Öz
The purpose of this study is to investigate the change in the stock returns traded on the Borsa İstanbul shares market in the days surrounding the announcement of the independent audit opinions and the days around. For this purpose, 612 independent audit reports of 17 firms, which have been operating continuously in BIST-TÜM index between 2009 and 2018 and published quarterly independent audit opinions, were examined. In the study, Event Study Method, Patell Z-Statistic and Standardized Cross-Sectional Test were applied. According to the results obtained from the test results (-10, + 10) in the event interval, independent audit opinions are not statistically significant on stock returns. This result shows that independent audit opinions do not affect investors' trading decisions. Therefore, Borsa İstanbul (limited by the firms used in this study) is effective in a semi-strong form.
Anahtar Kelimeler
Borsa İstanbul Independent Audit Opinion Stock Abnormal Returns Event Study
Kaynakça
- Al-Thuneibat, Ali A.; Khamees, Basheer Ahmad; Al-Fayoumi, Nedal A. (2008), “The Effect Of Qualified Auditors' Opinions On Share Prices: Evidence From Jordan”, Managerial Auditing Journal, Vol. 23, No.1: 84-102.Ameen, Elsie C.; Chan, Kam; Guffey, Daryl M. (1994), “Information Content of Qualified Audit Opinions for Over The Counter Firms” Journal of Business Finance and Accounting, Vol.21, No.7: 997-1011.Anvarkhatibi, Saeid; Safashur, Mohammadreza; Mohammadi, Jamal (2012), “The Effect of Auditors Opinions on Shares Prices and Returns in Tehran Stock Exchange”, Research Journal of Management Sciences, Vol.1, No:1: 23-27.Ayanoğlu, Yıldız; Yılmaz, Abdulhamithan (2016), “TFRS'ye Uyumlu Finansal Tablolara Geçiş ve Oran Analizine Etkisi, Maden Sektörü Örneği” Gazi İktisat ve İşletme Dergisi, C.2, S.2: 41-66.Aygören, Hakan; Uyar, Süleyman (2007), “İstanbul Menkul Kıymetler Borsası’nda (İMKB) Denetim Görüşlerinin Hisse Senedi Getirileri Üzerine Etkisi”, İMKB Dergisi, S.36: 31-52.Boehmer, Ekkehart; Masumeci, Jim; Poulsen, Annette B. (1991), “Event-Study Methodology Under Conditions Of Event-Induced Variance”, Journal of Financial Economics, Vol.30, No.2: 253-272.Bozkurt, İbrahim; Öksüz, Sezer; Karakuş, Rıfat (2015), “Finansal Tablo İlanlarının Hisse Getirileri Üzerindeki Etkisi: BİST'de Ampirik Bir Uygulama”, Maliye Finans Yazıları Dergisi, C.29, S.103: 113-140.Brown, Stephen J.; Warner, Jerold B. (1980), “Measuring Security Price Performance”, Journal of Financial Economics,Vol.8, No.3: 205-258.Chen, Charles J.P.; Su, Xijia; Zhao, Ronald (2000), “An Emerging Market’s Reaction to Initial Modified Audit Opinions: Evidence from The Shanghai Stock Exchan”, Contemporary Accounting Research, Vol.17, No.3: 429-455.Chen, Kevin C.W.; Church, Bryan K. (1996), “Going Concern Opinions and the Market's Reaction to Bankruptcy Filings”, The Accounting Review, Vol.71, No.1: 117-128.Dodd, Peter; Warner, Jerold B. (1983), “On Corporate Governance : A Study of Proxy Contests”, Journal of Financial Economics, Vol.11, No.1-4: 401-438.Ercan, Cuma; İşseveroğlu, Gülsün (2016), “Olumlu Denetçi Görüşünün Hisse Senedi Fiyatlarına Etkisi: Borsa İstanbul Örneği”, Akademik Bakış Dergisi, S.55:630-639.Erol, Mikail; Aslan, Muhsin (2017), “Uluslararası Muhasebe ve Denetim Standartlarının Gelişmesi”, Muhasebe ve Finans Tarihi Araştırmaları