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DENETİM KOMİTESİ VE FİRMA DEĞERİ: AMPİRİK BİR ARAŞTIRMA

Yıl 2021, , 204 - 221, 30.06.2021
https://doi.org/10.31460/mbdd.756299

Öz

Bu çalışmanın amacı, denetim komitesinin firma değeri üzerindeki etkilerini araştırmaktır. 2011-2019 yılları arasında Borsa İstanbul'da işlem gören imalat sanayinde faaliyet gösteren 141 firmaya ait veriler kullanılmıştır. Panel veri analizinin sonuçlarına göre, denetim komitesi üyelerinin muhasebe ve finans uzmanlığı, denetim komitesi büyüklüğü ve denetim komitesi toplantılarının sıklığı firma değerini olumlu yönde etkilemektedir. Bu çalışma, Borsa İstanbul'da işlem gören imalat sanayinde faaliyet gösteren firmalarının değerinin, denetim komitesi özelliklerinden önemli ölçüde etkilendiğini göstermektedir. Gelişmekte olan ekonomiler bağlamında, bu çalışma firma değeri ile denetim komitesi arasındaki ilişki hakkında yeni perspektifler sunmaktadır. Analizin sonuçları düzenleyici kurumlar, kreditörler ve yatırımcılar için de önemli çıkarımlar sağlamaktadır.

Kaynakça

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  • Ali, M.J., Singh, R.K.S., and Al-Akra, M. 2018. “The Impact of Audit Committee Effectiveness on Audit Fees and Non-Audit Service Feesˮ, Accounting Research Journal, 31(2), 174-191.
  • Baltagi, B.H., and Hashem Pesaran, M. 2007. “Heterogeneity and Cross Section Dependence in Panel Data Models: Theory and Applications Introductionˮ, Journal of Applied Econometrics, 22(2), 229- 232.
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  • Bauer, R., Eichholtz, P., and Kok, N. 2010. “Corporate Governance and Performance: The REIT Effectˮ, Real Estate Economics, 38(1), 1-29.
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  • Bédard, J., Chtourou, S.M., and Courteau, L. 2004. “The Effect of Audit Committee Expertise, Independence, and Activity on Aggressive Earnings Managementˮ, Auditing: A Journal of Practice and Theory, 23(2), 13-35.
  • Bédard, J., Chtourou, S.M., and Courteau, L. 2004. “The Effect of Audit Committee Expertise, Independence, and Activity on Aggressive Earnings Managementˮ, Auditing: A Journal of Practice and Theory, 23(2), 13-35.
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  • Davidson III, W.N., Xie, B., and Xu, W. 2004. “Market Reaction to Voluntary Announcements of Audit Committee Appointments: The Effect of Financial Expertiseˮ, Journal of Accounting and Public Policy, 23(4), 279-293.
  • Davidson III, W.N., Xie, B., and Xu, W. 2004. “Market Reaction to Voluntary Announcements of Audit Committee Appointments: The Effect of Financial Expertiseˮ, Journal of Accounting and Public Policy, 23(4), 279-293.
  • DeZoort, F.T., Hermanson, D.R., Archambeault, D.S., and Reed, S.A. 2002. “Audit Committee Effectiveness: A Synthesis of the Empirical Audit Committee Literatureˮ, Journal of Accounting Literature 21(38), 21, 38.
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AUDIT COMMITTEE AND FIRM VALUE: AN EMPIRICAL INVESTIGATION

Yıl 2021, , 204 - 221, 30.06.2021
https://doi.org/10.31460/mbdd.756299

Öz

The objective of this paper is to analyze the impacts of audit committee on firm value. Employing panel data on a sample that consists of 141 manufacturing firms whose shares are traded on Borsa Istanbul during the period between 2011 and 2019, this paper found that the inclusion of audit committee members with accounting and finance background, audit committee size and the number of audit committee meetings positively influence firm value. This paper demonstrates that the value of manufacturing firms listed on Borsa Istanbul is significantly affected by audit committee characteristics. In the context of emerging economies, this paper offers new perspectives on the association between firm value and audit committee. The results of empirical analysis also provide important implications for policymakers, creditors and shareholders.

