CAN EARNINGS MANAGEMENT BE REVEALED THROUGH ANNUAL REPORT READABILITY? EVIDENCE FROM TÜRKİYE

Öz

Readability is a measure of how comprehensible a text is to the average reader. Given a significant portion of corporate disclosures consists of text, readability level of these disclosures make them important particularly for investors. On the other hand, the use of readability as a strategic communication tool by management has become an interesting topic in the last decade. This study investigates whether earnings management affects annual report readability in the Turkish capital market. The sample includes 2012-2021 periods of 54 firms listed on the Borsa Istanbul. Annual report readability is measured using the Fog (1952) Index. As a proxy for earnings management, discretionary accruals are estimated by using the modified Jones (1995) model. Results of panel regression analysis show that annual reports are less readable for firms that manage their earnings. Thus, it is concluded that annual report readability could be considered as an indicator for detecting earnings management.

Anahtar Kelimeler

• Annual Report Readability
• Earnings Management
• Borsa Istanbul

FAALİYET RAPORU OKUNABİLİRLİĞİ, KAR YÖNETİMİ UYGULAMALARININ TESPİTİNDE BİR GÖSTERGE OLARAK KULLANILABİLİR Mİ? TÜRKİYE ÖRNEĞİ

Öz

Okunabilirlik, bir metnin ortalama bir okuyucu tarafından ne düzeyde anlaşılabildiğinin bir ölçüsüdür. Kurumsal açıklamaların önemli bir kısmının metinlerden oluştuğu düşünüldüğünde, yapılan açıklamaların okunabilirlik düzeyi özellikle yatırımcılar açısından önem arz etmektedir. Öte yandan okunabilirliğin firma yönetimleri tarafından stratejik bir iletişim aracı olarak kullanımı ise son on yıllık dönemde literatürde tartışma konusu olmaya başlamıştır. Bu çalışmada, kar yönetimi uygulamalarının faaliyet raporu okunabilirliği üzerine etkisi araştırılmıştır. Türkiye örnekleminde yürütülen çalışma, Borsa İstanbul’da işlem gören 54 firmanın 2012-2021 faaliyet dönemlerini kapsamaktadır. Çalışmada faaliyet raporu okunabilirliği Fog (1952) Endeksi kullanılarak ölçülmüştür. Kar yönetiminin bir ölçüsü olarak ise ihtiyari tahakkuklar Düzeltilmiş Jones (1995) modeli ile tahmin edilmiştir. Yürütülen panel regresyon analizi neticesinde, karını yöneten firmaların faaliyet raporlarının daha az okunabilir olduğu sonucuna ulaşılmıştır. Buradan hareketle, faaliyet raporu okunabilirliğinin kar yönetiminin tespitinde bir gösterge olarak değerlendirilebileceği anlaşılmaktadır.

Anahtar Kelimeler

• Faaliyet Raporu Okunabilirliği
• Kar Yönetimi
• Borsa İstanbul

Kaynakça

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