Dergisi, S.12: 55-86.Fama, Eugene F. (1970), “Efficient Capital Markets A Review of Theory and Empirical Work”, The Journal of Finance, Vol.25, No.2: 383-417.Firth, Michael (1978), “Qualified Audit Reports: Their Impact on Investment Decisions”, American Accounting Association, Vol.53, No.3: 642-650.Fleak, Sandra K..; Wilson, Earl R. (1994), “The Incremental Information Content of The Going-Concern Audit Opinion”, Journal of Accounting, Auditing and Finance, Vol.9, S.1: 149-169.Hoti, Arbër H.; Ismajli, Hysen; Ahmeti, Skender; Dërmaku, Arben (2012), “Effects of Audit Opinion on Stock Prices: The Case of Croatia and Slovenia”, Euro Economica, Vol.31, No.2: 75-87.Kamu Gözetimi Muhasebe ve Denetim Standartları Kurumu, “Bağımsız Denetim Kuruluşları Listesi”, http://denkur.kgk.gov.tr/ , (Erişim : 10.12.2018).Kara, Suat (2015), “Denetim Görüşlerinin Hisse Senedi Anormal Getirileri Üzerine Etkisinin 2009-2014 Yılları Bazında Ölçümlenmesi”, Muhasebe ve Vergi Uygulamaları Dergisi, C.8, S.2: 137-152.Kepekçi, Celal (2000), Bağımsız Denetim, Ankara: Siyasal Kitabevi.Kolari, James W.; Pynnonen (2011), “Nonparametric Rank Tests For Event Studies”, Journal of Empirical Finance, Vol.18, No.5: 953-971.Mackinlay, A.Craig (1997), “Event Studies in Economics and Finance”, Journal of Economic Literature, Vol.35, No.1: 13-39.Martinez, Maria Consuelo Pucheta; Martinez, Antonio Vico; Benau, Maria Antonia Garcia (2004), “Reactions of the Spanish Capital Market to Qualified Audit Reports”, European Accounting Review, Vol.13, No.4: 689-711.McWilliams, Abagail; Siegel, Donald (1997), “Event Studies in Management Research: Theoretical and Empirical Issues”, The Academy of Management Journal, Vol.40, No.3: 626-657.Mikkelson, Wayne H.; Partch, M.Megan (1986), “Valuation Effects of Security Offerings and The Issuance Process”, Journal of Financial Economics, Vol.15, No.1-2: 31-60.Moradi, Mehdi; Salehi, Mahdi; Rigi, Mehrollah; Mohsen Moeinizade (2011), “The Effect of Qualified Audit Report on Share Prices and Returns: Evidence of Iran” African Journal of Business Management, Vol.5, No.8: 3354-3360.Patell , James M. (1976), “Corporate Forecasts of Earnings Per Share and Stock Price Behavior: Empirical Test”, Journal of Accounting Research, Vol.14, No.2: 246-276.Resmi Gazete, 1987, http://www.resmigazete.gov.tr/arsiv/19663.pdf , (Erişim: 25.12.2018).Resmi Gazete, 2013, http://www.resmigazete.gov.tr/eskiler/2013/06/20130628-17.htm , (Erişim:25.12.2018).Ryngaert, Michael; Netter, Jeffry (1990), “Shareholder Wealth Effects of The 1986 Ohio Antitakeover Law Revisited: Its Real Effects”, Journal of Law, Economics and Organization, Vol.6, No.1: 253-262.Tahinakis, Panayiotis; Mylonakis, John; Daskalopoulou, Evaggelia (2010), “An Appraisal of The Impact of Audit Qualifications on Firms’ Stock Exchange Price Fluctuations”, Journal Name Enterprise Risk Management, Vol.1, No.1: 86-92.Ulusoy, Yasin (2007), Bağımsız Dış Denetim, Ankara: Seçkin Yayıncılık.Vaziri, Alireza; Azadi, Kayhan (2017), “The Impact of Audit Reports on Financial Information Content”, International Journal of Economics and Financial Issues, C.7, S.3: 304-308.Wickramasingha, S.R.M.; Nanayakkara, K.G.M. (2015), “The External Auditor’s Opinions and The Stakeholders’ Purposes: An Empirical Analysis in Sri Lanka”, Kelaniya Journal of Management, Vol.4, No.1: 31-49.
