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Kâr Yönetimi ve Firma Yatırımları Arasındaki İlişkinin İncelenmesi: BIST İmalat Sektörü Örneği

Year 2018, Volume: 18 Issue: 3, 409 - 421, 01.07.2018

Abstract

Bu çalışmada kâr yönetimi uygulamaları ve firmaların maddi duran varlık yatırımları arasındaki ilişki ampirik olarak incelenmiştir. Gereken metrik değerlerin hesaplanması için literatürde yer alan beş farklı kâr yönetimi modeli (ACC, DREV, CFO, DEXP, PROD) ve firma yatırımları için BHV modeli kullanılmıştır. Bu kapsamda ampirik araştırma BİST İmalat Sektöründe işlem gören 120 firmanın 2006-2014 dönemini kapsayan verileri kullanılarak yapılmıştır. Elde edilen sonuçlar üç başlık altında incelenmiştir. Bunlardan birincisi kâr arttırıcı kâr yönetimi uygulamaları
yapan firmalar aynı zamanda beklenenden yüksek düzeyde yatırım yapmaktadır. İkincisi, kâr düşürücü uygulamalar yapan firmalar beklenenden daha düşük yatırım yapmaktadır. Üçüncüsü, kâr arttırıcı ve düşürücü metrik değerlere göre sıralanan firmaların beklenen yatırım düzeyinden sapmalarında da istatistiksel olarak anlamlı farklılıklar tespit edilmiştir. Ayrıca kullanılan beş kâr yönetimi modelinden elde edilen sonuçlar DEXP modeli haricinde istatistiksel olarak anlamlıdır.

References

  • Akdoğan, N., Aktaş, R., Deran, A., Erhan, D. U., & Acar, V. (2011). Sektörel muhasebe: Gazi Kitabevi. Allen, E. J., Larson, C. R., & Sloan, R. G. (2013). Accrual reversals, earnings and stock returns. Journal of accounting and economics, 56(1), 113-129.
  • Biddle, G. C., & Hilary, G. (2006). Accounting quality and firm-level capital investment. The accounting review, 81(5), 963-982.
  • Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of accounting and economics, 48(2), 112-131.
  • Cohen, D., & Zarowin, P. (2008). Economic consequences of real and accrual-based earnings management activities. Leonard Ster School of Business& New York University, Working Paper.
  • Dechow, P., Ge, W., & Schrand, C. (2010). Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of accounting and economics, 50(2), 344-401.
  • Dechow, P. M., & Dichev, I. D. (2002). The quality of accruals and earnings: The role of accrual estimation errors. The accounting review, 77(s-1), 35-59.
  • Dechow, P. M., Hutton, A. P., Kim, J. H., & Sloan, R. G. (2012). Detecting earnings management: A new approach. Journal of accounting research, 50(2), 275-334.
  • Dechow, P. M., & Skinner, D. J. (2000). Earnings management: Reconciling the views of accounting academics, practitioners, and regulators. Accounting horizons, 14(2), 235-250.
  • Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. Accounting review, 193-225.
  • Giroux, G. (2004). Detecting earnings management: John Wiley & Sons Incorporated.
  • Gitman, L. J., Juchau, R., & Flanagan, J. (2015). Principles of managerial finance: Pearson Higher Education AU.
  • Gujarati, D. N. (2009). Basic econometrics: Tata McGraw-Hill Education.
  • Healy, P. M. (1985). The effect of bonus schemes on accounting decisions. Journal of accounting and economics, 7(1-3), 85-107.
  • Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting horizons, 13(4), 365-383.
  • Hoshi, T., Kashyap, A., & Scharfstein, D. (1990). Bank monitoring and investment: Evidence from the changing structure of Japanese corporate banking relationships. In Asymmetric information, corporate finance, and investment (pp. 105-126): University of Chicago Press.
  • Jones, J. J. (1991). Earnings management during import relief investigations. Journal of accounting research, 193-228.
  • Kedia, S., & Philippon, T. (2007). The economics of fraudulent accounting. The Review of Financial Studies, 22(6), 2169-2199.
  • Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of accounting and economics, 39(1), 163-197.
  • Krishnamurty, K., & Sastry, D. (1975). Investment and Financing in the Corporate Sector in India: Tata McGraw-Hill Pub. Co.
  • Lal, J., & Sharma, K. (2012). Financing of capital expenditures: a study of Indian corporate sector.
  • Lund, P. J. (2014). Investment: the study of an economic aggregate (Vol. 13): Elsevier.
  • McKee, T. E. (2005). Earnings management: an executive perspective: South-Western Pub.
  • McNichols, M. F. (2000). Research design issues in earnings management studies. Journal of Accounting and Public Policy, 19(4-5), 313-345.
  • McNichols, M. F., & Stubben, S. R. (2008). Does earnings management affect firms’ investment decisions? The accounting review, 83(6), 1571-1603.
  • Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11(2-3), 159-189.
  • Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of accounting and economics, 42(3), 335-370.
  • Shen, C.-H., Luo, F., & Huang, D. (2015). Analysis of earnings management influence on the investment efficiency of listed Chinese companies. Journal of Empirical Finance, 34, 60-78.
  • Stubben, S. R. (2010). Discretionary revenues as a measure of earnings management. The accounting review, 85(2), 695-717.

