ULUSAL KÜLTÜR VE KURUMSAL ÇEVRENİN İÇ KONTROL İFŞAATINA ETKİSİ

Yıl 2018, , 11 - 34, 25.04.2018

Süheyla Gülgün Koyuncuoğlu

https://doi.org/10.33723/rs.413627

Öz

Bu çalışmanın amacı, listelenen firmaların yıllık raporlarında ifşa edilen iç kontrol üzerindeki bilgi miktarının, kültür ve kurumsal çevreyle arasındaki ortaklığı deneysel olarak incelemektir. Bu amaçla 2005-2007 yılları arasında, 25 farklı ülkeden 815 belirgin f1irma için 2172 firmadan toplanan bir örnek kullanmıştır. İç kontrol ifşaat miktarı, kendiliğinden imal edilmiş, raporlanabilir yedi ayrı maddeyi kapsayan bir ifşaat dizinine bağlıdır. Araştırmadan elde edilen sonuçlar göstermektedir ki, hem kültür hem de kurumsal çevre, iki veya daha fazla millet ile ilgili çeşitliliği, şirketlerin yıllık raporlarında, firma karakteri denetiminden sonra ifşa ettikleri iç kontrol üzerindeki bilgi miktarı içinde açıklamaktadır. İç kontrol ifşaatı üzerine olan önceki çalışma, tek bir ülke ve sıklıkla Amerika Birleşik Devletleri üzerine odaklanmıştır. Bu çalışma ise, iki veya daha fazla millet ile ilgili iç kontrol ifşaatlarının belirleyici faktörlerini inceleyen ilk bildiridir.

Anahtar Kelimeler

Kurumsal Yönetim Kodları(kanunları), Kültür, İki veya Daha Fazla Millet İle İlgili, Kurumsal Çevre, İç Kontrol İfşaatı

The Impact of National Culture and Institutional Environment On Internal Control Disclosures

Öz

The purpose of the present study is to empirically examine the association between, on the one hand, culture and the institutional environment and, on the other, the amount of information on internal control listed firms disclose in their annual reports. This study uses unique hand-collected data from a sample of 2,172 firmyear observations for 815 distinct firms from 25 countries for the period 2005 to 2007. The amount of internal control disclosure is based on a self-constructed disclosure index comprising seven separate reportable items. The results indicate that both culture and institutional environment explain cross-national variations in the amount of information on internal control firms disclose in their annual reports after controlling for firm characteristics. Prior work on internal control disclosure focused on single countries and typically the US. The paper is the first to examine determinants of internal control disclosure cross-nationally.

Anahtar Kelimeler

Corporate Governance Codes, Culture, Cross-National, Institutional Environment, Internal Control Disclosure, Voluntary Disclosure