Öz
Bu çalışmanın amacı, bağımsız denetim görüşlerinin açıklandığı tarih ve etrafındaki günlerde, Borsa İstanbul pay piyasasında işlem gören hisse senetlerinden elde edilen getirilerde meydana gelen değişikliği araştırmaktır. Bu amaçla BIST-TÜM endeksinde 2009-2018 yılları arasında sürekli faaliyet gösteren ve üç ayda bir bağımsız denetim görüşü yayınlayan 17 firmanın toplamda 612 bağımsız denetim raporu incelenmiştir. Çalışmada Olay Çalışması (Event Study) Yöntemi, Patell Testi (Patell Z-Statistic) ve Standardize Edilmiş Çapraz Kesit Testi (Standardized Cross-Sectional Test) uygulanmıştır. Test sonuçlarından elde edilen bulgulara göre (-10,+10) olay aralığında bağımsız denetim görüşleri hisse senedi getirileri üzerinde istatistiksel olarak anlamlı değildir. Bu sonuç, bağımsız denetim görüşlerinin, yatırımcıların alım-satım kararlarını etkilemediğini göstermektedir. Dolayısıyla, Borsa İstanbul (bu çalışmada kullanılan firmalar kısıtıyla) yarı-güçlü formda etkindir.
Anahtar Kelimeler
Borsa İstanbul Bağımsız Denetim Görüşü Hisse Senedi Anormal Getirileri Olay Çalışması
Kaynakça
- Al-Thuneibat, Ali A.; Khamees, Basheer Ahmad; Al-Fayoumi, Nedal A. (2008), “The Effect Of Qualified Auditors' Opinions On Share Prices: Evidence From Jordan”, Managerial Auditing Journal, Vol. 23, No.1: 84-102.Ameen, Elsie C.; Chan, Kam; Guffey, Daryl M. (1994), “Information Content of Qualified Audit Opinions for Over The Counter Firms” Journal of Business Finance and Accounting, Vol.21, No.7: 997-1011.Anvarkhatibi, Saeid; Safashur, Mohammadreza; Mohammadi, Jamal (2012), “The Effect of Auditors Opinions on Shares Prices and Returns in Tehran Stock Exchange”, Research Journal of Management Sciences, Vol.1, No:1: 23-27.Ayanoğlu, Yıldız; Yılmaz, Abdulhamithan (2016), “TFRS'ye Uyumlu Finansal Tablolara Geçiş ve Oran Analizine Etkisi, Maden Sektörü Örneği” Gazi İktisat ve İşletme Dergisi, C.2, S.2: 41-66.Aygören, Hakan; Uyar, Süleyman (2007), “İstanbul Menkul Kıymetler Borsası’nda (İMKB) Denetim Görüşlerinin Hisse Senedi Getirileri Üzerine Etkisi”, İMKB Dergisi, S.36: 31-52.Boehmer, Ekkehart; Masumeci, Jim; Poulsen, Annette B. (1991), “Event-Study Methodology Under Conditions Of Event-Induced Variance”, Journal of Financial Economics, Vol.30, No.2: 253-272.Bozkurt, İbrahim; Öksüz, Sezer; Karakuş, Rıfat (2015), “Finansal Tablo İlanlarının Hisse Getirileri Üzerindeki Etkisi: BİST'de Ampirik Bir Uygulama”, Maliye Finans Yazıları Dergisi, C.29, S.103: 113-140.Brown, Stephen J.; Warner, Jerold B. (1980), “Measuring Security Price Performance”, Journal of Financial Economics,Vol.8, No.3: 205-258.Chen, Charles J.P.; Su, Xijia; Zhao, Ronald (2000), “An Emerging Market’s Reaction to Initial Modified Audit Opinions: Evidence from The Shanghai Stock Exchan”, Contemporary Accounting Research, Vol.17, No.3: 429-455.Chen, Kevin C.W.; Church, Bryan K. (1996), “Going Concern Opinions and the Market's Reaction to Bankruptcy Filings”, The Accounting Review, Vol.71, No.1: 117-128.Dodd, Peter; Warner, Jerold B. (1983), “On Corporate Governance : A Study of Proxy Contests”, Journal of Financial Economics, Vol.11, No.1-4: 401-438.Ercan, Cuma; İşseveroğlu, Gülsün (2016), “Olumlu Denetçi Görüşünün Hisse Senedi Fiyatlarına Etkisi: Borsa İstanbul Örneği”, Akademik Bakış Dergisi, S.55:630-639.Erol, Mikail; Aslan, Muhsin (2017), “Uluslararası Muhasebe ve Denetim Standartlarının Gelişmesi”, Muhasebe ve Finans Tarihi Araştırmaları Dergisi, S.12: 55-86.Fama, Eugene F. (1970), “Efficient Capital