Muhasebe Manipülasyonunun Pay Senedi Getirisine Etkisi: BİST Sınai İşletmelerinde Bir Uygulama

Öz

Bu çalışmada, muhasebe manipülasyonunun işletmelerin pay senedi getirisi üzerindeki etkisi incelenmiştir. Çalışmada, 2012-2021 yılları arasında BİST Sınai Endeksi’nde faaliyet gösteren 95 işletmeye ilişkin veriler panel veri analizi ile değerlendirilmiştir. Pay senedi getirilerinin hesaplanmasında yıllık veriler esas alınmıştır. Muhasebe manipülasyonu, Beneish (1999) modeline göre hesaplanan M-skor göstergesi ile temsil edilmiştir. Çalışmanın kontrol değişkenleri, finansal kaldıraç oranı ve işleme büyüklüğü olmak üzere modelde yer almıştır. Analiz sonuçlarına göre, pay senedi getirisi üzerinde muhasebe manipülasyonunun etkisi pozitif yönde ve işletme büyüklüğünün etkisi ise negatif yönde ve anlamlı bulunmuştur.

Anahtar Kelimeler

• Muhasebe Manipülasyonu
• Pay Senedi Getirisi
• Beneish Modeli

The Effect of Accounting Manipulation on Stock Return: An Application in BIST Industrial Firms

Öz

The current study examines the impact of accounting manipulation on the stock returns of firms. In the study, the data of 95 firms operating in the BIST Industrial Index between 2012 and 2021 are evaluated using panel data analysis. Stock returns are calculated using annual data. The M-score indicator calculated according to the Beneish (1999) model represents accounting manipulation. The control variables of the study are the financial leverage ratio and firm size. According to the results of the analysis, the effect of accounting manipulation on stock returns is found to be positive, while the effect of firm size is negative and significant.

Anahtar Kelimeler

• Accounting Manipulation
• Stock Return
• Beneish Model

Kaynakça

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