Şirketlerde Kar Payı Dağıtım Kararı ile Muhasebede Muhafazakârlık Kavramı Arasındaki İlişkinin Analizi: BIST100 Örneği

Yıl 2018, Cilt: 5 Sayı: 9, 47 - 58, 20.01.2018

Bilgehan Tekin , Yusuf Gör

Öz

Özet

Küreselleşme neticesinde rekabet
ortamı uluslararası hale gelmiştir. Küresel rekabet ortamında şirketler
varlıklarını ve büyümelerini sürdürebilmek için bir takım politikalar
geliştirmek zorunda kalmıştır. Şirketlerin yatırımcılar ve kreditörler nezdinde
güven ve itibar kazanmak amacıyla gerçekleştirdikleri faaliyetlerden biri de
muhafazakâr muhasebe uygulamalarıdır. Muhasebe muhafazakârlık kavramı az da
olsa kar etmek ya da zarardan kaçınmak olarak anlaşılmaktadır. Bu doğrultuda
kar dağıtımı ile muhafazakârlık kavramı arasında bir ilişkinin olması
beklenmektedir. Bu çalışmada kar dağıtımı ile muhasebede muhafazakârlık kavramı
arasındaki ilişki incelenmektedir. Bu doğrultuda BIST 100 Endeksinde yer alan
şirketlere ait veriler kullanılarak analiz gerçekleştirilmiştir. Fakat sportif
ve finansal şirketler bilançolarının farklılık arz etmesi nedeniyle çalışmanın
kapsamı dışında tutulmuştur. Şirketlerden elde edilen veriler panel veri
analizi ile incelenmiştir.

Anahtar Kelimeler

Kar Dağıtımı, Muhasebe, Muhafazakârlık, Kurumsal Yönetim, Lojistik Regresyon Analizi

A Study on the Relationship between Profit Distribution and Account Conservatism: The Sample of BIST 100

Öz

As a result of globalization, the competition environment has become international. In a global competitive environment, companies have had to develop a number of policies in order to sustain their assets and growth. One of the activities that companies undertake in order to gain trust and credibility with investors and creditors is conservative accounting practices. The concept of accounting conservatism is understood to be profit or to avoid loss, if at all. In this direction, it is expected that there will be a relationship between the distribution of profits and the concept of conservatism. In this study, the relationship between profit distributon and account conservatism is examined. In this direction, analysis was carried out using the data belonging to the companies included in the BIST 100 index. However, sports and financial companies are excluded from the scope of the study because of their differences. The data obtained from companies were analyzed using the panel data analysis method.

