Kurumsal Yönetimin Kazanç Yönetimi Uygulamaları Üzerine Etkisi: imkb’de işlem Gören Şirketler Üzerine Uygulama

Yıl 2012, Cilt: 21 Sayı: 3, 205 - 224, 01.09.2012

Arş.gör.dr.mehmet Ünsal Memiş Arş.gör.dr.emin Hüseyin Çetenak

Öz

In this article it is aimed to determine whether corporate governance mechanism affect the earnings management practices in Turkish manufacturing firms In this framework data for 118 manufacturing firms from ISE are collected for the period of 2004 2009 In order to determine earnings management exercises Modified Jones Model is used Any kind of significant relation between ISE corporate governance index ownership concentration CEO duality and earnings management practices could not be found In spite of this it is reached to the point that the large board of directors and auditing by big 4 four audit firms reduce earnings management incentives Keywords: Earnings Management Corporate Governance Discretionary Accruals

Anahtar Kelimeler

-

Kurumsal Yönetimin Kazanç Yönetimi Uygulamaları Üzerine Etkisi: imkb’de işlem Gören Şirketler Üzerine Uygulama

Öz

İşletmelerin kurumsal bir yapı ile yönetilmesi durumunda kazanç yönetimi uygulamalarının bundan etkilenip etkilenmediğini tespit etmek üzere gerçekleştirilen bu çalışmada 2004–2009 yılları arasında süreklilik arz eden ve sağlıklı verilerine ulaşılabilen 118 İMKB sanayi şirketi kapsamında “Düzeltilmiş Jones Modeli” kullanılarak araştırma yapılmıştır Araştırmanın sonucunda İMKB kurumsal yönetim endeksi ortaklık konsantrasyonu ve CEO’ların yönetim kurulu başkanlarından bağımsız olmaları ile kazanç yönetimi uygulamaları arasında anlamlı bir ilişki tespit edilememiştir Buna karşılık geniş üye sayısı yönetim kurulları ve 4 büyük denetim firması tarafından denetleniyor olmanın işletmelerdeki kazanç yönetimi uygulamalarını azalttığı yönünde bulgulara ulaşılmıştır Anahtar Kelimeler: Kazanç Yönetimi Kurumsal Yönetim İsteğe Bağlı Tahakkuklar The Impact Of Corporate Governance On Earnings Management Practices: An Emprical Analysis On Ise

