Gelişmekte olan Finansal Piyasalarda Kazanç Yönetimi ve Kazanç Kalitesi: Teorik Bir Açıklama

Yıl 2019, Sayı: 84, 251 - 264, 04.10.2019

Muchina Stephen

https://doi.org/10.25095/mufad.625865

Öz

Bir firmanın faaliyetlerinden periyodik olarak elde edilen net nakit akışları, finansal performansından yeterince açıklanmaktadır. Her ne kadar net nakit akışı ve kazançlar özdeş olmak zorunda olsalar da pratikte değildirler. Bu boşluk, kazanç kalitesine ters olarak yansıyor. Nakit akışı gerçekken, muhasebe çabalarıyla kazanç elde edilir. Kazanç sayesinde yönetim kurulları, neyin ve nasıl rapor edileceğini belirlemek için muhasebe standartlarına göre takdir yetkisine sahiptir. Rapor, kazanç yönetimi ve bunun kalite motivasyonları arasındaki etkileşimleri tartışmaktadır. Özel mülkiyet teorilerini göz önüne alarak; Ajans ve politik maliyetler, bu tür etkileşimler için teorik bir temel oluşturur; bu nedenle, gelişmekte olan pazarlardaki konuyla ilgili ampirik analizler için bir temel oluşturur. Kurumsal finansal yönetimde iki temel husus: Finansal raporlama ve hisse senedi fiyatlarındaki değişikliklerle gösterilen firma varlık değerlemesi ele alınmaktadır. Bu çalışmada, muhasebe ve finans uygulamaları ile bu etkileşimlerden elde edilen bilgilerin yatırımcılara aktarılması arasındaki ilişki açıklığa kavuşturulmuştur.

Anahtar Kelimeler

Kazanç kalitesi; Kazanç yönetimi; Yönetim motivasyonu; tescilli ve acentelik maliyetleri