Kaynakça

  • Abbott, L.J., Parker, S., Peters, G.F., and Raghunandan, K. 2003. “The Association Between Audit Committee Characteristics and Audit Feesˮ, AuditingJournal of Practice and Theory, 22(2), 17–32.
  • Abbott, L.J., Parker, S., Peters, G.F., and Raghunandan, K. 2003. “The Association Between Audit Committee Characteristics and Audit Feesˮ, AuditingJournal of Practice and Theory, 22(2), 17–32.
  • Abbott, L.J., Parker, S., and Peters, G.F. 2004. “Audit Committee Characteristics and Restatements.ˮ, Auditing: A Journal of Practice and Theory, 23(1), 69-87.
  • Abbott, L.J., Parker, S., and Peters, G.F. 2004. “Audit Committee Characteristics and Restatements.ˮ, Auditing: A Journal of Practice and Theory, 23(1), 69-87.
  • Aldamen, H., Duncan, K., Kelly, S., McNamara, R., and Nagel, S. 2012. “Audit Committee Characteristics and Firm Performance during the Global Financial Crisisˮ, Accounting and Finance, 52(4), 971-1000.
  • Aldamen, H., Duncan, K., Kelly, S., McNamara, R., and Nagel, S. 2012. “Audit Committee Characteristics and Firm Performance during the Global Financial Crisisˮ, Accounting and Finance, 52(4), 971-1000.
  • Ali, M.J., Singh, R.K.S., and Al-Akra, M. 2018. “The Impact of Audit Committee Effectiveness on Audit Fees and Non-Audit Service Feesˮ, Accounting Research Journal, 31(2), 174-191.
  • Ali, M.J., Singh, R.K.S., and Al-Akra, M. 2018. “The Impact of Audit Committee Effectiveness on Audit Fees and Non-Audit Service Feesˮ, Accounting Research Journal, 31(2), 174-191.
  • Baltagi, B.H., and Hashem Pesaran, M. 2007. “Heterogeneity and Cross Section Dependence in Panel Data Models: Theory and Applications Introductionˮ, Journal of Applied Econometrics, 22(2), 229- 232.
  • Baltagi, B.H., and Hashem Pesaran, M. 2007. “Heterogeneity and Cross Section Dependence in Panel Data Models: Theory and Applications Introductionˮ, Journal of Applied Econometrics, 22(2), 229- 232.
  • Barua, A., Rama, D.V., and Sharma, V. 2010. “Audit Committee Characteristics and Investment in Internal Auditingˮ, Journal of Accounting and Public Policy, 29(5), 503-513.
  • Barua, A., Rama, D.V., and Sharma, V. 2010. “Audit Committee Characteristics and Investment in Internal Auditingˮ, Journal of Accounting and Public Policy, 29(5), 503-513.
  • Bauer, R., Eichholtz, P., and Kok, N. 2010. “Corporate Governance and Performance: The REIT Effectˮ, Real Estate Economics, 38(1), 1-29.
  • Bauer, R., Eichholtz, P., and Kok, N. 2010. “Corporate Governance and Performance: The REIT Effectˮ, Real Estate Economics, 38(1), 1-29.
  • Bédard, J., Chtourou, S.M., and Courteau, L. 2004. “The Effect of Audit Committee Expertise, Independence, and Activity on Aggressive Earnings Managementˮ, Auditing: A Journal of Practice and Theory, 23(2), 13-35.
  • Bédard, J., Chtourou, S.M., and Courteau, L. 2004. “The Effect of Audit Committee Expertise, Independence, and Activity on Aggressive Earnings Managementˮ, Auditing: A Journal of Practice and Theory, 23(2), 13-35.
  • Brick, I.E., and Chidambaran, N.K. 2010. “Board Meetings, Committee Structure, and Firm Value”, Journal of Corporate Finance, 16(4), 533-553.
  • Brick, I.E., and Chidambaran, N.K. 2010. “Board Meetings, Committee Structure, and Firm Value”, Journal of Corporate Finance, 16(4), 533-553.
  • Carcello, J.V., Hermanson, D. R., Neal, T.L., and Riley Jr, R.A. 2002. “Board Characteristics and Audit Feesˮ, Contemporary Accounting Research, 19(3), 365-384.
