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İşletme Grubu İlişkisinin Firmaların Kazanç Yönetimi Uygulamalarına Etkisi

Year 2022, Volume: 7 Issue: 2, 426 - 441, 30.06.2022
https://doi.org/10.30784/epfad.1119396

Abstract

Yasal olarak bağımsız işletmelerin çeşitli resmi ve gayri resmi bağlar aracılığıyla bir araya gelmesi şeklinde tanımlanabilecek işletme grupları, karmaşık yapısı, kendi içerisinde çeşitli işlemler yapmaya elverişli doğası ve yatırımcıların bu işlemleri izlemesinde yaşayacağı zorluk nedeniyle beraberinde vekalet sorunlarını da getirmektedir. Yapı itibariyle finansal raporlama sürecine müdahale etme konusunda daha fazla özgürlük sunan grup yapısı şirket yöneticilerine, azınlık hissedar hakları konusunda daha fazla inisiyatif sağlamaktadır. Temel olarak kazançların kalitesi ve mali tabloların güvenilirliği konusunda ipuçları sunan kazanç yönetimi uygulamalarının önemi grup şirketlerinde görülen karmaşık piramit yapıların varlığı durumunda daha çok artmaktadır. Bu çalışmada Türkiye’de bir gruba bağlı veya bağımsız olarak faaliyet gösteren firmaların kazanç yönetimi uygulamaları 2014-2019 yılları arasında BİST’de faaliyet gösteren firma verileri kullanılarak kantitatif olarak tespit edilmeye çalışılmıştır. Kazanç yönetimi uygulamaları tespitinde düzeltilmiş Jones modelinden yararlanılmıştır. Analiz sonuçları söz konusu dönemde hakim ortağın büyük işletme grubu veya yabancı olduğu firmalarda kazanç yönetimi uygulamalarına daha az gidildiği, diğer taraftan bağımsız firmalarda bu durumun tam tersi olduğunu göstermektedir. Elde edilen sonuçlar Türkiye örneğinde kazançların kalitesinin belirlenmesinde şirketlerin kurumsallaşma düzeyi ve prestijlerinin ortaklık yapısından daha önemli olduğunu işaret etmektedir.

