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YÖNETİM KURULU YAPISI VE İHTİYATLILIK: BİST KURUMSAL YÖNETİM ENDEKSİ İMALAT SANAYİ FİRMALARI ÜZERİNE BİR ARAŞTIRMA

Year 2020, Issue: 27, 15 - 34, 08.04.2020
https://doi.org/10.18092/ulikidince.554850

Abstract

Bu çalışmada, Borsa İstanbul (BİST) kurumsal
yönetim endeksindeki 18 imalat sanayi firmasının 2006-2016 dönemindeki yönetim
kurulu yapısı ile ihtiyatlılık düzeyi arasındaki ilişki incelenmiştir. Yönetim
kurulu büyüklüğü, yönetim kurulu bağımsızlığı, yönetim kurulunda kadın üye
sayısı, CEO ikililiği yönetim kurulu yapısı değişkenleri olarak belirlenmiştir.  Firmaların ihtiyatlılık düzeyleri ise negatif
tahakkuk yöntemi ile ölçülmüştür. Elde edilen sonuçlara göre, yönetim kurulu
büyüklüğü ve CEO’nun aynı zamanda yönetim kurulu üyesi olması firmaların
ihtiyatlılık düzeyini negatif yönde etkilemektedir. Buna karşın kuruldaki bağımsız
üye sayısı ile ihtiyatlılık düzeyi arasında pozitif ilişki vardır. CEO’nun aynı
zamanda yönetim kurulu başkanı olması ve yönetim kurulundaki kadın üye sayısı
ile ihtiyatlılık düzeyi arasında ise anlamlı bir ilişki tespit edilememiştir.