Kaynakça

• Ahmed, A. S., Billings, B. K., Morton, R. M., & Stanford-Harris, M. (2002). The role of accounting conservatism in mitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs. The Accounting Review, 77(4), 867-890.
• Ahmed, A. ve Duellman, S., (2007). Accounting Conservatism And Board Of Director Characteristics: An Empirical Analysis, Journal of Accounting and Economics, Vol:43.
• Ata, A. ve Ağ, Y.(2010). “Firma Karakteristiğinin Sermaye Yapısı Üzerindeki Etkisinin Analizi”, İstanbul Üniversitesi İktisat Fakültesi Ekonometri ve İstatistik Dergisi, Sayı:11, s.45-60.
• Baker, H. K. ve Weigand, R. (2015). Corporate dividend policy revisited. Managerial Finance, 41(2), 126-144.
• Ball, R. ve Shivakumar, L., (2005). Earnings Quality in UK Private Firms: Comperative loss recognition timeliness, Journal of Accounting and Economics, Vol: 39.
• Basu, S., (1997). The Conservatism Principle and The Asymmetric Timeliness off Earnings, Journal of Accounting and Economics, pp: 3-37.
• Beaver, W. ve Ryan, S., (2005). Conditional and Unconditional Conservatism: Consept and Modelling, Review of Accounting Studies, No: 10.
• Bebchuk, L. (1994). Efficient and inefficient sales of corporate control, The Quarterly Journal of Economics, 109: 957-994.
• Bradford, W., Chen, C. ve Zhu, S. (2017). Conservative Accounting, IFRS Convergence and Cash Dividend Payments: Evidence from China. European Financial Management, 23 (3), 376-414.
• Bushman, R. ve Piotroski J., (2006). Financial Reporting Incentives for Conservative Accounting: The Influence of Legal and Political Institutions, Journal of Accounting and Economics, p: 107-148.
• Caelers, L. (2010). The relation between dividend policies and agency conflicts. Tilburg University Thesis. Chi, W., Liu C. ve Wang. T., (2009). What effects accounting conservatism: A corporate governance perspective, Journal of Contemporary Accounting & Economics, Vol:5.
• Çokluk Ö., (2010). Kuram ve Uygulamada Eğitim Bilimleri, Educational Sciences: Theory & Practice, Vol:10 (3).
• Dai, L., ve Ngo, P. (2018). Political Uncertainty And Accounting Conservatism, https://ssrn.com/abstract=2196224 erişim tarihi 24.3.2018. Easterbrook, F. H. (1984). Two agency-cost explanations of dividends. The American Economic Review, 74(4), 650-659.
• Ersoy E, Çetenak EH (2015). Sahiplik Yoğunlaşmasının Temettü Dağıtım Kararlarıma Etkisi: Borsa İstanbul’da Bir Uygulama. Ege Akademik Bakış Dergisi 15 (4).
• Feltham, G. ve Ohlson, J., (1995). Valuation and Clean Surplus Accounting for Operating and Financial Activities, Contemporary Accounting Research.
• Güngör S (2012). Sahiplik Yapısı ve Temettü İlişkisi: İMKB’de Bir Uygulama. Yüksek Lisans Tezi, Sosyal Bilimler Enstitüsü, İşletme Anabilim Dalı, Hitit Üniversitesi, Çorum.
• Han, K. C., Lee, S. H. ve Suk, D. Y. (1999). Institutional shareholders and dividends. Journal of financial and Strategic Decisions, 12(1), 53-62.
• Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329.
• Jensen, M. C. ve Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.
• Kalaycı, Ş. (2008), SPSS Uygulamalı Çok Değişkenli İstatistik Teknikleri, Asil Yayın Dağıtım
• Kootanaee, A.J., Seyyedi, J., Nedaei, M. ve Kootanaee, M.J., (2013). Accounting Conservatism and Corporate Governance’s Mechanism: Evidence from Tehran Stock Exchange, International Journal of Economics, Business and Finance, Vol:1, (10).
• Lobo, G. ve Zhous J., (2006). Did Conservatism in Financial Reporting Increase After The Sarbanes-Oxley Act? Initial Evidence, Accounting Horizons, p: 57-73.
• Moh'd, M. A., Perry, L. G. ve Rimbey, J. N. (1995). An investigation of the dynamic relationship between agency theory and dividend policy. Financial Review, 30(2), 367-385.
• Mousa, G. A. (2014). The Association between Accounting Conservatism and Cash Dividends: Evidence from Emerging Markets. International Journal of Academic Research in Accounting, Finance and Management Sciences, 4(4), 210-220.
• Penman, S. H., & Zhang, X. J. (2002). Accounting conservatism, the quality of earnings, and stock returns. The accounting review, 77(2), 237-264.
• Sayman Y. (2012). Sahiplik Yapısının Firma Performansı ve Sermaye Yapısı Üzerine Etkileri: İMKB’de İşlem Gören Üretim Firmalarında Bir Uygulama. Doktora Tezi, Sosyal Bilimler Enstitüsü, İşletme Anabilim Dalı, Ankara Üniversitesi, Ankara.
• Shleifer, A. ve Vishny, R., (1997). A survey of corporate governance, Journal of Finance, Vol: 52, No: 2, s:737-783.
• Wei G, Zhang W, Xiao JZ (2003) Dividends Policy and Ownership Structure in China. EFMA 2004 Basel Meetings Paper 1-29.
• Wolk, H.I., Dodd, J. ve Rozycki, J., (2013), Theory Accounting, Conceptual Issues in Political and Economic Enviroment, Edition & United States of America, Sega Publications
• Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. the Journal of Business, 34(4), 411-433.
• La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (2000). Agency problems and dividend policies around the world. The journal of finance, 55(1), 1-33. Black, F. (1976). The dividend puzzle. Journal of portfolio management, 2(2), 5-8.
• Crutchley, C. E., & Hansen, R. S. (1989). A test of the agency theory of managerial ownership, corporate leverage, and corporate dividends. Financial Management, 36-46.
• Rozeff, M. S. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. Journal of financial Research, 5(3), 249-259.
• Easterbrook, F. H. (1984). Two agency-cost explanations of dividends. The American Economic Review, 74(4), 650-659.
• Long, M. S., Malitz, I. B., & Sefcik, S. E. (1994). An empirical examination of dividend policy following debt issues. Journal of Financial and Quantitative Analysis, 29 (1), 131-144.
• Manos, R. (2001). Capıtal Structure and Dıvıdend Polıcy: Evıdence From Emergıng Markets (Doctoral Dissertation, University Of Birmingham).
• Ni Made Dwi Ratnadi, Sutrisno T.M. Achsin, Aji Dedi Mulawarman (2013). The Effect of Shareholder's Conflict over Dividend Policy on Accounting Conservatism: Evidence from Public Firms in Indonesia, Research Journal of Finance and Accounting, Vol. 4, No. 6, 146-155.
• Watts, R. L. (2003). Conservatism in accounting part II: Evidence and research opportunities. Accounting horizons, 17(4), 287-301.
• Sterling, R. R. (1967). Conservatism: The fundamental principle of valuation in traditional accounting. Abacus, 3(2), 109-132.
• Givoly, D., & Hayn, C. (2000). The changing time-series properties of earnings, cash flows and accruals: Has financial reporting become more conservative?. Journal of accounting and economics, 29(3), 287-320.
• Chen, C, Bradford, W ve Zhu, S (2012). Does Conservative Accounting Matter to Cash Dividend Policy?’ Retrieved from https://www.researchgate.net/publication/256004368_Does_Conservative_Accounting_Matter_to_the_Cash_Dividend_Policy' (Erişim Tarihi: 03.04.2018)