Kaynakça

• Abarbanell, J., - Lehavy, R. (2003), “Biased Forecasts Or Biased Earnings? The Role Of Reported Earnings in Explaining Apparent Bias And Over/Underreaction In Analysts’ Earnings Forecasts”, Journal of Accounting and Economics, 36(1), pp. 105-146.
• Ball, R., - Shivakumar, L. (2008), “Earnings Quality At Initial Public Offerings”, Journal of Accounting and Economics, 45(2), 324-349.
• Bartov, E., - D. Cohen. (2007), Mechanisms To Meet/Beat Analyst Earnings Expectations in The Pre- And Post Sarbanes Oxley Eras, Working paper, New York University.
• Bartov, E.,- Mohanram, P. (2004), “Private Information, Earnings Manipulations, And Executive Stock-Option Exercises”, The Accounting Review, 79(4), pp.889-920.
• Beatty, A., & Weber, J. (2003), “The Effects of Debt Contracting on Voluntary Accounting Method Changes”, The Accounting Review, 78(1), 119-142..
• Beaver, W. H., - Engel, E. E. (1996), “Discretionary Behavior With Respect To Allowances For Loan Losses And The Behavior Of Security Prices”, Journal of Accounting and Economics, 22(1), pp.177-206.
• Bens, D. A.- Nagar, V.- Skinner, D. J. - Wong, M. F. (2003), “Employee Stock Options, EPS Dilution, and Stock Repurchases”, Journal of Accounting and Economics, 36(1), pp. 51-90.
• Beneish, M. D.- Press, E., - Vargus, M. E. (2012), “Insider Trading And Earnings Management In Distressed Firms”, Contemporary Accounting Research, 29(1), pp. 191-220.
• Black, E. L.- Sellers, K. F. - Manly, T. S. (1998), “Earnings Management Using Asset Sales: An International Study Of Countries Allowing Noncurrent Asset Revaluation”, Journal of Business Finance & Accounting, 25(9‐10), pp.1287-1317.
• Bozzolan, S.- Fabrizi, M.- Mallin, C. A. - Michelon, G. (2015), “Corporate Social Responsibility And Earnings Quality: International Evidence”, The International Journal of Accounting, 50(4), pp.361-396.
• Burgstahler, D. - Dichev, I. (1997), “Earnings Management To Avoid Earnings Decreases And Losses”, Journal of accounting and economics, 24(1), 99-126.
• Dechow, P.- Ge, W.- Schrand, C. (2010), “Understanding Earnings Quality: A Review Of The Proxies, Their Determinants And Their Consequences”, Journal of Accounting And Economics, 50(2), pp. 344-401.
• Dechow, P. M.- Schrand, C. M. (2004), Earnings Quality, Charlottesville, VA: Research Foundation of CFA Institute.
• Dechow, P. M.- Skinner, D. J. (2000), Earnings Management: Reconciling The Views of Accounting Academics, Practitioners, And Regulators, Accounting Horizons, 14(2), pp.235-250.
• DeFond, M. L. - Jiambalvo, J. (1994), “Debt Covenant Violation And Manipulation of Accruals”, Journal of Accounting And Economics, 17(1), pp.145-176.
• Degeorge, F.- Patel, J. - Zeckhauser, R. (1999), “Earnings Management To Exceed Thresholds”, The Journal of Business, 72(1), pp.1-33.
• DuCharme, L. L.- Malatesta, P. H. - Sefcik, S. E. (2001), “Earnings Management: IPO Valuation And Subsequent Performance”, Journal of Accounting, Auditing & Finance, 16(4), 369-396.
• D'Souza, J.- Jacob, J. - Ramesh, K. (2000), “The Use of Accounting Flexibility To Reduce Labor Renegotiation Costs And Manage Earnings”, Journal of Accounting and Economics, 30(2), pp. 187-208.
• Fields, T. D.- Lys, T. Z. - Vincent, L. (2001), “Empirical Research On Accounting Choice”, Journal of Accounting And Economics, 31(1), pp.255-307.
• Han, J. C. - Wang, S. W. (1998), “Political Costs And Earnings Management Of Oil Companies During the 1990 Persian Gulf crisis”, Accounting Review, 103-117.
• Haw, I. M.- Qi, D.- Wu, D. - Wu, W. (2005), “Market Consequences Of Earnings Management In Response To Security Regulations in China”, Contemporary Accounting Research, 22(1), pp. 95-140.
• Healy, P. M. (1985), “The effect Of Bonus Schemes On Accounting Decisions”, Journal Of Accounting And Economics, 7(1-3), pp.85-107.
• Healy, P. M. - Wahlen, J. M. (1999), “A Review Of The Earnings Management Literature And Its Implications For Standard Setting”, Accounting Horizons, 13(4), pp.365-383.
• Holland, D. - Ramsay, A. (2003) , “Do Australian Companies Manage Earnings To Meet Simple Earnings Benchmarks?”, Accounting & Finance, 43(1), pp.41-62.
• Jensen, M. C.- Meckling, W. H. (1976), “Theory Of The Firm: Managerial Behavior, Agency Costs And Ownership Structure”, Journal Of Financial Economics, 3(4), pp. 305-360.
• Johnston, D.- Rock, S. (2005), “Earnings Management To Minimize Superfund Clean‐Up And Transaction Costs”, Contemporary Accounting Research, 22(3), pp. 617-642.
• Jones, S. - Sharma, R. (2001), “The Impact Of Free Cash Flow, Financial Leverage And Accounting Regulation On Earnings Management In Australia’s “Old” And “New” Economies”, Managerial Finance, 27(12), pp.18-39.
• Kalgo, S. H.- Nordin, B. A. A.- Nahar, H. S.- Turmin, S. Z. (2016), “Earnings Quality Of Malaysian Ipo Firms: The Effect Of Share Moratorium Provision And Institutional Ownership”, Procedia Economics And Finance, 35, pp. 107-116.
• Kasanen, E.- Kinnunen, J.- Niskanen, J. (1996), “Dividend-Based Earnings Management: Empirical Evidence From Finland”, Journal Of Accounting And Economics, 22(1), pp.283-312.
• Key, K. G. (1997), “Political Cost Incentives For Earnings Management In The Cable Television Industry”, Journal Of Accounting And Economics, 23(3), pp.309-337.
• Kim, J. B.- Yi, C. H. (2006), “Ownership Structure, Business Group Affiliation, Listing Status, And Earnings Management: Evidence From Korea”, Contemporary Accounting Research, 23(2), pp.427-464.
• Enomoto, M.- Kimura, F. - Yamaguchi, T. (2015), “Accrual-Based And Real Earnings Management: An International Comparison For Investor Protection”. Journal Of Contemporary Accounting & Economics, 11(3), pp.183-198.
• Leuz, C.- Nanda, D. - Wysocki, P. D. (2003), “Earnings Management And Investor Protection: An International Comparison”, Journal Of Financial Economics, 69(3), pp.505-527.
• Liu, C. C.- Ryan, S. G. - Wahlen, J. M. (1997), “Differential Valuation Implications Of Loan Loss Provisions Across Banks And Fiscal Quarters”, Accounting Review, pp.133-146.
• Liu, Q. - Lu, Z. J. (2007), “Corporate Governance And Earnings Management in The Chinese Listed Companies: A Tunneling Perspective”, Journal Of Corporate Finance, 13(5), pp.881-906.
• Matsunaga, S. R. - Park, C. W. (2001), “The Effect Of Missing A Quarterly Earnings Benchmark On The Ceo's Annual Bonus”, The Accounting Review, 76(3), pp. 313-332.
• Muchina, S. (2015), Determinants Of Share Price Volatility Of Companies Listed On Nairobi Securities Exchange In Kenya (Unpublished Doctoral Thesis). Jomo Kenyatta University Of Agriculture And Technology, Nairobi, Kenya.
• Milne, M. J. (2002), “Positive Accounting Theory, Political Costs And Social Disclosure Analyses: A Critical Look”, Critical Perspectives On Accounting, 13(3), 369-395.
• Park, Y. W.- Shin, H. H. (2004), “Board Composition And Earnings Management In Canada”, Journal Of Corporate Finance, 10(3), pp. 431-457.
• Payne, J. L.- Robb, S. W. (2000), “Earnings Management: The Effect Of Ex Ante Earnings Expectations”, Journal Of Accounting, Auditing & Finance, 15(4), pp. 371-392.
• Ronen, J.- Yaari, V. (2008), Earnings Management: Emerging Insights In Theory, Practice, And Research (Vol. 3). Springer Science & Business Media.
• Soffer, L.- R. Thiagarajan, B. Walther( 2000), “Earnings Preannouncement Strategies”, Review Of Accounting Studies, 5 (1), pp. 5–26.
• Verrecchia, R. E. (1990), “Information Quality And Discretionary Disclosur”, Journal Of Accounting And Economics, 12(4), pp.365-380.
• Vladu, A. B. - Cuzdriorean, D. D. (2014), “Detecting Earnings Management: Insights From The Last Decade Leading”, Journals Published Research. Procedia Economics And Finance, 15, pp.695-703.
• Wagenhofer, A. (1990), “Voluntary Disclosure With A Strategic Opponent”, Journal Of Accounting And Economics, 12(4), pp. 341-363.
• Watts, R. L.- Zimmerman, J. L. (1990), “Positive Accounting Theory: A Ten-Year Perspective”, Accounting Review, pp.131-156.
• Yaping, N. (2005), “The Theoretical Framework Of Earnings Management/La Structure Théorique Du Management Des Revenus”. Canadian Social Science, 2(2), 32.