References

  • Adams, R. B. ve Ferreira, D. (2009). Women in The Boardroom and their Impact on Governance and Performance. Journal of Financial Economics, 94(2), 291-309.
  • Ahmed, A. S. ve Duellman, S. (2007). Accounting Conservatism and Board of Director Characteristics: An Empirical Analysis. Journal of Accounting and Economics, 43(2-3), 411-437.
  • Ahmed, A. S., Billings, B. K., Morton, R. M., ve 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.
  • Amran, N. A. ve Manaf, K. B. A. (2014). Board Independence and Accounting Conservatism in Malaysian Companies. Procedia-Social and Behavioral Sciences, 164, 403-408.
  • Ball, R. ve Shivakumar, L. (2005). Earnings Quality in UK Private Firms: Comparative Loss Recognition Timeliness. Journal of Accounting and Economics, 39(1), 83-128.
  • Basu, S. (1997). The Conservatism Principle and the Asymmetric Timeliness of Earnings. Journal of Accounting and Economics, 24(1), 3-37.
  • Beaver, W. H. ve Ryan, S. G. (2005). Conditional and Unconditional Conservatism: Concepts and Modeling. Review of Accounting Studies, 10(2-3), 269-309.
  • Bernardi, R. A. ve Arnold Sr, D. F. (1997). An Examination of Moral Development within Public Accounting by Gender, Staff Level, and Firm. Contemporary Accounting Research, 14(4), 653-668.
  • Bushman, R. M. ve Smith, A. J. (2001). Financial Accounting Information and Corporate Governance. Journal of Accounting and Economics, 32(1-3), 237-333.
  • Chi, W., Liu, C. ve Wang, T. (2009). What Affects Accounting Conservatism: A Corporate Governance Perspective. Journal of Contemporary Accounting ve Economics, 5(1), 47-59.
  • Cullinan, C. P., Wang, F., Wang, P. ve Zhang, J. (2012). Ownership Structure and Accounting Conservatism in China. Journal of International Accounting, Auditing and Taxation, 21(1), 1-16.
  • Denis, D. K. ve McConnell, J. J. (2003). International Corporate Governance. Journal of Financial and Quantitative Analysis, 38(1), 1-36.
  • Dharwadkar, R., George, G. ve Brandes, P. (2000) Privatization in Emerging Economies: An Agency Theory Perspective, Academy of Management Review, 25(3), 650-669.
  • Dinç, E. ve Abdioğlu, H. (2009). İşletmelerde Kurumsal Yönetim Anlayışı ve Muhasebe Bilgi Sistemi İlişkisi: İMKB-100 Şirketleri Üzerine Ampirik Bir Araştırma. Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 12(21), 157-184.
  • Elshandidy, T. ve Hassanein, A. (2014). Do IFRS and Board of Directors’ Independence Affect Accounting Conservatism?. Applied Financial Economics, 24(16), 1091-1102.
  • Fama, E. F. (1980). Agency Problems and the Theory of the Firm. Journal of Political Economy, 88(2), 288-307.
  • Fama, E. F. ve Jensen, M. C. (1983). Separation of Ownership and Control. The Journal of Law and Economics, 26(2), 301-325.
  • Feltham, G.E. ve Ohlson, J.A. (1995). Valuation and Clean Surplus Accounting for Operating and Financial Activities. Contemporary Accounting Research 11 (2), 689-731.
  • García-Sánchez, I., Jennifer M. ve García-Meca E. (2017) ."Gender Diversity, Financial Expertise and İts Effects On Accounting Quality." Management Decision, 55(2), 347-382.
  • Ghanbari, M., Yaghobi, M. ve Derakhsh, M. D. (2015). The Effect of Corporate Governance Mechanisms On Conditional and Unconditional Conservatism of Listed Companies on the Stock Exchange of Tehran. International Research Journal of Applied and Basic Sciences, 9 (8): 1295-1304.
  • Givoly, D. ve 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.
  • Heaton, J. B. (2002). Managerial Optimism and Corporate Finance. Financial Management, 33-45.
  • Hermalin, B. E. ve Weisbach, M. S. (2001). Boards of Directors As an Endogenously Determined Institution: A Survey of the Economic Literature (No. W8161). National Bureau of Economic Research, 1-41.
  • Ho, J. A. (2009). Association Between Board Characteristics and Accounting Conservatism: Empirical Evidence from Malaysia (Doctoral Dissertation, Auckland University of Technology).
  • Jarboui, A. (2013). Does Corporate Governance Affect Accounting Conservatism? Empirical Evidence in the French Context. International Journal of Accounting and Economics Studies, 1(3), 100-110.
  • 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. (1993). The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. The Journal of Finance, 48(3), 831-880.
  • 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.
  • Karahan Gökmen, M. (2013). Accounting Conservatısm: A Lıterature Revıew. Muhasebe ve Vergi Uygulamaları Dergisi, 6(2), 1-22.
