Kurumsal Sosyal Sorumluluk ve Kazanç Yönetimi İlişkisi: Amerika Örneği

Yıl 2022, Cilt: 12 Sayı: 3, 106 - 127, 26.12.2022

Seyfullah Selimefendigil Mehtap Öner

https://doi.org/10.18074/ckuiibfd.1146222

Öz

Bu çalışmanın amacı, Kazanç Yönetimi ve Kurumsal Sosyal Sorumluluk (KSS) arasındaki bağı ortaya çıkarmak ve kazanç yönetimi tahmin modellerini karşılaştırmaktır. Bu çalışmada kazanç yönetiminin bir göstergesi olarak Dechow ve Dichev (2002) ve Kothari, Leone ve Wasley’in (2005) ihtiyari tahakkukları tahmin etme modelleri kullanılmıştır. 2011-2020 mali yılları için 26 finansal olmayan ABD şirketinden oluşan bir örneklem kullanan bu çalışma, Dechow ve Dic-hev'in (2002) modelini Kothari, Leone ve Wasley’in (2005) tahakkukları tahmin etme modelin-den daha güçlü bulmuştur. Ayrıca, kazanç yönetimi ile KSS arasında bir ilişki olmadığı tespit edilmiştir. Kontrol değişkenlerine ilişkin bulgular: denetim süresi, kaldıraç oranı ve faaliyetlerden kaynaklanan nakit akışları ile kazanç yönetimi arasında negatif bir ilişkinin olduğunu ortaya koyarken, aktif karlılığı ile kazanç yönetimi arasında pozitif bir ilişkinin olduğu şeklindedir. Son olarak firma büyüklüğü ile kazanç yönetimi arasında anlamlı bir ilişki bulunamamıştır

Anahtar Kelimeler

Kurumsal Sosyal Sorumluluk, Kazanç Yönetimi, İhtiyari Tahakkuklar, Corporate Social Responsibility, Earnings Management, Discretionary Accruals

The Relationship between Corporate Social Responsibility and Earnings Management: Empirical Evidence from the U.S.

Öz

The purpose of this study is to reveal the nexus between Earnings Management (EM) and Corporate Social Responsibility (CSR) as well as comparing the earnings management estimation models. Using Dechow and Dichev’s (2002) and Kothari, Leone, and Wasley’s (2005) models; in this study abnormal accruals are estimated and utilized as a sign of earnings quality. This study utilized data from 26 non-financial U.S. companies for the period between 2011 and 2020. The findings reveal that the Dechow and Dichev’s (2002) model is more strongly pronounced than Kothari, Leone, and Wasley’s (2005) model in estimating accruals EM. Furthermore, no significant relationship has been documented between EM and CSR. With respect to the control variables, it is found that audit-tenure, leverage, and cash flows from operations have an inverse association with EM whereas return on assets has a positive association. Finally, in this study no relationship is documented between firm size and EM.

