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The Effect of Auditor Opinions on Stock Return

Yıl 2019, Cilt: 19 Sayı: 58, 173 - 194, 01.10.2019

Öz

This study investigates the valuation effect of audit opinions adverse and disclaimer of opinion on the Borsa Istanbul stock market. In line with this purpose, a query covering the years 2005-2017 has been carried out for companies that are traded in BIST. In this context, having sufficient data for analysis, 22 events detected and analyzed. The event study method is used in the study and the stock returns are analyzed both daily and cumulatively through the event window. According to findings, there is limited evidence that the stocks of the companies with adverse or disclaimer audit opinions are responding negatively to this announcement. In general, this announcements adverse and disclaimer of opinion has been assessed as having no effect on companies’ shares

Kaynakça

  • Abdel-Khalik, A., & Wu, A. (1996). The association between stock prices and accounting disclosure in the emer- ging Chinese capital market. Retrieved from
  • Al-Thuneibat, A. A., Khamees, B. A., & Al-Fayoumi, N. A. (2007). The effect of qualified auditors’ opinions on share prices: evidence from Jordan. Managerial Auditing Journal, 23(1), 84-101.
  • Ameen, E. C., Chan, K., & Guffey, D. M. (1994). Information content of qualified audit opinions for over-the- counter firms. Journal of Business Finance & Accounting, 21(7), 997-1011.
  • Arens, A. A., Elder, R. J., & Mark, B. (2012). Auditing and assurance services: an integrated approach: Boston: Prentice Hall.
  • Aygören, H., & Uyar, S. (2007). İstanbul Menkul Kıymetler Borsası’nda (İMKB) Denetim Görüşlerinin Hisse
  • Senedi Getirileri Üzerindeki Etkisi. İMKB Dergisi, 9(36), 33-51. Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Re- search, 6(2), 159-178.
  • Bamber, E. M., & Stratton, R. A. (1997). The information content of the uncertainty-modified audit report: Eviden- ce from bank loan officers. Accounting Horizons, 11(2), 1.
  • Baskin, E. F. (1972). The communicative effectiveness of consistency exceptions. The Accounting Review, 47(1), 51.
  • Beaver, W. H. (1981). Market Efficiency. The Accounting Review, 56(1), 23-37. Retrieved from http://www.jstor. org/stable/246460
  • Bessell, M., Anandarajan, A., & Umar, A. (2003). Information content, audit reports and goingconcern: an Austra- lian study. Accounting & Finance, 43(3), 261-282.
  • Chen, C. J., Su, X., & Zhao, R. (2000). An emerging market’s reaction to initial modified audit opinions: Evidence from the Shanghai Stock Exchange. Contemporary Accounting Research, 17(3), 429-455.
  • Choi, S. K., & Jeter, D. C. (1992). The effects of qualified audit opinions on earnings response coefficients. Journal of Accounting and Economics, 15(2-3), 229-247.
  • Chow, C., & Rice, S. J. (1982). Qualified audit opinions and share prices-An investigation. Auditing: A Journal of
  • Practice and Theory, 1(2), 35-53. Chow, C. W., & Rice, S. J. (1982). Qualified audit opinions and auditor switching. Accounting Review, 57(2), 335.
  • DeFond, M. L., Wong, T.-J., & Li, S. (1999). The impact of improved auditor independence on audit market con- centration in China. Journal of Accounting and Economics, 28(3), 269-305.
  • Dodd, P., Dopuch, N., Holthausen, R., & Leftwich, R. (1984). Qualified audit opinions and stock prices: Informa- tion content, announcement dates, and concurrent disclosures. Journal of Accounting and Economics, 6(1), 3-38.
  • Dolley, J. C. (1933). Characteristics and procedure of common stock split-ups. Harvard Business Review, 11(3), 326.
  • Dopuch, N., Holthausen, R. W., & Leftwich, R. W. (1986). Abnormal stock returns associated with media disclo- sures of ‘subject to’qualified audit opinions. Journal of Accounting and Economics, 8(2), 93-117.
  • Duréndez Gómez-Guillamón, A. (2003). The usefulness of the audit report in investment and financing decisions.
  • Managerial Auditing Journal, 18(6/7), 549-559. Ebneth, O., & Theuvsen, L. (2007). Large mergers and acquisitions of European brewing groups—event study evidence on value creation. Agribusiness, 23(3), 377-406.