  • Khan, M. ve Watts, R. L. (2009). Estimation and Empirical Properties of A Firm-Year Measure of Accounting Conservatism. Journal of Accounting and Economics, 48(2-3), 132-150.
  • Kootanaee, A. J., Seyyedi, J., Nedaei, M. ve Kootanaee, M. J. (2013). Accounting Conservatism and Corporate Governance’s Mechanisms: Evidence from Tehran Stock Exchange. International Journal of Economics, Business and Finance, 1(10), 301-319.
  • Krishnan, G. V. ve Visvanathan, G. (2008). Does the SOX Definition of An Accounting Expert Matter? The Association Between Audit Committee Directors' Accounting Expertise and Accounting Conservatism. Contemporary Accounting Research, 25(3), 827-858.
  • Küçüksavaş, N. (2005). Finansal Muhasebe (Genel Muhasebe). İstanbul: Kare Yayınları.
  • Lara, J. M. G., Osma, B. G. ve Penalva, F. (2009). Accounting Conservatism and Corporate Governance. Review of Accounting Studies, 14(1), 161-201.
  • Leventis, S., Dimitropoulos, P. ve Owusu‐Ansah, S. (2013). Corporate Governance and Accounting Conservatism: Evidence from the Banking Industry. Corporate Governance: An International Review, 21(3), 264-286.
  • Lim, R. (2011). Are Corporate Governance Attributes Associated with Accounting Conservatism?. Accounting ve Finance, 51(4), 1007-1030.
  • Maggi, G. ve Rodriguez-Clare, A. (1995). Costly Distortion of Information in Agency Problems. The RAND Journal of Economics, 675-689.
  • Mohammed, N. F., Mohammed, N. F., Ahmed, K., Ahmed, K., Ji, X. D. ve Ji, X. D. (2017). Accounting Conservatism, Corporate Governance and Political Connections. Asian Review of Accounting, 25(2), 288-318.
  • Nasr, M. A. ve Ntim, C. G. (2018). Corporate Governance Mechanisms and Accounting Conservatism: Evidence from Egypt. Corporate Governance: The International Journal of Business in Society, 18(3), 386-407.
  • Niessen, A. ve Ruenzi, S. (2006). Sex Matters: Gender and Mutual Funds. Manuscript, University of Cologne.
  • Rahman, R. A. ve Ali H. M. F.(2006). Board, Audit Committee, Culture and Earnings Management: Malaysian Evidence. Managerial Auditing Journal, 21(7), 783-804.
  • Ren, Y. (2014). Corporate Governance, Conservatism and Firm Performance: Evidence from China. Doctor of Philosophy, School of Business Faculty of Business and Law Edith Cowan University, Perth Western Australia.
  • Ren, Y., Ismail, Z. ve Smith, M. (2015). The Moderating Effect of Ownership Structure On Conservatism and Firm Performance: Chinese Evidence. Proceedings of World Business and Economics Research Conference, 24 - 25 February, 2014, Rendezvous Hotel, Auckland, New Zealand.
  • Ruch, G. W. ve Taylor, G. (2015). Accounting Conservatism: A Review of the Literature. Journal of Accounting Literature, 34, 17-38.
  • Sevilengül, O. (2009). Genel Muhasebe. Ankara: Gazi Kitabevi.
  • Shepard, J. M., Betz, M. ve O'connell, L. (1997). The Proactive Corporation: Its Nature and Causes. Journal of Business Ethics, 16(10), 1001-1010.
  • Suleiman, S. (2014). Corporate Governance Mechanisms and Accounting Conservatism. Journal of Management Policies and Practices, 2(2), 113-127.
  • Sultana, N. ve Van Der Zahn, J. W. M. (2011). Board Gender Diversity and Earnings Conservatism. Working Paper. Curtin University.
  • Tanış V. N. (2010). Muhasebe, G. İlkeler ve Uygulamalar. Adana: Karahan Kitabevi.
  • Tatoğlu F.Y. (2013). Panel Veri Ekonometrisi. İstanbul: Beta Yayıncılık.
  • Uyar, S. (2004), “Kurumsal Şeffaflığın Sağlanmasında Kurumsal Yönetim (Corporate Governance) Anlayışının Önemi”, Mali Çözüm Dergisi,66, 154-168.
  • Vardar Çopur, G. (2018). Uluslararası Muhasebe/Finansal Raporlama Standartlarının Koşullu ve Koşulsuz İhtiyatlılık Uygulamaları Açısından Değerlendirilmesi: Finansal Tabloların İhtiyatlılığı Üzerindeki Etkisine İlişkin Bir Literatür Araştırması, Muhasebe Bilim Dünyası Dergisi, 20, 150-172.
  • Watts, R. L. (2003). Conservatism in Accounting Part I: Explanations and Implications. Accounting Horizons, 17(3), 207-221.
  • Xia, D. ve Zhu, S. (2009). Corporate Governance and Accounting Conservatism in China. China Journal of Accounting Research, 2(2), 81-108.
  • Xu, J. ve Lu, C. (2008). Accounting Conservatism: A Study of Market-Level and Firm-Level Explanatory Factors. China Journal of Accounting Research, 1, 11-29.
  • Yunos, R. M., Smith, M., Ismail, Z. ve Ahmad, S. A. (2011). Inside Concentrated Owners, Board of Directors and Accounting Conservatism. Annual Summit on Business and Entrepreneurial Studies Proceeding, 954-971.
Year 2020, Issue: 27, 15 - 34, 08.04.2020
https://doi.org/10.18092/ulikidince.554850

