KAZANÇ YÖNETİMİNİN MOTİVASYON KAYNAKLARI VE KURUMSAL YÖNETİM: BORSA İSTANBUL’DA İŞLEM GÖREN ŞİRKETLER ÜZERİNE AMPİRİK BİR İNCELEME

Yıl 2021, Cilt: 21 Sayı: 63, 223 - 248, 01.04.2021

Gülhan Suadiye

Öz

Bu çalışmada, 2005-2018 yılları arasında Borsa İstanbul (BİST)’da sürekli işlem gören firmaların
yıllık verileri kullanılarak kazanç yönetiminin motivasyon kaynakları ve kurumsal yönetim yapısının
kazanç yönetimi üzerindeki etkileri ampirik olarak incelenmiştir. Yapılan analizde karlılık, borçlanma
düzeyi ve sermaye artırımı gibi firmaya özgü ekonomik durumların firmaları kazançlarını yönetmeye
teşvik ettiği, firma büyüklüğünün ise kazanç yönetimini sınırlandırdığı tespit edilmiştir. Kurumsal
yönetim özelliklerinin kazanç yönetimi üzerindeki etkisine dair yapılan analizde ise yönetim kurulu
büyüklüğü ve dış denetim kalitesinin kazanç yönetimini sınırlandırmada etkili olduğu ancak CEO
ikiliği ve denetim komitesi bağımsızlığının kazanç yönetimini sınırlandırmadığı ortaya çıkmıştır. Yönetim
kurulu bağımsızlığı ve kurumsal sahipliğin kazanç yönetimi uygulamalarını sınırlandırıcı etkisi
istatistiksel açıdan anlamlı bulunamamıştır. Son olarak, firma piyasa değeri ile yönetici sahipliğinin
kazanç yönetimi üzerinde olumlu veya olumsuz herhangi bir etkisi bulunamamıştır.

Anahtar Kelimeler

Kazanç Yönetimi, Kazanç Yönetimi Motivasyonları, Kurumsal Yönetim.

MOTIVATIONS SOURCES FOR EARNINGS MANAGEMENT AND CORPORATE GOVERNANCE: AN EMPIRICAL INVESTIGATION ON COMPANIES TRADED IN BORSA ISTANBUL

Öz

In this study, the motivations of earnings management and the effects of corporate governance structure
on earnings management were empirically examined by using the annual data of companies
traded in Borsa Istanbul (BIST) between 2005 and 2018. The analysis results showed that firm-specific
economic conditions such as profitability, leverage level and capital increase motivate firms to
manage earnings, while firm size constrains earnings management. The analysis results for the effects
of corporate governance characteristics on earnings management revealed that the board size and the
external audit quality are effective in limiting earnings management, but CEO duality and the independence
of audit committee do not restrict earnings management practices. The independence of board
and the institutional ownership have restrictive effects on earnings management practices but not statistically
significant. Finally, the market value of firm and the managerial ownership have no positive
or negative effects on earnings management.

Anahtar Kelimeler

Earnings Management, Earnings Management Motivations, Corporate Management

Kaynakça

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