  • El-Gazzar, S. M., Finn, P. M., & Tang, C. (2009). The value relevance of earnings and nonearnings information in regulated and deregulated markets: the case of the airline industry. International advances in economic research, (1), 88-101.
  • Elliott, J. A. (1982). “ Subject to” Audit Opinions and Abnormal Security Returns-Outcomes and Ambiguities.
  • Journal of accounting research, 617-638. Estes, R., & Reimer, M. (1979). An experimental study of the differential effect of standard and qualified auditors
  • ‘opinions on investors’ price decisions. Accounting and Business Research, 9(34), 157-162. Firth, M. (1978). Qualified audit reports: their impact on investment decisions. Accounting Review, 642-650.
  • Firth, M. (1979). The impact of size, stock market listing, and auditors on voluntary disclosure in corporate annual reports. Accounting and Business Research, 9(36), 273-280.
  • Fleak, S. K., & Wilson, E. R. (1994). The incremental information content of the going-concern audit opinion.
  • Journal of Accounting, Auditing & Finance, 9(1), 149-166. Frost, C. A. (1994). Uncertainty-modified audit reports and future earnings. Auditing, 13(1), 22-35.
  • Gul, F. A. (1990). Qualified audit reports, field dependence cognitive style, and their effects on decision making.
  • Accounting & Finance, 30(2), 15-27. Güredin, E. (2007). Denetim ve Güvence Hizmetleri. Arıkan Yayınları, İstanbul, 14.
  • Holthausen, R. W., & Verrecchia, R. E. (1990). The effect of informedness and consensus on price and volume behavior. Accounting Review, 65(1), 191-208.
  • Houghton, K. A. (1983). Audit reports: Their Impact on the loan decision process and outcome: An experiment.
  • Accounting and Business Research, 14(53), 15-20. Lev, B., & Ohlson, J. A. (1982). Market-based empirical research in accounting: A review, interpretation, and ex- tension. Journal of Accounting Research, 20, 249-322.
  • Lin, Z. J., Tang, Q., & Xiao, J. (2003). An experimental study of users’ responses to qualified audit reports in Chi- na. Journal of International Accounting, Auditing and Taxation, 12(1), 1-22.
  • Liu, C. (1997). Legal liability, human capital investment, and audit quality. Unpublished doctor dissertation. Uni- versity of National Taiwan University, Taiwan.
  • Loudder, M. L., Khurana, I. K., Sawyers, R. B., Cordery, C., Johnson, C., Lowe, J., ve diğerleri. (1992). The infor- mation content of audit qualifications. Auditing, 11(1), 69.
  • Louwers, T. J., Ramsay, R. J., Sinason, D. H., Strawser, J. R., & Thibodeau, J. C. (2008). Auditing & assurance services.
  • MacKinlay, A. C. (1997). Event studies in economics and finance. Journal of economic literature, 35(1), 13-39.
  • Manickam, J., & Kaliyamurthy, M. (2009). Stock Market Reaction to Quarterly Earnings Announcement-a Study on Indian Information Technology Industry. Banking and Finance Letters, 1(4), 175.
  • Martínez, M. C. P., Martínez, A. V., & Benau, M. A. G. (2004). Reactions of the Spanish capital market to qualified audit reports. European Accounting Review, 13(4), 689-711.
  • Miller, J. R., Reed, S. A., & Strawser, R. H. (1993). Bank loan officers’ perceptions of the new audit report. Ac- counting Horizons, 7(1), 39-52.
  • Mong, S., & Roebuck, P. (2005). Effect of audit report disclosure on auditor litigation risk. Accounting & Finance, (1), 145-169.
  • Ou, J. A. (1990). The information content of nonearnings accounting numbers as earnings predictors. Journal of
  • Accounting Research, 28(1), 144-163. Robertson, J. C. (1988). Analysts’ Reactions To Auditors’ Messages In Qualified Repo. Accounting Horizons, 2(2), 89.
  • Ryan, S. G. (1995). A model of accrual measurement with implications for the evolution of the book-to-market ratio. Journal of Accounting Research, 33(1), 95-112.
  • Shen, Y. F. (1997). Disclosure of accounting information and semi-strong efficiency: An empirical analysis of the Chinese market. Accounting Research [in Chinese], 1, 14-17.
  • Sun, Z., Zhang, W., & Zhou, Q. (1997). Relationship between market efficiency and accounting information. Ac- counting Research (Chinese), 3, 2-12.