Abstract

References

  • Adams, R. B. ve Ferreira, D. (2009). Women in The Boardroom and their Impact on Governance and Performance. Journal of Financial Economics, 94(2), 291-309.
  • Ahmed, A. S. ve Duellman, S. (2007). Accounting Conservatism and Board of Director Characteristics: An Empirical Analysis. Journal of Accounting and Economics, 43(2-3), 411-437.
  • Ahmed, A. S., Billings, B. K., Morton, R. M., ve 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.
  • Amran, N. A. ve Manaf, K. B. A. (2014). Board Independence and Accounting Conservatism in Malaysian Companies. Procedia-Social and Behavioral Sciences, 164, 403-408.
  • Ball, R. ve Shivakumar, L. (2005). Earnings Quality in UK Private Firms: Comparative Loss Recognition Timeliness. Journal of Accounting and Economics, 39(1), 83-128.
  • Basu, S. (1997). The Conservatism Principle and the Asymmetric Timeliness of Earnings. Journal of Accounting and Economics, 24(1), 3-37.
  • Beaver, W. H. ve Ryan, S. G. (2005). Conditional and Unconditional Conservatism: Concepts and Modeling. Review of Accounting Studies, 10(2-3), 269-309.
  • Bernardi, R. A. ve Arnold Sr, D. F. (1997). An Examination of Moral Development within Public Accounting by Gender, Staff Level, and Firm. Contemporary Accounting Research, 14(4), 653-668.
  • Bushman, R. M. ve Smith, A. J. (2001). Financial Accounting Information and Corporate Governance. Journal of Accounting and Economics, 32(1-3), 237-333.
  • Chi, W., Liu, C. ve Wang, T. (2009). What Affects Accounting Conservatism: A Corporate Governance Perspective. Journal of Contemporary Accounting ve Economics, 5(1), 47-59.
  • Cullinan, C. P., Wang, F., Wang, P. ve Zhang, J. (2012). Ownership Structure and Accounting Conservatism in China. Journal of International Accounting, Auditing and Taxation, 21(1), 1-16.
  • Denis, D. K. ve McConnell, J. J. (2003). International Corporate Governance. Journal of Financial and Quantitative Analysis, 38(1), 1-36.
  • Dharwadkar, R., George, G. ve Brandes, P. (2000) Privatization in Emerging Economies: An Agency Theory Perspective, Academy of Management Review, 25(3), 650-669.
  • Dinç, E. ve Abdioğlu, H. (2009). İşletmelerde Kurumsal Yönetim Anlayışı ve Muhasebe Bilgi Sistemi İlişkisi: İMKB-100 Şirketleri Üzerine Ampirik Bir Araştırma. Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 12(21), 157-184.
  • Elshandidy, T. ve Hassanein, A. (2014). Do IFRS and Board of Directors’ Independence Affect Accounting Conservatism?. Applied Financial Economics, 24(16), 1091-1102.
  • Fama, E. F. (1980). Agency Problems and the Theory of the Firm. Journal of Political Economy, 88(2), 288-307.
  • Fama, E. F. ve Jensen, M. C. (1983). Separation of Ownership and Control. The Journal of Law and Economics, 26(2), 301-325.
  • Feltham, G.E. ve Ohlson, J.A. (1995). Valuation and Clean Surplus Accounting for Operating and Financial Activities. Contemporary Accounting Research 11 (2), 689-731.
  • García-Sánchez, I., Jennifer M. ve García-Meca E. (2017) ."Gender Diversity, Financial Expertise and İts Effects On Accounting Quality." Management Decision, 55(2), 347-382.
  • Ghanbari, M., Yaghobi, M. ve Derakhsh, M. D. (2015). The Effect of Corporate Governance Mechanisms On Conditional and Unconditional Conservatism of Listed Companies on the Stock Exchange of Tehran. International Research Journal of Applied and Basic Sciences, 9 (8): 1295-1304.
  • Givoly, D. ve 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.
  • Heaton, J. B. (2002). Managerial Optimism and Corporate Finance. Financial Management, 33-45.
  • Hermalin, B. E. ve Weisbach, M. S. (2001). Boards of Directors As an Endogenously Determined Institution: A Survey of the Economic Literature (No. W8161). National Bureau of Economic Research, 1-41.
  • Ho, J. A. (2009). Association Between Board Characteristics and Accounting Conservatism: Empirical Evidence from Malaysia (Doctoral Dissertation, Auckland University of Technology).
  • Jarboui, A. (2013). Does Corporate Governance Affect Accounting Conservatism? Empirical Evidence in the French Context. International Journal of Accounting and Economics Studies, 1(3), 100-110.
  • 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. (1993). The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. The Journal of Finance, 48(3), 831-880.
  • 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.
  • Karahan Gökmen, M. (2013). Accounting Conservatısm: A Lıterature Revıew. Muhasebe ve Vergi Uygulamaları Dergisi, 6(2), 1-22.
  • Khan, M. ve Watts, R. L. (2009). Estimation and Empirical Properties of A Firm-Year Measure of Accounting Conservatism. Journal of Accounting and Economics, 48(2-3), 132-150.