Markets A Review of Theory and Empirical Work”, The Journal of Finance, Vol.25, No.2: 383-417.Firth, Michael (1978), “Qualified Audit Reports: Their Impact on Investment Decisions”, American Accounting Association, Vol.53, No.3: 642-650.Fleak, Sandra K..; Wilson, Earl R. (1994), “The Incremental Information Content of The Going-Concern Audit Opinion”, Journal of Accounting, Auditing and Finance, Vol.9, S.1: 149-169.Hoti, Arbër H.; Ismajli, Hysen; Ahmeti, Skender; Dërmaku, Arben (2012), “Effects of Audit Opinion on Stock Prices: The Case of Croatia and Slovenia”, Euro Economica, Vol.31, No.2: 75-87.Kamu Gözetimi Muhasebe ve Denetim Standartları Kurumu, “Bağımsız Denetim Kuruluşları Listesi”, http://denkur.kgk.gov.tr/ , (Erişim : 10.12.2018).Kara, Suat (2015), “Denetim Görüşlerinin Hisse Senedi Anormal Getirileri Üzerine Etkisinin 2009-2014 Yılları Bazında Ölçümlenmesi”, Muhasebe ve Vergi Uygulamaları Dergisi, C.8, S.2: 137-152.Kepekçi, Celal (2000), Bağımsız Denetim, Ankara: Siyasal Kitabevi.Kolari, James W.; Pynnonen (2011), “Nonparametric Rank Tests For Event Studies”, Journal of Empirical Finance, Vol.18, No.5: 953-971.Mackinlay, A.Craig (1997), “Event Studies in Economics and Finance”, Journal of Economic Literature, Vol.35, No.1: 13-39.Martinez, Maria Consuelo Pucheta; Martinez, Antonio Vico; Benau, Maria Antonia Garcia (2004), “Reactions of the Spanish Capital Market to Qualified Audit Reports”, European Accounting Review, Vol.13, No.4: 689-711.McWilliams, Abagail; Siegel, Donald (1997), “Event Studies in Management Research: Theoretical and Empirical Issues”, The Academy of Management Journal, Vol.40, No.3: 626-657.Mikkelson, Wayne H.; Partch, M.Megan (1986), “Valuation Effects of Security Offerings and The Issuance Process”, Journal of Financial Economics, Vol.15, No.1-2: 31-60.Moradi, Mehdi; Salehi, Mahdi; Rigi, Mehrollah; Mohsen Moeinizade (2011), “The Effect of Qualified Audit Report on Share Prices and Returns: Evidence of Iran” African Journal of Business Management, Vol.5, No.8: 3354-3360.Patell , James M. (1976), “Corporate Forecasts of Earnings Per Share and Stock Price Behavior: Empirical Test”, Journal of Accounting Research, Vol.14, No.2: 246-276.Resmi Gazete, 1987, http://www.resmigazete.gov.tr/arsiv/19663.pdf , (Erişim: 25.12.2018).Resmi Gazete, 2013, http://www.resmigazete.gov.tr/eskiler/2013/06/20130628-17.htm , (Erişim:25.12.2018).Ryngaert, Michael; Netter, Jeffry (1990), “Shareholder Wealth Effects of The 1986 Ohio Antitakeover Law Revisited: Its Real Effects”, Journal of Law, Economics and Organization, Vol.6, No.1: 253-262.Tahinakis, Panayiotis; Mylonakis, John; Daskalopoulou, Evaggelia (2010), “An Appraisal of The Impact of Audit Qualifications on Firms’ Stock Exchange Price Fluctuations”, Journal Name Enterprise Risk Management, Vol.1, No.1: 86-92.Ulusoy, Yasin (2007), Bağımsız Dış Denetim, Ankara: Seçkin Yayıncılık.Vaziri, Alireza; Azadi, Kayhan (2017), “The Impact of Audit Reports on Financial Information Content”, International Journal of Economics and Financial Issues, C.7, S.3: 304-308.Wickramasingha, S.R.M.; Nanayakkara, K.G.M. (2015), “The External Auditor’s Opinions and The Stakeholders’ Purposes: An Empirical Analysis in Sri Lanka”, Kelaniya Journal of Management, Vol.4, No.1: 31-49.
Ayrıntılar
| Birincil Dil | Türkçe |
|---|---|
| Bölüm | Makaleler |
| Yazarlar | |
| Yayımlanma Tarihi | 1 Ağustos 2020 |
| Gönderilme Tarihi | 18 Ocak 2019 |
| Yayımlandığı Sayı | Yıl 2020 Cilt: 15 Sayı: 2 |