DENETÇİ GÖRÜŞLERİNİN PAY SENEDİ GETİRİLERİ ÜZERİNDEKİ ETKİSİ

Yıl 2019, Cilt: 19 Sayı: 58, 173 - 194, 01.10.2019

Öz

Bu çalışmanın amacı olumsuz ya da görüş bildirmekten kaçınma şeklinde denetçi görüşüne sahip şirket pay senetlerinin bu haberin duyurulmasına vereceği tepkinin ölçülmesidir. Bu amaç doğrultusunda BIST’de işlem gören firmaların 2005-2017 dönemi için aldıkları denetçi görüşleri ve bu görüşlerin bilgi değeri incelenmiştir. Bu kapsamda tespit edilen ve analiz için gerekli verileri mevcut olan 22 olay incelenmiştir. Çalışmada olay çalışması yöntemi uygulanmış ve pay senedi getirileri, olay penceresinde hem günlük hem de kümülatif olarak analiz edilmiştir. Elde edilen bulgulara göre olumsuz ya da görüş bildirmekten kaçınan denetçi görüşüne sahip şirket pay senetlerinin bu duyuruya karşı negatif anlamlı anormal getirilerle tepki verdiklerine dair sınırlı kanıtlar elde edilmiştir. Genel olarak olumsuz ve görüş bildirmekten kaçınan denetçi görüşünün şirket pay senetleri üzerinde bir etkisinin olmadığı gözlemlenmiştir