  • Kootanaee, A. J., Seyyedi, J., Nedaei, M. ve Kootanaee, M. J. (2013). Accounting Conservatism and Corporate Governance’s Mechanisms: Evidence from Tehran Stock Exchange. International Journal of Economics, Business and Finance, 1(10), 301-319.
  • Krishnan, G. V. ve Visvanathan, G. (2008). Does the SOX Definition of An Accounting Expert Matter? The Association Between Audit Committee Directors' Accounting Expertise and Accounting Conservatism. Contemporary Accounting Research, 25(3), 827-858.
  • Küçüksavaş, N. (2005). Finansal Muhasebe (Genel Muhasebe). İstanbul: Kare Yayınları.
  • Lara, J. M. G., Osma, B. G. ve Penalva, F. (2009). Accounting Conservatism and Corporate Governance. Review of Accounting Studies, 14(1), 161-201.
  • Leventis, S., Dimitropoulos, P. ve Owusu‐Ansah, S. (2013). Corporate Governance and Accounting Conservatism: Evidence from the Banking Industry. Corporate Governance: An International Review, 21(3), 264-286.
  • Lim, R. (2011). Are Corporate Governance Attributes Associated with Accounting Conservatism?. Accounting ve Finance, 51(4), 1007-1030.
  • Maggi, G. ve Rodriguez-Clare, A. (1995). Costly Distortion of Information in Agency Problems. The RAND Journal of Economics, 675-689.
  • Mohammed, N. F., Mohammed, N. F., Ahmed, K., Ahmed, K., Ji, X. D. ve Ji, X. D. (2017). Accounting Conservatism, Corporate Governance and Political Connections. Asian Review of Accounting, 25(2), 288-318.
  • Nasr, M. A. ve Ntim, C. G. (2018). Corporate Governance Mechanisms and Accounting Conservatism: Evidence from Egypt. Corporate Governance: The International Journal of Business in Society, 18(3), 386-407.
  • Niessen, A. ve Ruenzi, S. (2006). Sex Matters: Gender and Mutual Funds. Manuscript, University of Cologne.
  • Rahman, R. A. ve Ali H. M. F.(2006). Board, Audit Committee, Culture and Earnings Management: Malaysian Evidence. Managerial Auditing Journal, 21(7), 783-804.
  • Ren, Y. (2014). Corporate Governance, Conservatism and Firm Performance: Evidence from China. Doctor of Philosophy, School of Business Faculty of Business and Law Edith Cowan University, Perth Western Australia.
  • Ren, Y., Ismail, Z. ve Smith, M. (2015). The Moderating Effect of Ownership Structure On Conservatism and Firm Performance: Chinese Evidence. Proceedings of World Business and Economics Research Conference, 24 - 25 February, 2014, Rendezvous Hotel, Auckland, New Zealand.
  • Ruch, G. W. ve Taylor, G. (2015). Accounting Conservatism: A Review of the Literature. Journal of Accounting Literature, 34, 17-38.
  • Sevilengül, O. (2009). Genel Muhasebe. Ankara: Gazi Kitabevi.
  • Shepard, J. M., Betz, M. ve O'connell, L. (1997). The Proactive Corporation: Its Nature and Causes. Journal of Business Ethics, 16(10), 1001-1010.
  • Suleiman, S. (2014). Corporate Governance Mechanisms and Accounting Conservatism. Journal of Management Policies and Practices, 2(2), 113-127.
  • Sultana, N. ve Van Der Zahn, J. W. M. (2011). Board Gender Diversity and Earnings Conservatism. Working Paper. Curtin University.
  • Tanış V. N. (2010). Muhasebe, G. İlkeler ve Uygulamalar. Adana: Karahan Kitabevi.
  • Tatoğlu F.Y. (2013). Panel Veri Ekonometrisi. İstanbul: Beta Yayıncılık.
  • Uyar, S. (2004), “Kurumsal Şeffaflığın Sağlanmasında Kurumsal Yönetim (Corporate Governance) Anlayışının Önemi”, Mali Çözüm Dergisi,66, 154-168.
  • Vardar Çopur, G. (2018). Uluslararası Muhasebe/Finansal Raporlama Standartlarının Koşullu ve Koşulsuz İhtiyatlılık Uygulamaları Açısından Değerlendirilmesi: Finansal Tabloların İhtiyatlılığı Üzerindeki Etkisine İlişkin Bir Literatür Araştırması, Muhasebe Bilim Dünyası Dergisi, 20, 150-172.
  • Watts, R. L. (2003). Conservatism in Accounting Part I: Explanations and Implications. Accounting Horizons, 17(3), 207-221.
  • Xia, D. ve Zhu, S. (2009). Corporate Governance and Accounting Conservatism in China. China Journal of Accounting Research, 2(2), 81-108.
  • Xu, J. ve Lu, C. (2008). Accounting Conservatism: A Study of Market-Level and Firm-Level Explanatory Factors. China Journal of Accounting Research, 1, 11-29.
  • Yunos, R. M., Smith, M., Ismail, Z. ve Ahmad, S. A. (2011). Inside Concentrated Owners, Board of Directors and Accounting Conservatism. Annual Summit on Business and Entrepreneurial Studies Proceeding, 954-971.
There are 56 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Aslı Yıkılmaz Erkol 0000-0002-2334-7731

Publication Date April 8, 2020
Published in Issue Year 2020 Issue: 27

Cite

APA Yıkılmaz Erkol, A. (2020). YÖNETİM KURULU YAPISI VE İHTİYATLILIK: BİST KURUMSAL YÖNETİM ENDEKSİ İMALAT SANAYİ FİRMALARI ÜZERİNE BİR ARAŞTIRMA. Uluslararası İktisadi Ve İdari İncelemeler Dergisi(27), 15-34. https://doi.org/10.18092/ulikidince.554850

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