Investigation Of The Relationship Between Earnings Management And Firms Investment: BIST Manufacturing Sector Case

Year 2018, Volume: 18 Issue: 3, 409 - 421, 01.07.2018

Abstract

In this study, the relationship between earnings management and firms’ capital expenditures is empirically investigated. To calculate required metric values, five different earnings management models in literature (ACC, DREV, CFO, DEXP, PROD) and BHV model for firms’ investments are being used. In this content, the study includes data of 120 companies from BIST Manifacturing Sector for 2006-2014. Obtained results of the study have been explained under three main topics. First, firms with earnings increasing applications invest simultaneously more than expected. Second, firms with earnings decreasing applications invest less then expected. Third, statistically significant deviation from expected investment level differences are detected between ranked firms according to increasing/decreasing earnings management metrics. Besides, obtained results from different earnings management models are statistically singificant apart from DEXP model.

References

  • Akdoğan, N., Aktaş, R., Deran, A., Erhan, D. U., & Acar, V. (2011). Sektörel muhasebe: Gazi Kitabevi. Allen, E. J., Larson, C. R., & Sloan, R. G. (2013). Accrual reversals, earnings and stock returns. Journal of accounting and economics, 56(1), 113-129.
  • Biddle, G. C., & Hilary, G. (2006). Accounting quality and firm-level capital investment. The accounting review, 81(5), 963-982.
  • Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of accounting and economics, 48(2), 112-131.
  • Cohen, D., & Zarowin, P. (2008). Economic consequences of real and accrual-based earnings management activities. Leonard Ster School of Business& New York University, Working Paper.
  • Dechow, P., Ge, W., & Schrand, C. (2010). Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of accounting and economics, 50(2), 344-401.
  • Dechow, P. M., & Dichev, I. D. (2002). The quality of accruals and earnings: The role of accrual estimation errors. The accounting review, 77(s-1), 35-59.
  • Dechow, P. M., Hutton, A. P., Kim, J. H., & Sloan, R. G. (2012). Detecting earnings management: A new approach. Journal of accounting research, 50(2), 275-334.
  • Dechow, P. M., & Skinner, D. J. (2000). Earnings management: Reconciling the views of accounting academics, practitioners, and regulators. Accounting horizons, 14(2), 235-250.
  • Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. Accounting review, 193-225.
  • Giroux, G. (2004). Detecting earnings management: John Wiley & Sons Incorporated.
  • Gitman, L. J., Juchau, R., & Flanagan, J. (2015). Principles of managerial finance: Pearson Higher Education AU.
  • Gujarati, D. N. (2009). Basic econometrics: Tata McGraw-Hill Education.
  • Healy, P. M. (1985). The effect of bonus schemes on accounting decisions. Journal of accounting and economics, 7(1-3), 85-107.
  • Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting horizons, 13(4), 365-383.
  • Hoshi, T., Kashyap, A., & Scharfstein, D. (1990). Bank monitoring and investment: Evidence from the changing structure of Japanese corporate banking relationships. In Asymmetric information, corporate finance, and investment (pp. 105-126): University of Chicago Press.
  • Jones, J. J. (1991). Earnings management during import relief investigations. Journal of accounting research, 193-228.
  • Kedia, S., & Philippon, T. (2007). The economics of fraudulent accounting. The Review of Financial Studies, 22(6), 2169-2199.
  • Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of accounting and economics, 39(1), 163-197.
  • Krishnamurty, K., & Sastry, D. (1975). Investment and Financing in the Corporate Sector in India: Tata McGraw-Hill Pub. Co.
  • Lal, J., & Sharma, K. (2012). Financing of capital expenditures: a study of Indian corporate sector.
  • Lund, P. J. (2014). Investment: the study of an economic aggregate (Vol. 13): Elsevier.
  • McKee, T. E. (2005). Earnings management: an executive perspective: South-Western Pub.
  • McNichols, M. F. (2000). Research design issues in earnings management studies. Journal of Accounting and Public Policy, 19(4-5), 313-345.
  • McNichols, M. F., & Stubben, S. R. (2008). Does earnings management affect firms’ investment decisions? The accounting review, 83(6), 1571-1603.
  • Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11(2-3), 159-189.
  • Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of accounting and economics, 42(3), 335-370.
  • Shen, C.-H., Luo, F., & Huang, D. (2015). Analysis of earnings management influence on the investment efficiency of listed Chinese companies. Journal of Empirical Finance, 34, 60-78.
  • Stubben, S. R. (2010). Discretionary revenues as a measure of earnings management. The accounting review, 85(2), 695-717.
There are 28 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Research Article
Authors

