Kâr Yönetimi ve Firma Yatırımları Arasındaki İlişkinin İncelenmesi: BIST İmalat Sektörü Örneği

Öz

Bu çalışmada kâr yönetimi uygulamaları ve firmaların maddi duran varlık yatırımları arasındaki ilişki ampirik olarak incelenmiştir. Gereken metrik değerlerin hesaplanması için literatürde yer alan beş farklı kâr yönetimi modeli (ACC, DREV, CFO, DEXP, PROD) ve firma yatırımları için BHV modeli kullanılmıştır. Bu kapsamda ampirik araştırma BİST İmalat Sektöründe işlem gören 120 firmanın 2006-2014 dönemini kapsayan verileri kullanılarak yapılmıştır. Elde edilen sonuçlar üç başlık altında incelenmiştir. Bunlardan birincisi kâr arttırıcı kâr yönetimi uygulamaları
yapan firmalar aynı zamanda beklenenden yüksek düzeyde yatırım yapmaktadır. İkincisi, kâr düşürücü uygulamalar yapan firmalar beklenenden daha düşük yatırım yapmaktadır. Üçüncüsü, kâr arttırıcı ve düşürücü metrik değerlere göre sıralanan firmaların beklenen yatırım düzeyinden sapmalarında da istatistiksel olarak anlamlı farklılıklar tespit edilmiştir. Ayrıca kullanılan beş kâr yönetimi modelinden elde edilen sonuçlar DEXP modeli haricinde istatistiksel olarak anlamlıdır.

Anahtar Kelimeler

• Kâr Yönetimi
• Maddi Duran Varlık
• Firma Yatırımları

Investigation Of The Relationship Between Earnings Management And Firms Investment: BIST Manufacturing Sector Case

Öz

In this study, the relationship between earnings management and firms’ capital expenditures is empirically investigated. To calculate required metric values, five different earnings management models in literature (ACC, DREV, CFO, DEXP, PROD) and BHV model for firms’ investments are being used. In this content, the study includes data of 120 companies from BIST Manifacturing Sector for 2006-2014. Obtained results of the study have been explained under three main topics. First, firms with earnings increasing applications invest simultaneously more than expected. Second, firms with earnings decreasing applications invest less then expected. Third, statistically significant deviation from expected investment level differences are detected between ranked firms according to increasing/decreasing earnings management metrics. Besides, obtained results from different earnings management models are statistically singificant apart from DEXP model.

Anahtar Kelimeler

• Earnings Management
• Fixed Assets
• Firms’ Investment

Kaynakça

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