EVALUATING EARNINGS MANIPULATION RISK IN BORSA ISTANBUL HEALTHCARE COMPANIES: A MONTIER C-SCORE ANALYSIS

Abstract

This study aims to evaluate the risk of earnings manipulation with the Montier C-Score model by analysing the financial statements of healthcare companies whose shares are traded in the Borsa Istanbul Human Health and Social Services Sector for the years 2020-2024. The analysis, based on 20 firm-year observations, calculated Montier C-Scores for each company and assessed their manipulation potential holistically across six criteria. Results reveal that C-Scores varied annually, ranging from a high of 5 to a low of 1, with companies exhibiting moderate manipulation risk on average. On a company basis, Criterion 6 (Total Asset Growth) was found to carry the highest manipulation risk. On the other hand, Criterion 3 (Inventory Turnover) and Criterion 5 (Depreciation Rate) were found to have the lowest risk. Findings indicate that post-pandemic aggressive asset growth heightened manipulation risks, whereas inventory and amortization management remained disciplined.

Keywords

• Earnings Manipulation
• Earnings Quality
• Montier C-Score
• Healthcare Companies
• Borsa Istanbul

BORSA İSTANBUL SAĞLIK ŞİRKETLERİNDE KAZANÇ MANİPÜLASYON RİSKİNİN DEĞERLENDİRİLMESİ: MONTIER C-SKORU İLE BİR ANALİZ

Abstract

Bu çalışma, Borsa İstanbul İnsan Sağlığı ve Sosyal Hizmetler Sektöründe pay senetleri işlem gören sağlık şirketlerinin 2020-2024 yıllarına ait finansal tablolarını analiz ederek, kazanç manipülasyonu riskini Montier-C Skoru modeliyle değerlendirmeyi amaçlamaktadır. Analiz kapsamında 20 şirket-yıl gözlemi gerçekleştirilmiş, her bir şirket için Montier C-Skorları hesaplanmış ve modeldeki altı kriter ile bütünsel olarak şirketin kazanç manipülasyonu potansiyeli incelenmiştir. Analiz sonuçları, sağlık şirketlerinin C-Skorlarının yıl bazında farklılık gösterdiğini ortaya koymuştur. Bununla birlikte şirketlerin analiz döneminde en yüksek 5, en düşük ise 1 değerini aldıkları ve ortalamada ise orta düzeyde kazanç manipülasyon riski içinde oldukları belirlenmiştir. Yine şirket bazında, Kriter 6’nın (Toplam Varlık Büyümesi) en yüksek manipülasyon riskini taşıyan kriter olduğu saptanmıştır. Buna karşın Kriter 3 (Stok Devir Süresi) ve Kriter 5’in (Amortisman Oranı) ise en düşük riski gösterdiği saptanmıştır. Bulgular, sağlık şirketlerinde pandemi sonrası agresif varlık büyümesinin manipülasyon riskini artırdığını, ancak stok ve amortisman yönetiminin disiplinli olduğunu göstermiştir.

Keywords

• Kazanç Manipülasyonu
• Kazanç Kalitesi
• Montier C-Skoru
• Sağlık Şirketleri
• Borsa İstanbul

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