Hüseyin Temiz 0000-0003-0735-8884

Mustafa Ömer İpci This is me 0000-0003-3456-5467

Publication Date July 1, 2018
Published in Issue Year 2018 Volume: 18 Issue: 3

Cite

APA Temiz, H., & İpci, M. Ö. (2018). Kâr Yönetimi ve Firma Yatırımları Arasındaki İlişkinin İncelenmesi: BIST İmalat Sektörü Örneği. Ege Academic Review, 18(3), 409-421.
AMA Temiz H, İpci MÖ. Kâr Yönetimi ve Firma Yatırımları Arasındaki İlişkinin İncelenmesi: BIST İmalat Sektörü Örneği. ear. July 2018;18(3):409-421.
Chicago Temiz, Hüseyin, and Mustafa Ömer İpci. “Kâr Yönetimi Ve Firma Yatırımları Arasındaki İlişkinin İncelenmesi: BIST İmalat Sektörü Örneği”. Ege Academic Review 18, no. 3 (July 2018): 409-21.
EndNote Temiz H, İpci MÖ (July 1, 2018) Kâr Yönetimi ve Firma Yatırımları Arasındaki İlişkinin İncelenmesi: BIST İmalat Sektörü Örneği. Ege Academic Review 18 3 409–421.
IEEE H. Temiz and M. Ö. İpci, “Kâr Yönetimi ve Firma Yatırımları Arasındaki İlişkinin İncelenmesi: BIST İmalat Sektörü Örneği”, ear, vol. 18, no. 3, pp. 409–421, 2018.
ISNAD Temiz, Hüseyin - İpci, Mustafa Ömer. “Kâr Yönetimi Ve Firma Yatırımları Arasındaki İlişkinin İncelenmesi: BIST İmalat Sektörü Örneği”. Ege Academic Review 18/3 (July 2018), 409-421.
JAMA Temiz H, İpci MÖ. Kâr Yönetimi ve Firma Yatırımları Arasındaki İlişkinin İncelenmesi: BIST İmalat Sektörü Örneği. ear. 2018;18:409–421.
MLA Temiz, Hüseyin and Mustafa Ömer İpci. “Kâr Yönetimi Ve Firma Yatırımları Arasındaki İlişkinin İncelenmesi: BIST İmalat Sektörü Örneği”. Ege Academic Review, vol. 18, no. 3, 2018, pp. 409-21.
Vancouver Temiz H, İpci MÖ. Kâr Yönetimi ve Firma Yatırımları Arasındaki İlişkinin İncelenmesi: BIST İmalat Sektörü Örneği. ear. 2018;18(3):409-21.