Kaynakça

  • Abdel-Khalik, A., & Wu, A. (1996). The association between stock prices and accounting disclosure in the emer- ging Chinese capital market. Retrieved from
  • Al-Thuneibat, A. A., Khamees, B. A., & Al-Fayoumi, N. A. (2007). The effect of qualified auditors’ opinions on share prices: evidence from Jordan. Managerial Auditing Journal, 23(1), 84-101.
  • Ameen, E. C., Chan, K., & Guffey, D. M. (1994). Information content of qualified audit opinions for over-the- counter firms. Journal of Business Finance & Accounting, 21(7), 997-1011.
  • Arens, A. A., Elder, R. J., & Mark, B. (2012). Auditing and assurance services: an integrated approach: Boston: Prentice Hall.
  • Aygören, H., & Uyar, S. (2007). İstanbul Menkul Kıymetler Borsası’nda (İMKB) Denetim Görüşlerinin Hisse
  • Senedi Getirileri Üzerindeki Etkisi. İMKB Dergisi, 9(36), 33-51. Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Re- search, 6(2), 159-178.
  • Bamber, E. M., & Stratton, R. A. (1997). The information content of the uncertainty-modified audit report: Eviden- ce from bank loan officers. Accounting Horizons, 11(2), 1.
  • Baskin, E. F. (1972). The communicative effectiveness of consistency exceptions. The Accounting Review, 47(1), 51.
  • Beaver, W. H. (1981). Market Efficiency. The Accounting Review, 56(1), 23-37. Retrieved from http://www.jstor. org/stable/246460
  • Bessell, M., Anandarajan, A., & Umar, A. (2003). Information content, audit reports and goingconcern: an Austra- lian study. Accounting & Finance, 43(3), 261-282.
  • Chen, C. J., Su, X., & Zhao, R. (2000). An emerging market’s reaction to initial modified audit opinions: Evidence from the Shanghai Stock Exchange. Contemporary Accounting Research, 17(3), 429-455.
  • Choi, S. K., & Jeter, D. C. (1992). The effects of qualified audit opinions on earnings response coefficients. Journal of Accounting and Economics, 15(2-3), 229-247.
  • Chow, C., & Rice, S. J. (1982). Qualified audit opinions and share prices-An investigation. Auditing: A Journal of
  • Practice and Theory, 1(2), 35-53. Chow, C. W., & Rice, S. J. (1982). Qualified audit opinions and auditor switching. Accounting Review, 57(2), 335.
  • DeFond, M. L., Wong, T.-J., & Li, S. (1999). The impact of improved auditor independence on audit market con- centration in China. Journal of Accounting and Economics, 28(3), 269-305.
  • Dodd, P., Dopuch, N., Holthausen, R., & Leftwich, R. (1984). Qualified audit opinions and stock prices: Informa- tion content, announcement dates, and concurrent disclosures. Journal of Accounting and Economics, 6(1), 3-38.
  • Dolley, J. C. (1933). Characteristics and procedure of common stock split-ups. Harvard Business Review, 11(3), 326.
  • Dopuch, N., Holthausen, R. W., & Leftwich, R. W. (1986). Abnormal stock returns associated with media disclo- sures of ‘subject to’qualified audit opinions. Journal of Accounting and Economics, 8(2), 93-117.
  • Duréndez Gómez-Guillamón, A. (2003). The usefulness of the audit report in investment and financing decisions.
  • Managerial Auditing Journal, 18(6/7), 549-559. Ebneth, O., & Theuvsen, L. (2007). Large mergers and acquisitions of European brewing groups—event study evidence on value creation. Agribusiness, 23(3), 377-406.
  • El-Gazzar, S. M., Finn, P. M., & Tang, C. (2009). The value relevance of earnings and nonearnings information in regulated and deregulated markets: the case of the airline industry. International advances in economic research, (1), 88-101.
  • Elliott, J. A. (1982). “ Subject to” Audit Opinions and Abnormal Security Returns-Outcomes and Ambiguities.
  • Journal of accounting research, 617-638. Estes, R., & Reimer, M. (1979). An experimental study of the differential effect of standard and qualified auditors
  • ‘opinions on investors’ price decisions. Accounting and Business Research, 9(34), 157-162. Firth, M. (1978). Qualified audit reports: their impact on investment decisions. Accounting Review, 642-650.
  • Firth, M. (1979). The impact of size, stock market listing, and auditors on voluntary disclosure in corporate annual reports. Accounting and Business Research, 9(36), 273-280.
  • Fleak, S. K., & Wilson, E. R. (1994). The incremental information content of the going-concern audit opinion.
  • Journal of Accounting, Auditing & Finance, 9(1), 149-166. Frost, C. A. (1994). Uncertainty-modified audit reports and future earnings. Auditing, 13(1), 22-35.
  • Gul, F. A. (1990). Qualified audit reports, field dependence cognitive style, and their effects on decision making.
  • Accounting & Finance, 30(2), 15-27. Güredin, E. (2007). Denetim ve Güvence Hizmetleri. Arıkan Yayınları, İstanbul, 14.
  • Holthausen, R. W., & Verrecchia, R. E. (1990). The effect of informedness and consensus on price and volume behavior. Accounting Review, 65(1), 191-208.
  • Houghton, K. A. (1983). Audit reports: Their Impact on the loan decision process and outcome: An experiment.
  • Accounting and Business Research, 14(53), 15-20. Lev, B., & Ohlson, J. A. (1982). Market-based empirical research in accounting: A review, interpretation, and ex- tension. Journal of Accounting Research, 20, 249-322.
  • Lin, Z. J., Tang, Q., & Xiao, J. (2003). An experimental study of users’ responses to qualified audit reports in Chi- na. Journal of International Accounting, Auditing and Taxation, 12(1), 1-22.
  • Liu, C. (1997). Legal liability, human capital investment, and audit quality. Unpublished doctor dissertation. Uni- versity of National Taiwan University, Taiwan.
  • Loudder, M. L., Khurana, I. K., Sawyers, R. B., Cordery, C., Johnson, C., Lowe, J., ve diğerleri. (1992). The infor- mation content of audit qualifications. Auditing, 11(1), 69.
  • Louwers, T. J., Ramsay, R. J., Sinason, D. H., Strawser, J. R., & Thibodeau, J. C. (2008). Auditing & assurance services.
  • MacKinlay, A. C. (1997). Event studies in economics and finance. Journal of economic literature, 35(1), 13-39.
  • Manickam, J., & Kaliyamurthy, M. (2009). Stock Market Reaction to Quarterly Earnings Announcement-a Study on Indian Information Technology Industry. Banking and Finance Letters, 1(4), 175.
  • Martínez, M. C. P., Martínez, A. V., & Benau, M. A. G. (2004). Reactions of the Spanish capital market to qualified audit reports. European Accounting Review, 13(4), 689-711.
  • Miller, J. R., Reed, S. A., & Strawser, R. H. (1993). Bank loan officers’ perceptions of the new audit report. Ac- counting Horizons, 7(1), 39-52.
  • Mong, S., & Roebuck, P. (2005). Effect of audit report disclosure on auditor litigation risk. Accounting & Finance, (1), 145-169.
  • Ou, J. A. (1990). The information content of nonearnings accounting numbers as earnings predictors. Journal of
  • Accounting Research, 28(1), 144-163. Robertson, J. C. (1988). Analysts’ Reactions To Auditors’ Messages In Qualified Repo. Accounting Horizons, 2(2), 89.
  • Ryan, S. G. (1995). A model of accrual measurement with implications for the evolution of the book-to-market ratio. Journal of Accounting Research, 33(1), 95-112.
  • Shen, Y. F. (1997). Disclosure of accounting information and semi-strong efficiency: An empirical analysis of the Chinese market. Accounting Research [in Chinese], 1, 14-17.
  • Sun, Z., Zhang, W., & Zhou, Q. (1997). Relationship between market efficiency and accounting information. Ac- counting Research (Chinese), 3, 2-12.
Toplam 46 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Araştırma Makalesi
Yazarlar

Merve Acar Bu kişi benim

Hüseyin Temiz Bu kişi benim

Yayımlanma Tarihi 1 Ekim 2019
Yayımlandığı Sayı Yıl 2019 Cilt: 19 Sayı: 58

Kaynak Göster

APA Acar, M., & Temiz, H. (2019). DENETÇİ GÖRÜŞLERİNİN PAY SENEDİ GETİRİLERİ ÜZERİNDEKİ ETKİSİ. Muhasebe Ve Denetime Bakış, 19(58), 173-194.