Anahtar Kelimeler

Kazanç Yönetimi, Kurumsal Yönetim, İsteğe Bağlı Tahakkuklar

Kaynakça

• Aktan, C. (2006), Kurumsal Yönetim, Kurumsal Şirket Yönetimi, SPK Yayınları, Ankara.
• Ali Shah, S.Z., Butt, S.A., Hasan, A. (2009), Corporate Governance and Earnings Management an Empirical Evidence Form Pakistan Listed Companies, European Journal of Scientific Research. 26(4):624–638
• Ayarlıoğlu, M. A. (2007), Kar Yönetimi Uygulamaları ve İstanbul Menkul Kıymetler Borsası’nda Test Edilmesi, Doktora Tezi, Ankara.
• Babalyan, L. (2004), Earning Management by Firms Applying International Financiaql Reporting Standards: Implications for Valuation, Yayımlanmamış Doktora Tezi, Fribourg (Switzerland).
• Bartov, E., Gul, F. A. ve Tsui, J. S. L. (2001), Discretionary-accruals models and audit qualifications, Journal of Accounting and Economics, 30(3): 421-452.
• Beasley, M. (1996), An Empirical Analysis of the Relation Between Board of Director Composition and Financial Statement Fraud, The Accounting Review, 71(4): 443–466.
• Bauwhede, H.V., Willikens, M., ve Garemynck, A. (2003), Audit Firm Size, Public Ownership and Firms’ Dicretionary Accruals Management, The International Journal of Accounting. 38(1): 1–22.
• Bebchuk, L. (1994), Efficient and inefficient sales of corporate control, The Quarterly Journal of Economics, 109: 957-994.
• Beneish, M. D. ve Press, E. (1995), The Resolution of Technical Default, The Accounting Review, 70( 2): 337–353.
• Bhat, G., Hope O. ve Kang, T. (2006), “Does corporate governance transparency affect the accuracy of analyst forecast?”, Journal of Accounting and Finance, 46:715- 732.
• Campos C.E., Newell.R.E., Wilson G., (2002), Corporate governance develops in emerging markets, McKinsey On Finance, s.15-18.
• Chaganti, R. ve Damanpour, F. (1991), Institutional Ownership, Capital Structure and Firm Performance, Startegic Mangement Journal, 12: 479–491.
• Chan, K., Chan, L. K. C., Jegadeesh, N., ve Lakonishok, J. (2006), Earnings Quality and Stock Returns, Journal ofBusiness, 79(3):1041-1082.
• Dalton, D. R., Catherine, M. D., Ellstrand, A. E. ve Johnson, J. J., Meta-Analytic Review of Board Composition, Leadership Structure, and Financial Performance, Strategic Management Journal, 19: 269-290.
• DeAngelo, H., DeAngelo, L.E., Skinner, D.J. (1994), Accounting Choice in TroubledCompanies, Journal of Accounting and Economics, 17: 113–143.
• DeAngeleo, L. E. (1981), Auditer Size and Audit Quality, Journal of Accounting and Economics, 3(3):183–199.
• Dechow, P. M. , Sloan, R. ve Sweeney, A. (1996), Causes and Consequences of Earnings Manipulations: An analysis of Firms Subject to Enforcement Actions by the SEC, Contemporary AccountingRresearch, 13:1-36.
• Dechow, P.M., Sloan, R.G., ve Sweeney, A.P., (1995), Detecting Earnings Management, The Accounting Review, 70(2):193-225.
• Demir, V. ve Bahadır, O. (2007), Muhasebe Manipulasyonu-Yöntemler ve Teknikler, İSMMMO Mali Çözüm Dergisi, 84.103–119.
• Dye, R. A. (1993), Auditing Standards, Legal Liability, and Auditor Wealth, The Journal of Political Economy, 101(5): 887–914.
• Fama, E. F. ve Jensen, M. C., (1983), Separation of ownership and control. Journal of Law and Economics, 26: 301–325.
• Forker, J. J. (1992), Corporate Governance and Disclosure Quality, Accounting and Business Research, 22(86): 111–124.
• Freeman, R. E. ve Reed, D. L. (1983), Stockholders and Stakeholders: A New Perspective on Corporate Governance, California Management Review, 25: 88-106.
• Freeman, R. E. (1984), Strategic Management: A Stakeholder Approach, Pitman, Boston.
• Hatch, M. J., Irony and the Social Construction of Contradiction in the Humor of a Management Team, Organization Science, 8(3):275-288.
• Healy, P. M. ve Wahlen, J. M. (1999), A review of the earnings management literature and its implications for Standard setting, Accounting Horizons, 13(4):365– 383.
• Healy, P. M. (1985), The Effects of Bonus Schemes on Accounting Decision, Journal of Accounting and Economics, 7:85–107.
• Hutchinson, M. R. , Percy, M. ve Erkurtoğlu, L. (2008), An investigation of the association between corporate governannce, earnings management and the effect of governance reforms, Accounting Research Journal, 21(3):239–262.
• Jensen, M. C. ve Meckling, W. H. (1976), Theory of The Firm: Manageral Behaviour, Agency Costs and Ownership Structure, Journal of Financial Economics, 3:305-360.
