YATIRIM KARARLARI, KARLILIK VE KOŞULSUZ İHTİYATLILIK: BİST 100 İMALAT SANAYİ FİRMALARI VE TİCARİ BANKALAR ÜZERİNE PANEL REGRESYON ANALİZİ

Year 2022, Volume: 3 Issue: 6, 140 - 153, 31.12.2022

Aslı Yıkılmaz

https://doi.org/10.51727/tbj.1205514

Abstract

Bu çalışmanın amacı, firmaların ihtiyatlılık skorları ile yatırım kararları ve karlılık arasındaki ilişkiyi incelemektir. Bu kapsamda BIST 100 imalat sanayi firmaları ve BİST ticari bankaların 2009-2020 yılları arasındaki finansal verileri incelenmiş ve koşulsuz ihtiyatlılık skorları negatif tahakkuk yöntemine (Givoly ve Hayn, 2000) göre hesaplanmıştır. Ampirik sonuçlara göre imalat sanayi firmalarının yatırımları ile ihtiyatlılık skoru arasında negatif ilişki tespit edilirken, ticari bankaların yatırımları ile ihtiyatlılık skorları arasında pozitif ilişki tespit edilmiştir. Çalışmadan elde edilen bir diğer sonuca göre, imalat sanayi firmaları ve ticari bankaların öz sermaye karlılığı ile ihtiyatlılık skorları arasında, ihtiyatlılıktan öz sermaye karlılığına doğru, tek yönlü bir ilişki olduğu tespit edilmiştir.