Kaynakça

• Aguilera, R.V. and Cuervo-Cazurra, A. (2004), “Codes of good governance worldwide: What is the trigger?”, Organization Studies, Vol. 25, No.3, pp. 415-443.Ahmed, K. and Courtis, J.K. (1999). “Associations between corporate characteristics and disclosure levels in annual reports: A meta-analysis”, British Accounting Review, Vol.31, No. 1, pp. 35-61.
• Ashbaugh-Skaife, H., Collins, D.W., and Kinney Jr., W.R. (2007), “The discovery and reporting of internal control deficiencies prior to SOX-mandated audits”, Journal ofAccounting and Economics, Vol. 44, No. 1-2, pp. 166-192.
• Ashbaugh-Skaife, H., Collins, D.W., Kinney Jr., W.R., and LaFond, R. (2008), “The effect of SOX internal control deficiencies and their remediation on accrual quality”, Accounting Review, Vol. 83, No. 1, pp. 217-250.
• Baskerville, R.F. (2003), “Hofstede never studied culture”, Accounting, Organizations and Society, Vol. 28, No. 1, pp. 1-14.
• Beyer, A., Cohen, D.A., Lys, T.Z., and Walther, B.R. (2009). “The financial reporting environment: Review of the recent literature”, working paper, available at:http://ssrn.com/abstract=1483227.
• Botosan, C.A. (1997). “Disclosure level and the cost of capital”, Accounting Review, Vol. 72, No. 3, pp. 323-349.
• Bronson, S.N., Carcello, J.V., and Raghunandan, K. (2006), “Firm characteristics and voluntary management reports on internal control”, Auditing: A Journal of Theory and Practice, Vol. 25, No. 2, pp. 25-39.
• Bushman, R.M. and Piotroski, J.D. (2006), “Financial reporting incentives for conservative accounting: The influence of legal and political institutions”, Journal of Accounting and Economics, Vol. 42, No. 1, pp. 107-148.
• Bushman, R.M., Piotroski, J.D., and Smith, A.J. (2004), “What determines corporate transparency?”, Journal of Accounting Research, Vol. 42, No. 2, pp. 207-252.19
• Bushman, R.M. and Smith, A.J. (2001), “Financial accounting information and corporate governance”, Journal of Accounting and Economics, Vol. 32, No. 1-3, pp. 237-333.
• Chanchani, S. and MacGregor, A. (1999), “A synthesis of cultural studies on accounting”, Journal of Accounting Literature, Vol. 18, pp. 1-30.Committee of Sponsoring Organizations of the Treadway Commission (COSO) (1992),
• Internal control—Integrated framework. New York: AICPA. Committee of Sponsoring Organizations of the Treadway Commission (COSO) (2004),Enterprise risk management—Integrated framework. New York: AICPA.
• Deumes, R. and Knechel, W.R. (2008), “Economic incentives for voluntary reporting on internal risk management and control systems”, Auditing: A Journal of Theory and Practice, Vol. 27, No. 1, pp. 35-66.
• Doidge, C., Karolyi, G.A., and Stulz, R.M. (2007), “Why do countries matter so much for corporate governance?”, Journal of Financial Economics, Vol. 86, No. 1, pp. 1-39.
• Doupnik, T.S. and Tsakumis, G.T. (2004), “A critical review of tests of Gray’s theory of cultural relevance and suggestions for future research”, Journal of Accounting Literature, Vol. 23, pp. 1-48.
• Doyle, J., Ge, W., and McVay, S. (2007a), “Determinants of weaknesses in internal controlover financial reporting”, Journal of Accounting and Economics, Vol. 44, No. 1-2, pp.192-223.Doyle, J., Ge, W., and McVay, S. (2007b), “Accruals quality and internal control over financial reporting”, Accounting Review, Vol. 82, No. 5, pp. 1141-1170.
• Fédération des Experts Comptables Européens (FEE) (2005), Risk managemet and internal control in the EU, Discussion paper, Brussels: FEE.
• Feng, M., Li, C., and McVay, S. (2009), “Internal control and management guidance”, Journal of Accounting and Economics, Vol. 48, No. 2-3, pp. 190-209.
• Ferris, S.P., Kim, K.A., and Noronha, G. (2009), “The effect of crosslisting on corporate governance: A review of the international evidence”, Corporate Governance: AnInternational Review, Vol. 17, No. 3, pp. 338-352.