Anahtar Kelimeler

Corporate Social Responsibility, Earnings Management, Discretionary Accruals

Kaynakça

• Agudelo, M. A. L., Jóhannsdóttir, L., & Davídsdóttir, B. (2019). A literature review of the history and evolution of corporate social responsibility. International Journal of Corporate Social Responsibility, 4(1), 2–23.
• Aybars, A. (2013). The Role Of Institutional Investors On Earnings Management: Empirical Evidence From Turkey [Marmara University]
• Bajic, S., & Yurtoglu, B. (2018). CSR, market value and profitability: International evidence,S. Boubaker, D. Cumming, & D. K. Nguyen (eds.)Research Handbook of Finance and Sustainability. Cheltenham: Edward Elgar,
• Boujelben, S., Khemakhem, H. F., & Ahmad, A. (2020). Real earnings management and the relevance of operating cash flows : A study of french listed firms, International Journal of Disclosure and Governance, 17(4), 218–229.
• Bowen, Howard R. 1953. Social Responsibilities of the Businessman. New York: Harper and Row
• Bozzolan, S., Fabrizi, M., Mallin, C. A., & Michelon, G. (2015). Corporate Social Responsibility and Earnings Quality: International Evidence. In International Journal of Accounting 50 (4), 2-53.
• Callao, S., Jarne, J. I., & Wróblewski, D. (2017). Detecting Earnings Management Investigation on Different Models Measuring Earnings Management for Emerging Eastern European Countrie.International Journal of Research- Granthaalayah,5(4),22-252.
• Carroll, A. B. (2015), Corporate social responsibility: The centerpiece of competing and complementary frameworks. Organizational Dynamics 44(2), 87–96.
• Chih, H. L., Shen, C. H., & Kang, F. C. (2008).Corporate social responsibility, investor protection, and earnings management: Some international evidence. Journal of Business Ethics, 79(1–2),179–198
• Choi, B. B., Lee, D., & Park, Y. (2013). Corporate social responsibility, corporate governance and earnings quality: Evidence from Korea. Corporate Governance: An International Review, 21(5), 447–467.
• Choi, T. H., & Pae, J. (2011). Business Ethics and Financial Reporting Quality: Evidence from Korea. Journal of Business Ethics, 103(3), 403–427. Dechow, P., & Dichev, I. (2002). Resiliency and academic success in college students with disabilities requiring accommodations. Dissertation Abstracts International, 68(12-A),35-59.
• Dechow, P. M. (1992). Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals [University of Rochester].
• Dechow, P. M., & Skinner, D. J. (2000). Earnings Management: Reconciling the Views of Accounting Academics, Practitioners, and Regulators. Accounting Horizons 14, 235-250
• Dechow, P., Sloan, R., & Sweeney, A. (1995). Detecting Earnings Management. The Accounting Review, 70(20), 193–225.
• Dimitropoulos, P. E. (2020).Corporate social responsibility and earnings management in the EU: a panel data analysis approach. Social Responsibility Journal, November, 2-17.
• Feng, C., Wang, H., Lu, N., Chen, T., He, H., Lu, Y., & Tu, X. M. (2014).Log-transformation and its implications for data analysis. Shanghai Archives of Psychiatry, 26(2), 105–109.
• Gargouri, R. M., Shabou, R., & Francoeur, C. (1998). The Relationship between Corporate Social Performance and Earnings Management. Journal of Business Ethics, 17,195–204.
• Gras-Gil, E., Palacios Manzano, M., & Hernández Fernández, J. (2016), Investigating the relationship between corporate social responsibility and earnings management: Evidence from Spain. BRQ Business Research Quarterly, 19(4), 289–299.
• Grecco, M. C. P., Cecília Moraes Santostaso, G., & Gerson Begas, G. (2017), Corporate Social Responsibility and Its Relation With Performance and Earnings Management, Contabilidade Vista & Revista, 28(1), 25–44.
• Grougiou, V., Leventis, S., Dedoulis, E., & Owusu-Ansah, S. (2014), Corporate social responsibility and earnings management in U.S. banks. Accounting Forum, 38(3),155–169.
• Habbash, M. (2010), The Effectiveness of Corporate Governance and External Audit on Constraining Earnings Management Practice in the UK. [Durham University]
• Healy, P. M. (1985), The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics, 7(1–3), 85–107.
• Healy, P. M., & Wahlen, J. M. (1999), A review of the earnings management literature and its implications for standard setting, Accounting Horizons, 13(4), 365–383.
• Hong, Y., & Andersen, M. L. (2011), The Relationship Between Corporate Social Responsibility and Earnings Management: An Exploratory Study. Journal of Business Ethics, 104(4), 461–471.
• Hsu, G. C. M., & Koh, P. S. (2005), Does the presence of institutional investors influence accruals management? Evidence from Australia. Corporate Governance: An International Review, 13(6), 809–823.
• Jim, F. (2017), How to Interpret the F-test of Overall Significance in Regression Analysis. Statistics by Jim, https://statisticsbyjim.com/regression/interpret-f-test-overall-significance regression (04.06.2022)
• Jones, J. J. (1991), Earnings Management During Import Relief Investigations. Jornal of Accounting Research, 29(2), 193–228.
• Kalmış, H., & Yavuzaslan, S. (2016).İşletmelerin kurumsal yönetim uygulamalarının kâr yönetimi üzerindeki etkisi ve Borsa İstanbul AŞ şirketleri üzerinde bir uygulama.Çanakkale Onsekizmart Üniversitesi Yönetim Bilimleri Dergisi, 14(27), 353–384.