Keywords

İhtiyatlılık, Koşulsuz İhtiyatlılık, Yatırım Kararları, Karlılık

References

• Affes, H., & Sardouk, H. (2016). Accounting conservatism and corporate performance: The moderating effect of the board of directors. Journal of Business and Financial Affairs, 5(2), 1-8.
• Ahmed, A. S., Billings, B. K., Morton, R. M., & Stanford‐Harris, M. (2002). The role of accounting conservatism in mitigating bondholder‐shareholder conflicts over dividend policy and in reducing debt costs. The Accounting Review, 77(4), 867-890.
• Ahmed, A. S. ve Duellman, S. (2007). Accounting conservatism and board of director characteristics: An empirical analysis. Journal of Accounting and Economics, 43(2-3), 411- 437.
• Arthasari, N. A., & Dwiati, A. R. (2022). Effect of managerial ownership, audit committee, profitability and leverage on accounting conservatism. JAE (Jurnal Akuntansı Dan Ekonomı), 7(1), 63-72.
• Artiach, T. C., & Clarkson, P. M. (2014). Conservatism, disclosure and the cost of equity capital. Australian Journal of Management, 39(2), 293-314.
• Ball, R., & Shivakumar, 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.
• Bliss, J.H. 1924, Management Through Accounts, The Ronald Press Co., New York.
• Dumitrescu, E. I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous npanels. Economic Modelling, 29(4), 1450-1460.
• Elshandidy, T. ve Hassanein, A. (2014). Do IFRS and board of directors’ ındependence affect accounting conservatism?. Applied Financial Economics, 24(16), 1091-1102.
• Garcia Lara, J. M., García Osma, B., & Penalva, F. (2009). Accounting conservatism and corporate governance. Review of Accounting Studies, 14(1), 161-201.
• García-Sánchez, I.,Jennifer M. ve García-Meca E. (2017)."Gender diversity, financial expertise and its effects on accounting quality." Management Decision, 55(2), 347-382.
• Givoly, D., & Hayn, C. (2000). The changing time-series properties of earnings, cash flows and accruals: Has financial reporting become more conservative?. Journal of accounting and Economics, 29(3).
• Hair, Joseph; Anderson, Rolph; Tatham, Rolph; William, Black (1998), Multivariate Data Analysis, New Jersey: PrenticeHall.
• Hausman, J. A. (1978). Specification tests in econometrics. Econometrica: Journal of the Econometric Society, 1251-1271.
• Lafond, R., & Roychowdhury, S. (2008). Managerial ownership and accounting conservatism. Journal of Accounting Research, 46(1), 101-135.
• Lambert, R., Leuz, C., & Verrecchia, R. E. (2007). Accounting information, disclosure, and the cost of capital. Journal of Accounting Research, 45(2), 385-420.
• Lara, J. M. G.,Osma, B. G. ve Penalva, F. (2009). Accounting conservatism and corporate governance. Review of Accounting Studies, 14(1), 161-201.
• Lara, J. M. G., Osma, B. G., & Penalva, F. (2016). Accounting conservatism and firm investment efficiency. Journal of Accounting and Economics, 61(1), 221-238.
• Larmande F. (2017). Accounting conservatism and incentives Contractinghttps://papers.ssrn.com/sol3/papers.cfm?abstract_id=2900817.
• Leventis, S., Dimitropoulos, P., & Owusu‐Ansah, S. (2013). Corporate governance and accounting conservatism: Evidence from the banking industry. Corporate Governance: An International Review, 21(3), 264-286.
• Nassar, M. A., & Al Twerqi, H. (2021). Accounting conservatism and company's profitability: The moderating effect of ownership concentration. Jordan Journal of Business Administration, 17, 4, 483-504.
• Nasr, M. A. ve Ntim, C. G. (2018). Corporate governance mechanisms and accounting conservatism: Evidence fromEgypt. Corporate Governance: The International Journal of Business in Society, 18(3), 386-407.
• Nikolaev, V. V. (2010). Debt covenants and accounting conservatism. Journal of Accounting Research, 48(1), 137-176.
• Öztürkçü Akçay, A. (2022). İhtiyatlılık ve yatırım etkinliği: Borsa İstanbul firmaları üzerine bir araştırma. Pamukkale University Journal of Social Sciences Institute/Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, (51).
• Ruch, G. W., & Taylor, G. (2015). Accounting conservatism: A review of the literature. Journal of Accounting Literature.
• Sana'a, N. M. (2016). The effect of accounting conservatism on financial performance indicators in the Jordanian insurance companies. Journal of Internet Banking and Commerce, 21(1), 1.
• ShubıtA, M. F. (2021). Accounting conservatism and profitability of commercial banks: Evidence from Jordan. The Journal of Asian Finance, Economics and Business, 8(6), 145-151.
• Solichah, N., & Fachrurrozie, F. (2019). Effect of managerial ownership, leverage, firm size and profitability on accounting conservatism. Accounting Analysis Journal, 8(3), 151-157.
• Tan, L. (2013). Creditor control rights, state of nature verification, and financial reporting conservatism. Journal of Accounting and Economics, 55(1), 1-22.
• Tatoğlu, F. Y. (2012). Panel veri ekonometrisi. Beta Yayınevi.
• Teymouri, M. R., & Sadeghi, M. (2020). Investigating the effect of firm characteristics on accounting conservatism and the effect of accounting conservatism on financial governance. Archives of Pharmacy Practice, 1, 124.
• Vardar Çopur, G. (2018). Uluslararası muhasebe/finansal raporlama standartlarının koşullu ve koşulsuz ihtiyatlılık uygulamaları açısından değerlendirilmesi: Finansal tabloların ihtiyatlılığı üzerindeki etkisine ilişkin bir literatür araştırması. Muhasebe Bilim Dünyası Dergisi, 20, 150-172.
• Watts, R. L. (2003). conservatism in accounting part ı: explanations and implications. Accounting Horizons, 17(3), 207-221.
• Wooldridge J. (2009). Introductory Econometrics. A Modern Approach. Fifth Edition.
• Xu, X., Wang, X., & Han, N. (2012). Accounting conservatism, ultimate ownership and investment efficiency. China Finance Review International, 2(1), 53-77.
• Yuliarti, D., & Yanto, H. (2017). The Effect of leverage, firm size, managerial ownership, size of board commissioners and profitability to accounting conservatism. Accounting Analysis Journal, 6(2), 173-184.
• Zhang, J. (2008). The contracting benefits of accounting conservatism to lenders and borrowers. Journal of Accounting And Economics, 45(1), 27-54.