  • Carcello, J.V., Hermanson, D. R., Neal, T.L., and Riley Jr, R.A. 2002. “Board Characteristics and Audit Feesˮ, Contemporary Accounting Research, 19(3), 365-384.
  • Chan, K.C., and Li, J. 2008. “Audit Committee and Firm Value: Evidence on Outside Top Executives as Expert‐Independent Directorsˮ, Corporate Governance: An International Review, 16(1), 16-31.
  • Chan, K.C., and Li, J. 2008. “Audit Committee and Firm Value: Evidence on Outside Top Executives as Expert‐Independent Directorsˮ, Corporate Governance: An International Review, 16(1), 16-31.
  • Chen, M.Y. 2002. “Testing Stationarity against Unit Roots and Structural Changesˮ, Applied Economics Letters, 9(7), 459-464.
  • Chen, M.Y. 2002. “Testing Stationarity against Unit Roots and Structural Changesˮ, Applied Economics Letters, 9(7), 459-464.
  • Cohen, J.R., Krishnamoorthy, G., and Wright, A. 2004. “The Corporate Governance Mosaic and Financial Reporting Qualityˮ, Journal of Accounting Literature, 23, 87-152.
  • Cohen, J.R., Krishnamoorthy, G., and Wright, A. 2004. “The Corporate Governance Mosaic and Financial Reporting Qualityˮ, Journal of Accounting Literature, 23, 87-152.
  • Davidson III, W.N., Xie, B., and Xu, W. 2004. “Market Reaction to Voluntary Announcements of Audit Committee Appointments: The Effect of Financial Expertiseˮ, Journal of Accounting and Public Policy, 23(4), 279-293.
  • Davidson III, W.N., Xie, B., and Xu, W. 2004. “Market Reaction to Voluntary Announcements of Audit Committee Appointments: The Effect of Financial Expertiseˮ, Journal of Accounting and Public Policy, 23(4), 279-293.
  • DeZoort, F.T., Hermanson, D.R., Archambeault, D.S., and Reed, S.A. 2002. “Audit Committee Effectiveness: A Synthesis of the Empirical Audit Committee Literatureˮ, Journal of Accounting Literature 21(38), 21, 38.
  • DeZoort, F.T., Hermanson, D.R., Archambeault, D.S., and Reed, S.A. 2002. “Audit Committee Effectiveness: A Synthesis of the Empirical Audit Committee Literatureˮ, Journal of Accounting Literature 21(38), 21, 38.
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  • Fields, T.D., Lys, T.Z., and Vincent, L. 2001. “Empirical Research on Accounting Choiceˮ, Journal of Accounting and Economics, 31(1-3), 255-307.
  • Fields, T.D., Lys, T.Z., and Vincent, L. 2001. “Empirical Research on Accounting Choiceˮ, Journal of Accounting and Economics, 31(1-3), 255-307.
  • Freund, R.J. and Wilson, W.J. 1998. Regression Analysis: Statistical Modelling of a Response Variable, Academic Press, San Diego.
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  • Güney, P.O. 2020. “Macroeconomic Uncertainty and Investment Relationship for Turkey”, Economic Journal of Emerging Markets, 12(2): 151-166.
  • Hamdan, A.M., Sarea, A.M., and Reyad, S.M.R. 2013. “The Impact of Audit Committee Characteristics on the Performance: Evidence from Jordanˮ, International Management Review, 9(1), 32-42.
  • Hamdan, A.M., Sarea, A.M., and Reyad, S.M.R. 2013. “The Impact of Audit Committee Characteristics on the Performance: Evidence from Jordanˮ, International Management Review, 9(1), 32-42.
  • Hashim, H.A., and Amrah, M. 2016. “Corporate Governance Mechanisms and Cost of Debt”, Managerial Auditing Journal, 31(3), 314-336.
  • Hashim, H.A., and Amrah, M. 2016. “Corporate Governance Mechanisms and Cost of Debt”, Managerial Auditing Journal, 31(3), 314-336.