• Field, A. (2009). Discovering statistics using SPSS (3rd edition). London, Sage Publications.
• Francis, J.R. (2004). “What do we know about audit quality?”, British Accounting Review,Vol. 36, No. 4, pp. 345-368.
• Francis, J.R., Khurana, I.K., and Pereira, R. (2003), “The role of accounting and auditing in corporate governance and the development of financial markets around the world”, Asia- Pacific Journal of Accounting and Economics, Vol. 10, No. 1, pp. 1-30.
• Francis, J.R., Khurana, I.K., and Pereira, R. (2005), “Disclosure incentives and effects on cost of capital around the world”, Accounting Review, Vol. 80, No. 4, pp. 1125-1162.
• Gillan, S.L. (2006), “Recent development in corporate governance: An overview”, Journal of Corporate Finance, Vol. 12, No. 3, pp. 381-402.
• Gray, S.J. (1988), “Toward a theory of cultural influence on the development of accounting systems internationally”, Abacus, Vol. 24, No. 1, pp. 1-15.
• Hammersley, J.S., Myers, L.A., and Shakespeare, C. (2008), “Market reactions to the disclosure of internal control weaknesses an to the characteristics of those weaknesses under section 302 of the Sarbanes-Oxley Act of 2002”, Review of Accounting Studies, Vol. 13, No. 1, pp. 141-165.
• Han, S., Kang, T., Salter, S., and Yoo, Y.K. (2010), “A cross-country study on the effects of national culture on earnings management”, Journal of International Business Studies, Vol. 41, No. 1,pp 123-141.
• Haxhi, I. and van Ees, H. (2009), “Explaining diversity in the worldwide diffusion of codes of good governance”, Journal of International Business Studies, forthcoming.
• Healy, P.M. and Palepu, K.G. (2001). “Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature”, Journal of Accounting and Economics, Vol. 31, No. 1-3, pp. 405-440.
• Hermanson, H.M. (2000), “An analysis of the demand for reporting on internal control”, Accounting Horizons, Vol. 14, No. 3, pp. 325-341.20
• Hofstede, G. (1980). Culture’s consequences: International differences in work-related values. London: Sage Publications.
• Hofstede, G. (2001). Culture’s consequences: Comparing values, behaviors, institutions, and organizations across nations (second edition), Thousand Oaks: Sage Publications.
• Hoitash, U., Hoitash, R., and Bedard, J. (2009), “Corporate governance and internal control over financial reporting: A comparison of regulatory regimes”, Accounting Review, Vol. 84, No. 3, pp. 839-867.
• Hope, O.K. (2003), “Firm-level disclosures and the relative roles of culture and legal origin”, Journal of International Financial Management and Accounting, Vol. 14, No. 3, pp. 218- 248.
• Hope, O.K., Kang, T., Thomas, W., and Yoo, Y.K. (2008), “Culture and auditor choice: A test of the secrecy hypothesis”, Journal of Accounting and Public Policy, Vol. 27, No. 5, pp. 357-373.
• House, R.J., Hanges, P.J., Javidan, M., Dorfman, P.W., and Gupta, V. (2004), Culture, leadership, and organizations: The GLOBE study of 62 societies, Thousand Oaks: Sage Publications.
• International Federations of Accountants (IFAC) (2006), Internal controls—A review of current developments, New York: IFAC.
• Jaggi, B. and Low, P.Y. (2000), “Impact of culture, market forces, and legal system on financial disclosures”, International Journal of Accounting, Vol. 35, No. 4, pp. 495-519.
• Kaufmann, D., Kraay, A., and Mastruzi, M. (2009), “Governance matters VIII: Aggregate and individual governance indicators 1996-2008”, World Bank Policy Research Working Paper No. 4978, New York: The World Bank.
• Kirkman, B.L., Lowe, K.B., and Gibson, C.B. (2006), “A quarter of century of Culture’s Consequences: A review of empirical research incorporating Hofstede’s cultural values framework”, Journal of International Business Studies, Vol. 37, No. 6, pp. 285-320.
• Kwok, C.C.Y. and Tadesse, S. (2006), “National culture and financial systems”, Journal of International Business Studies, Vol. 37, No. 6, pp. 227-247.
