30794/pausbed.1008827.
EndNote Öztürkçü Akçay A (June 1, 2022) İHTİYATLILIK VE YATIRIM ETKİNLİĞİ: BORSA İSTANBUL FİRMALARI ÜZERİNE BİR ARAŞTIRMA. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 51 79–92.
IEEE A. Öztürkçü Akçay, “İHTİYATLILIK VE YATIRIM ETKİNLİĞİ: BORSA İSTANBUL FİRMALARI ÜZERİNE BİR ARAŞTIRMA”, PAUSBED, no. 51, pp. 79–92, June 2022, doi: 10.30794/pausbed.1008827.
ISNAD Öztürkçü Akçay, Aysel. “İHTİYATLILIK VE YATIRIM ETKİNLİĞİ: BORSA İSTANBUL FİRMALARI ÜZERİNE BİR ARAŞTIRMA”. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 51 (June 2022), 79-92. https://doi.org/10.30794/pausbed.1008827.
JAMA Öztürkçü Akçay A. İHTİYATLILIK VE YATIRIM ETKİNLİĞİ: BORSA İSTANBUL FİRMALARI ÜZERİNE BİR ARAŞTIRMA. PAUSBED. 2022;:79–92.
MLA Öztürkçü Akçay, Aysel. “İHTİYATLILIK VE YATIRIM ETKİNLİĞİ: BORSA İSTANBUL FİRMALARI ÜZERİNE BİR ARAŞTIRMA”. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, no. 51, 2022, pp. 79-92, doi:10.30794/pausbed.1008827.
Vancouver Öztürkçü Akçay A. İHTİYATLILIK VE YATIRIM ETKİNLİĞİ: BORSA İSTANBUL FİRMALARI ÜZERİNE BİR ARAŞTIRMA. PAUSBED. 2022(51):79-92.