THE EFFECT OF EARNINGS MANAGEMENT PRACTICES ON DIVIDEND POLICY: A STUDY ON BORSA ISTANBUL

Year 2024, Volume: 9 Issue: 17, 64 - 78, 30.06.2024

Yılmaz Çekmen , Uğur Tatlı , Aysel Öztürkçü Akçay

https://doi.org/10.54831/vanyyuiibfd.1454845

Abstract

The purpose of this study is to determine the impact of earnings management practices on dividend payout policies. In this regard, an econometric model has been constructed using 1710 observations from 190 non-financial firms listed on Borsa Istanbul between 2012 and 2020. While the dependent variable of the study, earnings management practices, is measured by discretionary accruals, the independent variable, dividend policies, is measured by dividend payout ratios. In addition, asset turnover ratio, leverage ratio, firm size, and firm age are the other four control variables included in the study. The findings of the study show that dividend earnings management practices and dividend policies have a statistically significant negative association. After all, it has been determined that asset turnover ratio and firm age variables have a positive effect, while the leverage ratio variable has a negative effect on firms' dividend policy.

Keywords

Earnings management, dividend policies, Borsa Istanbul

KAZANÇ YÖNETİMİ UYGULAMALARININ TEMETTÜ POLİTİKASI ÜZERİNDEKİ ETKİSİ: BORSA İSTANBUL ÜZERİNE BİR İNCELEME

Abstract

Bu çalışmanın amacı, kazanç yönetimi uygulamalarının temettü ödeme politikaları üzerindeki etkisini tespit etmektedir. Bu doğrultuda, pay senetleri 2012-2020 döneminde Borsa İstanbul’da işlem gören 190 finansal olmayan firmaya ait 1710 gözlem kullanılarak ekonometrik bir model oluşturulmuştur. Çalışmanın bağımlı değişkeni olan kazanç yönetimi uygulamaları ihtiyari tahakkuklar ile ölçülürken; bağımsız değişken olan temettü politikaları ise temettü ödeme oranları ile ölçülmüştür. Ayrıca çalışmada, aktif karlılık oranı, kaldıraç oranı, firma büyüklüğü ve firma yaşı olmak üzere dört farklı kontrol değişkeni kullanılmıştır. Yapılan analizler sonucunda, kazanç yönetimi uygulamaları ile temettü politikaları arasında negatif yönlü ve istatistiki olarak anlamlı bir ilişki elde edilmiştir. Bununla birlikte, firmaların temettü politikası üzerinde aktif karlılık oranı ve firma yaşı değişkenlerinin pozitif yönlü; kaldıraç oranı değişkenin ise negatif yönlü bir etkisinin olduğu tespit edilmiştir.

Keywords

Kazanç yönetimi, temettü politikası, Borsa İstanbul

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