  • Hsu, H.E. 2008. “Audit Committees in US Entrepreneurial Firmsˮ, Journal of American Academy of Business, 13(1), 121-128.
  • Hsu, H.E. 2008. “Audit Committees in US Entrepreneurial Firmsˮ, Journal of American Academy of Business, 13(1), 121-128.
  • Ika, S.R., and Ghazali, N.A.M. 2012. “Audit Committee Effectiveness and Timeliness of Reporting: Indonesian Evidenceˮ, Managerial Auditing Journal, 27(4), 403-424.
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  • Klein, A. 2002. “Audit Committee, Board of Director Characteristics, And Earnings Managementˮ, Journal of Accounting and Economics, 33(3), 375-400.
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  • Kyereboah-Coleman, A. 2008. “Corporate Governance and Firm Performance in Africa: A Dynamic Panel Data Analysisˮ, Studies in Economics and Econometrics, 32(2), 1-24.
  • Larcker, D.F., and Richardson, S.A. 2004. “Fees Paid to Audit Firms, Accrual Choices and Corporate Governanceˮ, Journal of Accounting Research, 42(3), 625-658.
  • Larcker, D.F., and Richardson, S.A. 2004. “Fees Paid to Audit Firms, Accrual Choices and Corporate Governanceˮ, Journal of Accounting Research, 42(3), 625-658.
  • Li, J., Mangena, M., and Pike, R. 2012. “The Effect of Audit Committee Characteristics on Intellectual Capital Disclosureˮ, The British Accounting Review, 44(2), 98-110.
  • Li, J., Mangena, M., and Pike, R. 2012. “The Effect of Audit Committee Characteristics on Intellectual Capital Disclosureˮ, The British Accounting Review, 44(2), 98-110.
  • Martinov-Bennie, N., Soh, D.S., and Tweedie, D. 2015. “An Investigation into the Roles, Characteristics, Expectations and Evaluation Practices of Audit Committeesˮ, Managerial Auditing Journal: 30(8- 9), 727-755.
  • Martinov-Bennie, N., Soh, D.S., and Tweedie, D. 2015. “An Investigation into the Roles, Characteristics, Expectations and Evaluation Practices of Audit Committeesˮ, Managerial Auditing Journal: 30(8- 9), 727-755.
  • Mangena, M., and Pike, R. 2005. “The Effect of Audit Committee Shareholding, Financial Expertise and Size on Interim Financial Disclosuresˮ, Accounting and Business Research, 35(4), 327-349.
  • Mangena, M., and Pike, R. 2005. “The Effect of Audit Committee Shareholding, Financial Expertise and Size on Interim Financial Disclosuresˮ, Accounting and Business Research, 35(4), 327-349.
  • Mautz, R.K., and Neumann, F.L. 1977. Corporate Audit Committees: Policies and Practices. Ernst and Ernst.
  • Mautz, R.K., and Neumann, F.L. 1977. Corporate Audit Committees: Policies and Practices. Ernst and Ernst.
  • McMullen, D.A., and Raghunandan, K. 1996. “Enhancing Audit Committee Effectivenessˮ, Journal of Accountancy, 182(2), 79-81.
  • McMullen, D.A., and Raghunandan, K. 1996. “Enhancing Audit Committee Effectivenessˮ, Journal of Accountancy, 182(2), 79-81.
  • Metawee, A. 2013. “The Relationship between Characteristics of Audit Committee, Board of Directors and Level of Earning Management, Evidence from Egyptˮ, Journal of International Business and Finance, 6(1), 1-34.
  • Metawee, A. 2013. “The Relationship between Characteristics of Audit Committee, Board of Directors and Level of Earning Management, Evidence from Egyptˮ, Journal of International Business and Finance, 6(1), 1-34.
  • Miettinen, J. 2008. The Effect of Audit Quality on the Relationship between Audit Committee Effectiveness and Financial Reporting Quality. University of Vaasa.