• Jeong, S. W. ve Rho, J. (2004), Big Six Auditors and Audit Quality: The Korean Evidence, The International Journal of Accounting, 39: 175–196.
• Jones, J.J. (1991), Earnings Management During Import Relief Investigations, Journalof Accounting Research, 29(2):193–228
• Karamustafa, O., Varıcı, İ. Ve Er, B. (2009), Kurumsal Yönetim ve Firma Performansı: İMKB Kurumsal Yönetim Endeksi Kapsamındaki Firmalar üzerinde Bir Uygulama, Kocaeli Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 17(1):100-119.
• Kaymaz, Ö., Alp, A. ve Aktaş, R. (2007), İyi Kurumsal Yönetim Yapıları ve Üç Temel Ayağı: İç Kontrol, Risk Yönetimi ve Muhasebe Uygulamaları, İMKB Dergisi, 40:39-67.
• Klein, A. (2002), Audit Committee, board of director characteristics, and earnings managemnt, Journal of Accounting and economics, 33(2):375–400.
• Koçel, T. (2005), İşletme Yöneticiliği, 11. Baskı, Arıkan, İstanbul.
• Kouki, M., Elkhaldi, A. , Atri, H. ve Souid, S. (2011), Does Corporate GOvernance Constrain Earnings Mangement? Evidence from US Firms, European Journal of Economics, Finance and Administrative Sciences, 35: 58–71.
• Krugman, P., (2002), The Great Divide, The New York Times, 29 January 2002.
• Küçüksözen, C. (2004), Finansal Bilgi Manipulasyonu: Nedenleri, Yöntemleri, Amaçları, Teknikleri, Sonuçları ve İMKB Şirketleri Üzerine Ampirik Bir Çalışma, Doktora Tezi, Ankara.
• Larcker, D., Richardson S. ve Tuna I. (2004), Does corporate governance really matter?, Working paper, The Wharton School
• Lennox, C. (1999), Are Large Auditors More Accurate Than Small Auditors?, Accounting and Business Research,. 29(3): 217–227.
• McNichols, M.R., ve Stubben, S.R. (2008), Does earnings management affect firms’ investment decisions?, The Accounting Review, 83(6): 1571-1603.
• Monks, R. A.G. ve Minow, N. (2004), Corporate Governance, Third Edition, Blackwell, Oxford.
• Mulford, C. ve Comiskey, E.E. (1996), Financial Warnings, John Wiley&Sons, New York.
• Mulford, C. ve Comiskey, E.E. (2002), The Financial Numbers Game, Detecting Creative Accounting Practices, John Wiley&Sons, USA.
• Öztürk, M.B. ve Demirgüneş K. (2008), Kurumsal Yönetim Bakış Açısıyla Entelektüel Sermaye, Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 19:395– 411.
• Piot, C. ve Janin, R. (2005), Audit Quality and Earnings Management in France, Working Paper.
• Pulaşlı, H. (2003), Anonim Şirket Yönetiminde Yeni Model: Corporate Governance, Sözkesen, Ankara.
• Roodposthi, F. R. ve Chashmi, S. A. B. (2011), The impact of corporate governance mechanisms on earnings management, African Journal of Business Management, 5(11): 4143–4151.
• SEC (1999), US Securities and Exchange Commission, 1999 Annual Report, Washington.
• Schipper, K. (1989), Commentary on Earnings Management, Accounting Horizons, 3(4):91–102.
• Shleifer, A. ve Wishny, R. (1997), A Survey of Corporate Governance, The Journal of Finance, 52(2):737-783.
• Tandeloo, B. V. and Vanstraelen, A. (2008). Earnings Management and Audit Quality in Europe: Evidence from the Private Client Segment Market, European Accounting Review, 17(3): 447-469.
• Thomsen S. ve Pedersen, T. (2000). Ownership structure and economic performance in the largest European companies , Strategic Management Journal, 21: 689-705.
• Ülgen, H. ve Mirze S. K. (2007), İşletmelerde Stratejik Yönetim, 4. Baskı, Arıkan, İstanbul.
• Witt, B. ve Meyer, R., Strategy Synthesis, Thompson.
• Xie, B., Davidson, N.W. and DaDalt, P. (2003), Earnings management and corporate governance: The roles of the board and the audit committee, Journal of Corporate Finance, 9 (3): 295-316.
• Yermack, D. (1996), Higher market valuation of a company with a small board of directors, Journal of Financial Economics, 40: 185–211.
• Yıldırım, M. (2007), Türkiye’de Kurumsal Yönetim ve Şirketlerin Finansal Performansları Üzerine Etkileri, Yayımlanmamış Doktora Tezi.
• Zahra, S. ve Pearce, J. (1989), Boards of Directors and Corporate Financial Performance: A Review and Integrative Model, Journal of Mangement, 15(2):291-334.
• Zhang, X. F. (2007), Accruals, investment, and the accrual anomaly, The Accounting Review, 82(5): 1333–1363. http://www.imkg.gov.tr/Indexes/StockIndexesHome/CorporateGovernanceIndex.aspx,E T:18.07.2012 www.denetimnet.net/Pages/kurumsalyonetimendeksiileilgilibilgiler.aspx,ET:18.07.2012