İHTİYATLILIK VE YATIRIM ETKİNLİĞİ: BORSA İSTANBUL FİRMALARI ÜZERİNE BİR ARAŞTIRMA

Öz

Muhasebe politikalarında yaygın olarak kullanılan ihtiyatlılık, muhasebe uygulamalarını etkileyen ve yöneticinin fırsatçı davranışlarını sınırlandıran önemli bir kavramdır. İhtiyatlı muhasebe uygulamaları ile kazançlara karşı kayıpların zamanında tespiti, yönetici ile yatırımcılar arasındaki bilgi asimetrisini azaltarak ve kabul edilen projelerin karlılığı hakkında erken sinyaller vererek verimli yatırımların yapılmasını sağlamaktadır. Bu çalışmanın amacı ihtiyatlılık düzeyinin yatırım etkinliği üzerinde etkisinin olup olmadığını incelemektir. Bu amaçla 2012-2020 yılları arasında Borsa İstanbul’da (BIST) faaliyet gösteren 185 firmanın finansal verileri havuzlanmış en küçük kareler yöntemi ile analiz edilmiştir. Çalışmada bağımlı değişken olarak kullanılan yatırım etkinliği Richardson (2006) modeli ile ölçülürken; bağımsız değişken olan ihtiyatlılık düzeyi ise Basu (1997) tarafından geliştirilen Kar/Hisse Senedi Getirisi Modeli ile ölçülmüştür. Ayrıca çalışmada karlılık, borçlanma ve büyüklük olmak üzere üç farklı kontrol değişkeni kullanılmıştır. Elde edilen bulgular neticesinde, ihtiyatlılık ile yatırım etkinliği arasında pozitif ve istatistiksel olarak anlamlı bir ilişkinin olduğu tespit edilmiştir. Ayrıca ihtiyatlılığın yetersiz yatırım ortamlarında yatırım etkinliğini artırdığı; ancak aşırı yatırımlar üzerinde istatistiksel olarak anlamlı bir etkisinin olmadığı görülmüştür.

Anahtar Kelimeler

• İhtiyatlılık
• Yatırım etkinliği
• Yetersiz yatırım
• Aşırı yatırım

ACCOUNTING CONSERVATISM AND INVESTMENT EFFICIENCY: AN INVESTIGATION ON BORSA ISTANBUL

Öz

Conservatism, is widely used in accounting policies, is an important concept that affects accounting practices and limits the opportunistic behavior of the manager. Conservative accounting practices and timely detection of earnings versus expenses ensure efficient investments by reducing the information asymmetry between the investor and manager and giving early signals about profitability of accepted projects. The aim of this study is to examine whether the level of conservatism has an effect on investment efficiency. For this purpose, the financial data of 185 firms that operate in Borsa Istanbul (BIST) between 2012 and 2020 were analyzed with the pooled least squares method. While the investment efficiency used as the dependent variable was measured with the Richardson model (2006) in the study, the independent variable, is the level of conservatism, was measured with the Profit/Equity Return Model which developed by Basu (1997). Also, profitability, leverage and size were used as control variables in the study. As a results of the findings, there is a positive and statistically significant relationship between conservatism and investment efficiency. In addition, conservatism increases investment efficiency in underinvestment environments, but it was seen that there was no statistically significant effect on overinvestment.

Anahtar Kelimeler

• Conservatism
• investment efficiency
• underinvestment
• overinvestment

Kaynakça

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