  • Mitton, T. 2002. “A Cross-Firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis”, Journal of Financial Economics, 64(2), 215-241.
  • Mitton, T. 2002. “A Cross-Firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis”, Journal of Financial Economics, 64(2), 215-241.
  • Oba, B., Ozsoy, Z., and Atakan, S. 2010. “Power in the Boardroom: A Study on Turkish Family Owned and Listed Companies”, Corporate Governance, 10(5), 603-616.
  • Oba, B., Ozsoy, Z., and Atakan, S. 2010. “Power in the Boardroom: A Study on Turkish Family Owned and Listed Companies”, Corporate Governance, 10(5), 603-616.
  • Park, B.J. 2019. “Audit Committees and Managerial Influence on Audit Quality: ‘Voluntary’ Versus ‘Mandatory’ Approach to Corporate Governanceˮ, Australian Accounting Review, 29(1), 266-280.
  • Park, B.J. 2019. “Audit Committees and Managerial Influence on Audit Quality: ‘Voluntary’ Versus ‘Mandatory’ Approach to Corporate Governanceˮ, Australian Accounting Review, 29(1), 266-280.
  • Rahman, R.A., and Ali, F.H.M. 2006. “Board, Audit Committee, Culture and Earnings Management: Malaysian Evidenceˮ, Managerial Auditing Journal, 21(7), 783-804.
  • Rahman, R.A., and Ali, F.H.M. 2006. “Board, Audit Committee, Culture and Earnings Management: Malaysian Evidenceˮ, Managerial Auditing Journal, 21(7), 783-804.
  • Setia‐Atmaja, L.Y. 2009. “Governance Mechanisms and Firm Value: The Impact of Ownership Concentration and Dividends”, Corporate Governance: An International Review, 17(6), 694-709.
  • Setia‐Atmaja, L.Y. 2009. “Governance Mechanisms and Firm Value: The Impact of Ownership Concentration and Dividends”, Corporate Governance: An International Review, 17(6), 694-709.
  • Song, J., and Windram, B. 2004. “Benchmarking Audit Committee Effectiveness in Financial Reportingˮ, International Journal of Auditing, 8(3), 195-205.
  • Song, J., and Windram, B. 2004. “Benchmarking Audit Committee Effectiveness in Financial Reportingˮ, International Journal of Auditing, 8(3), 195-205.
  • Swamy, V. 2011. “Corporate Governance and Firm Performance in Unlisted Family Owned Firmsˮ, International Journal of Business Insights and Transformation, 4(2), 37-51.
  • Swamy, V. 2011. “Corporate Governance and Firm Performance in Unlisted Family Owned Firmsˮ, International Journal of Business Insights and Transformation, 4(2), 37-51.
  • Yurtoglu, B.B. 2000. “Ownership, Control and Performance of Turkish Listed Firms”, Empirica, 27(2), 193-222.
  • Yurtoglu, B.B. 2000. “Ownership, Control and Performance of Turkish Listed Firms”, Empirica, 27(2), 193-222.
  • Zhang, Y., Zhou, J., and Zhou, N. 2007. “Audit Committee Quality, Auditor Independence, and Internal Control Weaknessesˮ, Journal of Accounting and Public Policy, 26(3), 300-327.
  • Zhang, Y., Zhou, J., and Zhou, N. 2007. “Audit Committee Quality, Auditor Independence, and Internal Control Weaknessesˮ, Journal of Accounting and Public Policy, 26(3), 300-327.
Toplam 87 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular İşletme
Bölüm ANABÖLÜM
Yazarlar

Ahmet Özcan 0000-0002-9021-6096

Yayımlanma Tarihi 30 Haziran 2021
Gönderilme Tarihi 22 Haziran 2020
Yayımlandığı Sayı Yıl 2021

Kaynak Göster

APA Özcan, A. (2021). AUDIT COMMITTEE AND FIRM VALUE: AN EMPIRICAL INVESTIGATION. Muhasebe Bilim Dünyası Dergisi, 23(2), 204-221. https://doi.org/10.31460/mbdd.756299