• La Porta, R., López-de-Silanes, F., Shleifer, A., and Vishny, R. (1997), “Legal determinants of external finance”, Journal of Finance, Vol. 52, No. 3, pp. 1131-1150.
• La Porta, R., López-de-Silanes, F., and Shleifer, A. (1998), “Law and finance”, Journal of Political Economy, Vol. 106, No. 6, pp. 1113-1155.
• La Porta, R., López-de-Silanes, F., and Shleifer, A. (2008), “The economic consequences of legal origins”, Journal of Economic Literature, Vol. 46, No. 2, pp. 285-332.
• Leuz, C., Nanda, D., and Wysocki, P.D. (2003), “Earnings management and investor protection: An international comparison”, Journal of Financial Economics, Vol. 69, No. 3, pp. 505-527.
• Leuz, C. and Wysocki, P.D. (2008), “Economic consequences of financial reporting and disclosure regulation: A review and suggestion for future research”, working paper, available at: https://ssrn.com/abstract=1105398.
• Li, J., Pike, R., and Haniffa, R. (2008). “Intellectual capital disclosure and corporate governance structure in UK firms”, Accounting and Business Research, Vol. 38, No. 2, pp. 137-159.
• Licht, A.N., Goldschmidt, C., and Schwartz, S.H. (2005), “Culture, law, and corporate governance”, International Review of Law and Economics, Vol. 25, No. 2, pp. 229-255.
• Marston, C.L. and Shrives, P.J. (1991). “The use of disclosure indices in accounting research: A review article”, British Accounting Review, Vol. 23, No. 3, pp. 195-210.Michelon, G., Beretta, S., and Bozzolan, S. (2009), “Disclosure on internal control systems as a substitute of alternative governance mechanism”, working paper, available at: http://ssrn.com/abstract=1316323.
• Nowland, J. (2008), “The effect of national corporate governance codes on firm disclosure practices: Evidence from analyst earnings forecasts”, Corporate Governance: An International Review, Vol. 16, No. 6, pp. 475-491. 21
• Ogneva, M., Subramanyam, K.R., and Raghunandan, K. (2007), “Internal control weakness and cost of equity: Evidence from SOX section 404 disclosures”, Accounting Review, Vol. 82, No. 5, pp. 1255-1297.
• Salter, S.B. and Niswander, F. (1995), “Cultural influence on the development of accounting systems internationally: A test of Gray’s (1988) theory”, Journal of International Business Studies, Vol. 26, No. 2, pp.379-397.
• Seidl, D. (2007), “Standard setting and following in corporate governance: An observationaltheoretical study of the effectiveness of governance codes”, Organization, Vol. 14, No. 5, pp. 705-727.
• Sivakumar, K. and Nakata, C. (2001), “The stampede toward Hofstede’s framework: Avoiding the sample design pit in cross-cultural research”, Journal of InternationalBusiness Studies, Vol. 32, No. 3, pp. 555-574.
• Spamann, H. (2009), “The “antidirector rights index” revisited”, Review of Financial Studies,forthcoming.
• Tsakumis, G.T. (2007), “The influence of culture on accountants’ application of financial reporting rules”, Abacus, Vol. 43, No. 1, pp. 27-48.
• Vander Bauwhede, H. and Willekens, M. (2008), “Disclosure on corporate governance in the European Union”, Corporate Governance: An International Review, Vol. 16, No. 2, pp. 101-115.
• Wymeersch, E. (2005), “Implementation of corporate governance codes”. In: K.J. Hopt, E.
• Wymeersch, H. Kanda, and H. Baum (eds.), Corporate governance in context: corporations, states and markets in Europe, Japan, and the US, Oxgord: OxfordUniversity Press, pp. 403-419.
• Zarzeski, M.T. (1996), “Spontaneous harmonization effects of culture and market forces on accounting disclosure practices”, Accounting Horizons, Vol. 10, No. 1, pp. 18-37.
• Zattoni, A. and Cuomo, F. (2008), “Why adopt codes of good governance? A comparison of institutional and efficiency perspectives”, Corporate Governance: An International Review, Vol. 16, No. 1, pp. 1-15.
• Zhang, I.X. (2007), “Economic consequences of the Sarbanes-Oxley Act of 2002”, Journal of Accounting and Economics, Vol. 44, No. 1-2, pp. 74-115.