• Kaplan, R. S. (1985). Comments on paul healy. Journal of Accounting and Economics, 7, 109–113.
• Khosropour, A. (2017). A panel data analysis of the relationship between corporate social responsibility and earnings managemnet : evidence from Iran. Revista QUID, 1(1), 2423–2431.
• Kim, Y., Park, M., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility?.Accounting Review, 87(3), 761–796.
• Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures .Journal of Accounting and Economics, 39(1),163–197.
• Lee, C. W. J., Li, L. Y., & Yue, H. (2006). Performance, growth and earnings management. Review of Accounting Studies, 11(2–3), 305–334
• Linck, J. S., Netter, J. M., & Yang, T. (2009).The effects and unintended consequences of the sarbanes-oxley act on the supply and demand for directors. Review of Financial Studies, 22(8), 3287–3328
• Litt, B., Sharma, D., & Sharma, V. (2014).Environmental initiatives and earnings management. Managerial Auditing Journal, 29(1),76–106
• Matten, D., & Moon, J. (2008).‘Implicit’ and ‘explicit’ CSR: A conceptual framework for a comparative understanding of corporate social responsibility" Academy of Management Review, 33(2), 2-21.
• McNeese, B. (2016).Are the Skewness and Kurtosis Useful Statistics? https://www.spcforexcel.com/knowledge/basic-statistics/are-skewness-and-kurtosis-useful-statistics (24.06.2022)
• McNichols, M. F. (2002).Discussion of the Quality of Accruals and Earnings: The Role of Accrual Estimation Errors. Accounting Review, 77(Supplement 2002), 61–69.
• Moratis, L., & Max van, E. (2018).Concealing social responsibility? Investigating the relationship between CSR, earnings management and the effect of industry through quantitative analysis.International Journal of Corporate Social Responsibility, 3(1), 2-13
• Muttakin, M. B., Khan, A., & Azim, M. I. (2015). Corporate social responsibility disclosures and earnings quality: Are they a reflection of managers’ opportunistic behavior?". Managerial Auditing Journal, 30(3), 277–298.
• Myers, J. N., Myers, L. A., & Omer, T. C. (2003). Exploring the term of the auditor-client relationship and the quality of earnings: A case for mandatory auditor rotation? Accounting Review, 78(3), 779–799
• Önder, Ş. (2012). İşletmelerin kar yönetimi uygulamalarında kurumsal yönetim yapılarının etkisi: İMKB üzerine bir uygulama" [Kütahya Dumlupınar University].
• Prior, D., Surroca, J., & Tribó, J. A. (2008). Are socially responsible managers really ethical? Exploring the relationship between earnings management and corporate social responsibility. Corporate Governance: An International Review, 16(3), 160–177.
• Rahmawati, & Dianita, P. S. (2011). Effect of Corporate Social Responsibility Disclosure on Financial Performance with Audit Quality as a Moderating Variable. Journal of Modern Accounting and Auditing, 7(2),1034–1045.
• Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335–370.
• Salewski, M., & Zülch, H. (2014). The Association between Corporate Social Responsibility and Earnings Quality Evidence from European Blue Chips. HHL Working Paper Series No. 112, 22(1),112–121.
• Scholtens, B., & Kang, F. C. (2013). Corporate Social Responsibility and Earnings Management: Evidence from Asian Economies. Corporate Social Responsibility and Environmental Management, 20(2), 95–112.
• Siregar, S. V., & Utama, S. (2008). Type of earnings management and the effect of ownership structure, firm size, and corporate-governance practices: Evidence from Indonesia. International Journal of Accounting, 43(1), 1–27.
• Sun, N., Salama, A., Hussainey, K., & Habbash, M. (2010).Corporate environmental disclosure, corporate governance and earnings management. Managerial Auditing Journal, 25(7), 679–700
• Toukabri, M., Jilani, P. F., & Jemâa, O. Ben. (2014).The Interaction between Environmental Accounting Practices and Earnings Management. Journal of Business Studies Quarterly, 5(3), 99–112.
• Velayutham, E. (2018), Sustainability disclosure and earnings management. S. Boubaker, D. Cumming, & D. K. Nguyen (Eds.), Research Handbook Of Finance And Sustainability. Cheltenham: Edward Elgar
• Yang, J. S., & Krishnan, J. (2005). Audit Committees and Quarterly Earnings Management. International Journal of Auditing, 9(3), 201–219. Ye, J. C. (2007), Accounting Accruals and Tests of Earnings Management, Baruch College, 2-24.
• Yerdelen Tatoğlu, F. (2020), Panel Veri Ekonometrisi Stata Uygulamali. İstanbul: Beta Yayınları
• Yip, E., Van Staden, C., & Cahan, S. (2019). Corporate social responsibility and earnings management: The role of corporate governance .Humanities and Social Sciences Reviews, 7(5), 1338–1347.
• Zhang, J. Q., Zhu, H., & Ding, H. bin. (2013). Board Composition and Corporate Social Responsibility: An Empirical Investigation in the Post Sarbanes-Oxley Era. Journal of Business Ethics, 114(3), 381–392.
• Zhang, Z., Yap, T. L., & Park, J. (2021). Does voluntary CSR disclosure and CSR performance influence earnings management? Empirical evidence from China International Journal of Disclosure and Governance,18, 161-178.