Yıllık Bağımsız Denetim Raporlarının Borsa Performansına Etkisi: Türkiye ve Almanya’dan Ampirik Sonuçlar

Öz

Günümüz dünyasında endüstri, teknoloji ve lojistik alanındaki yenilikler ülke sınırlarını yok etmekte ve küreselleşen dünyada ekonomik anlamda karar almak karmaşıklaşmakta ve zorlaşmaktadır. İşletmelerle ilgili bilgilerin doğruluğu ve güvenirliği bireysel ve kurumsal yatırımcılar için daha fazla önem arz eder hale gelmiştir. Bağımsız denetim kuruluşları işletmelerin hazırlamış olduğu finansal bilgilerin herhangi bir aksaklık, düzensiz-lik, hata ve hile içerip içermediğini önceden belirlenmiş kıstaslara göre değerlendirmekte ve neticesini paydaşla-rın kullanımına sunmaktadır. Mevcut ve potansiyel yatırımcılar alacakları kararlarda denetim raporlarından yararlanmaktadırlar. Bu çalışmada, Türkiye ve Almanya borsasında denetim raporlarının finansal piyasalara ve yatırımcılara etkisi Vaka Analizi yöntemiyle araştırılmak-tadır. Elde edilen sonuçlara göre her iki borsada da istatistiksel olarak anlamlı bir etkinin varlığı söz konusu olsa da, Almanya borsasında bu etkinin daha kısa sürdü-ğü bulgular arasındadır.

Anahtar Kelimeler

• Bağımsız Denetim,Vaka Analizi,Finansal Piyasalar

The Effect of Annual Independent Audit Reports on Stock Market Performance: Evidence from Turkey and Germany

Öz

In today's world, innovations in the field of industry, technology and logistics are destroying the borders of countries and it is becoming more complicated and difficult to make an economic decision in globalized world. The accuracy and reliability of information related with companies have become more important for indi-vidual and institutional investors. The independent audit-ing firms evaluate the financial information of the enter-prises whether they include any problems, irregularities, errors and frauds according to predetermined criteria, and presents the result to the use of the third parties. Existing and potential investors benefit from audit reports in their decisions. In this study, the impacts of audit reports on financial markets and investors in Turkey and German stock markets have been studied by Case Study Analysis. According to the findings, although there are statistically significant results in both markets, the effect lasts shorter in the German stock market than Turkey.

Anahtar Kelimeler

• Independent Auditing,Case Studies,Financial Markets

Kaynakça

1. Arens, Alvin A., Randal J. Elder, and Beasley Mark (2014), Auditing and Assurance Services: An Integrated Approach, 15th Edition, New Jersey: Prentice Hall.
2. Aydin, Nurhan (2004), Finansal Sistem ve Finansal Piyasalar, Eskisehir: Anadolu Universitesi Yayinlari.
3. Aygoren, Hakan and Uyar, Suleyman (2007), “Impact of Audit Opinions on Stock Returns in Istanbul Stock Exchange (ISE)”, Istanbul Stock Exchange Review, Vol. 9, No.36: 27-48.
4. Basdas, Ulkem and Oran, Adil (2014), “Event Studies in Turkey”, Borsa Istanbul Review, Vol. 14, No. 3: 167-188.
5. Benninga, Simon (2014), Financial Modeling, Londra: MIT Press Books.
6. Cengiz, Selim, Dinc, Yusuf and Gungor, Selim (2017), “Investigation on the Effects of Independent Audit Quality on Financial Performance: An Application on Istanbul Stock Exchange”, Mehmet Akif Ersoy University Journal of Social Sciences Institute, Vol. 9, No. 19: 171-197.
7. Duman, Haluk (2011), “The Effectiveness of Capital Market Public Sector In The Process of Clarification the Information You Need Environs Properties Company: The Case Study of ISE”, Journal of Accounting and Finance, Vol. 50: 95-132.
8. Durak, Gurol, and Gurel, Eymen (2014), “Country Specific Factors Affecting Financial Reporting Quality”, Journal of Accounting and Finance, Vol. 64: 95-110.

9. Comlekci, Ferruh (2004), Muhasebe Denetimi ve Mali Analiz, Eskisehir: Anadolu Universitesi Yayinlari.
10. Gokcen, Gurbuz, Ataman, Basak and Cakici, Cemal (2011), Türkiye Finansal Raporlama Standartlari Uygula-malari, İstanbul: Turkmen Kitabevi.
11. Gurbuz, Hasan (1995), Muhasebe Denetimi, İstanbul: Bilim Teknik Yayinevi.
12. Guredin, Ersin (1988), Denetim, İstanbul: Avciol Matbaasi.
13. Houqe, Muhammad Nurul, Ahmed, Kamran, and Van Zijl, Tony (2017), “Audit Quality, Earnings Management, and Cost of Equity Capital: Evidence from India”, International Journal of Auditing, Vol. 21, No. 2: 177-189.
14. Houqe, Muhammad Nurul (2018), “A Review of the Current Debate on the Determinants and Consequences of Mandatory IFRS Adoption”, International Journal of Accounting and Information Management, Vol. 26, No.3: 413-442.
15. Giuseppe, Ianniello and Giuseppe, Galloppo (2015), “Stock Market Reaction to Auditor Opinions–Italian Evidence”, Managerial Auditing Journal, Vol. 30, No. 6/7: 610-632.
16. Ittonen, Kim (2009), Audit Reports and Stock Markets, (Doctoral Dissertation), University of Vaasa.
17. Public Disclosure Platform of Turkey, (2018), https://www.kap.org.tr/en/, (02.06.2018).
18. Kara, Suat (2015), “Assesment of Effect of Audit Opinions on Abnormal Returns of Stock Shares on The Basis of Years 2009-2014”, Journal of Accounting and Taxation Studies, Vol. 8, No. 2: 137-152.
19. Kimmel, D. Paul, Weygant, J. Jerry and Kieso, E. Donald (2011), Accounting Tools for Business Decision Making, New Jersey: John Wiley & Sons Inc.
20. Ma, Jianyu, Pagan, Jose A. and Chu, Yun (2009), “Abnormal Returns to Mergers and Acquisitions in Ten Asian Stock Markets”, International Journal of Business, Vol. 14, No. 3: 235-250.
21. Mishkin, S. Frederic (2001), Financial Policies and the Prevention of Financial Crises in Emerging Market Countries, NBER Working Papers No: 8087.
22. The Central Bank of the Republic of Turkey (2015), Turkiye’de Finansal Istikrar Gelismeleri, Ankara.
23. Porter, Brenda, Simon, Jon and Hatherly, David (2003), Principles of External Auditing, New Jersey: John Wiley & Sons Inc.
24. Sakarya, Sakir (2011), “The Rating Scores of the Enterprises in Scope of the ISE Corporate Governance Index and the Analysis of Relations between the Stock Returns with the Event Study Method”, ZKU Journal of Social Sciences, Vol. 7, No.13: 147-162.
25. Semba, H. Dan (2003), “The Usefulness of Financial Statements under Chinese GAAP vs. IAS: Evidence from the Shanghai Stock Exchange in PRC”, Kobe Economic and Business Review, Vol. 48: 1-25.
26. Tahinakis, Panayiotis, Mylonakis, John and Daskalopoulou, Evaggelia (2010), “An Appraisal of the Impact of Audit Qualifications on Firms’ Stock Exchange Price Fluctuations”, Journal Name Enterprise Risk Management, Vol. 1, No.1E5: 86-99.