Analysis of Earnings Manipulation Risk in Accommodation Companies Listed on Borsa Istanbul Using The Beneish M-Score Model

Öz

Financial manipulation today undermines investor confidence and threatens long-term corporate sustainability. Earnings manipulation, enabled by flexibility in accounting practices, can mislead stakeholders and erode trust, even when conducted within legal limits. Therefore, detecting such manipulation is crucial for investors and financial analysts. Detection of manipulation in accommodation companies is of great importance in terms of ensuring transparency and reliability in the sector. This study examines the risk of earnings manipulation in accommodation companies listed on Borsa Istanbul from 2018 to 2023 using the Beneish M-Score model. A total of 48 firm-year observations were analyzed, calculating Beneish M-Scores for each company and assessing manipulation risks across eight financial variables in the model. Results revealed that 67% of the companies exhibited a risk of manipulation, with the highest risks recorded in 2020 and 2022. The most frequently manipulated variables were the sales, general and administrative expenses index and the ratio of accruals to total assets, while the gross margin, asset quality, and leverage indexes showed the least manipulation. The Mann Whitney U test further indicated statistically significant differences between companies with and without manipulation risks in terms of Beneish M-Score, accruals to total assets ratio index and sales growth index.

Anahtar Kelimeler

• Financial Manipulation
• Earnings Manipulation
• Beneish M-Score
• Accommodation Companies
• Borsa Istanbul

Borsa İstanbul’da İşlem Gören Konaklama İşletmelerinde Kazanç Manipülasyon Riskinin Beneish M-Skor Modeli Kullanılarak Analizi

Öz

Finansal manipülasyon, günümüzde hem yatırımcı güvenini sarsmakta hem de işletmelerin uzun vadeli sürdürülebilirliğini tehdit etmektedir. Muhasebe uygulamalarındaki esneklikle gerçekleştirilen kazanç manipülasyonu ise yasal çerçevede kalsa bile paydaşların yanlış bilgilendirilmesine ve yatırımcı güvensizliğine yol açabilmektedir. Bu nedenle, kazanç manipülasyonunun tespiti yatırımcılar ve finansal analistler için kritik öneme sahiptir. Konaklama işletmelerinde manipülasyonun tespiti ise sektörde şeffaflık ve güvenilirliği sağlamak açısından büyük önem taşımaktadır. Bu çalışma, Borsa İstanbul’da işlem gören konaklama işletmelerinin 2018-2023 yıllarına ait finansal tablolarını analiz ederek, kazanç manipülasyonu riskini Beneish M-Skoru modeliyle değerlendirmeyi amaçlamaktadır. Araştırma kapsamında 48 işletme-yıl gözlemi gerçekleştirilmiş, her bir işletme için Beneish M-Skorları hesaplanmış ve modeldeki sekiz finansal değişkenin manipülasyon potansiyeli incelenmiştir. Bulgular, işletmelerin %67’sinde manipülasyon riski olduğunu, en yüksek riskin ise 2020 ve 2022 yıllarında gerçekleştiğini göstermiştir. En çok manipülasyon yapılan değişkenlerin satış, pazarlama ve genel yönetim giderleri indeksi ile tahakkukların toplam varlıklara oranı indeksi olduğu, en az manipülasyon yapılan değişkenlerin ise brüt kar marjı, varlık kalitesi ve kaldıraç indeksleri olduğu saptanmıştır. Gerçekleştirilen Mann Whitney U testi sonuçları ise kazanç manipülasyon riski taşıyan ve taşımayan işletmeler arasında Beneish M-Skoru, tahakkukların toplam varlıklara oranı ve satış büyümesi indeksleri açısından istatistiksel olarak anlamlı farklılık olduğunu ortaya koymuştur.

Anahtar Kelimeler

• Finansal Manipülasyon
• Kazanç Manipülasyonu
• Beneish M-Skoru
• Konaklama İşletmeleri
• Borsa İstanbul

Kaynakça

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