References

  • Almeida, H.V. and Wolfenzon, D. (2006). A theory of pyramidal ownership and family business groups. Journal of Finance, 61(6), 2637–2680. https://doi.org/10.1111/j.1540-6261.2006.01001.x
  • Arellano, M. and Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297. https://doi.org/10.2307/2297968
  • Bertrand, M., Mehta, P. and Mullainathan, S. (2002). Ferreting out tunneling: An application to Indian business groups. Quarterly Journal of Economics, 117, 121-148. https://doi.org/10.1162/0033553027533999463
  • Beuselinck, C. and Deloof, M. (2014). Earnings management in business groups: Tax incentives or expropriation concealment? The International Journal of Accounting, 49(1), 27-52. doi:10.1016/j.intacc.2014.01.008
  • Çetenak, E.H. (2012). İşletme grubu ilişkisinin firma performansına etkisi: İMKB’de bir uygulama (Yayımlanmamış doktora tezi). Çukurova Üniversitesi, Sosyal Bilimler Enstitüsü, Adana.
  • Chang, S. and Hong, J. (2000). Economic performance of group-affiliated companies in Korea: Intragroup resource sharing and internal business transactions. Academy of Management Journal, 43(3), 429-448. Retrieved from https://www.jstor.org
  • Chauhan, Y., Dey, D.K. and Jha, R.R. (2016). Board structure, controlling ownership, and business groups: Evidence from India. Emerging Markets Review, 27, 63-83. doi:10.1016/j.ememar.2016.03.003
  • Copeland, R.M. (1968). Income smoothing. Journal of Accounting Research, 6, 101-116. https://doi.org/10.2307/2490073
  • Dechow, P.M., Sloan, R.G. and Sweeney, A.P. (1995). Detecting earnings management. The Accounting Review, 70(2), 193–225. Retrieved from https://www.jstor.org
  • Demir, V. ve Bahadır, O. (2007). Muhasebe manipülasyonu. Mali Çözüm Dergisi, 84, 103-119. Erişim adresi: https://web.s.ebscohost.com/
  • Fan, J. and Wong, T.J. (2002). Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics, 33, 401–425. https://doi.org/10.1016/S0165-4101(02)00047-2
  • Farooq, O. and El Jai, H. (2012). Ownership structure and earnings management: Evidence from the Casablanca stock exchange. International Research Journal of Finance and Economics, 84(1), 95-105. Retrieved from https://www.internationalresearchjournaloffinanceandeconomics.com/
  • Fettahoğlu, A. ve Okuyan, H.A. (2009). İşletmelerde sahiplik yapısının kaynak bileşimi üzerindeki etkisi. Econ Anadolu 2009: Anadolu Uluslararası İktisat Kongresi’nde sunulan bildiri, Eskişehir. Erişim adresi: http://econ.anadolu.edu.tr/fullpapers/Fettahoglu_Okuyan_econanadolu2009.pdf
  • Friedman, E., Johnson, S. and Mitton, T. (2003). Propping and tunneling. Journal of Comparative Economics, 71(4), 732–50. https://doi.org/10.1016/j.jce.2003.08.004
  • Gerlach, M.L. (1992). Alliance capitalism: The social organization of Japanese business. Berkeley, CA: University of California Press.
  • Granovetter, M. (1995). Coase revisited: Business groups in the modern economy. Industrial and Corporate Change, 4(1), 93–130. https://doi.org/10.1093/icc/4.1.93
  • Healy, P. and Wahlen, J.M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365-383. http://dx.doi.org/10.2139/ssrn.156445
  • Hoshi, T., Kashyap, A. and Scharfstein, D. (1991). Corporate structure, liquidity, and investment: Evidence from Japanese industrial groups. Quarterly Journal of Economics, 106(1), 33–60. https://doi.org/10.2307/2937905
  • Johnson, S., La Porta, R., Lopez-de-Silanes, F. and Shleifer, A. (2000). Tunneling. American Economic Review Papers and Proceedings, 90, 22–27. doi:10.1257/aer.90.2.22
  • Jones, J.J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193–228. https://doi.org/10.2307/2491047
  • Khanna, T. and Palepu, K. (2000). Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. The Journal of Finance, 55(2), 867–92. https://doi.org/10.1111/0022-1082.00229
  • Khanna, T. and Yafeh, Y. (2005). Business groups in emerging markets: Paragons or parasites? Review of Economics and Institutions, 6(1), 1-60. doi:10.5202/rei.v6i1.174
  • Khanna, T. and Yafeh, Y. (2007). Business groups in emerging markets: Paragons or parasites? Journal of Economic Literature, 45, 331–372. Retrieved from https://www.jstor.org
  • Kim, J.B. and Yi, C.H. (2006). Ownership structure, business group affiliation, listing status, and earnings management: Evidence from Korea. Contemporary Accounting Research, 23(2), 427-464. doi:10.1506/7T5B-72FV-MHJV-E697
  • Leff, N.H. (1978). Industrial organization and entrepreneurship in the developing countries: The economic groups. Economic Development and Cultural Change, 26, 661–675. doi:10.1086/451052
  • Mindzak, J. and Zeng, T. (2018). The impact of pyramid ownership on earnings management. Asian Review of Accounting, 26(2), 208-224. https://doi.org/0.1108/ARA-11-2016-0130
  • Morck, R.K. (2010). A history of corporate governance around the world: Family business groups to professional managers. Journal of Management & Organization, 16(2), 334-335. doi:10.1017/S1833367200002212
  • Park, K., Bae, K. and Cho, J. (2006). Analyses on performance by different types of investors in Korean stock market. Asia-Pacific Journal of Financial Studies, 35, 41–76. doi:10.3390/su11061576
  • Riyanto, Y.E. and Toolsema, L.A. (2008) Tunneling and propping: A justification for pyramidal ownership. Journal Banking Finance, 32(10), 2178-2187. https://doi.org/10.1016/j.jbankfin.2007.12.044
  • Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335-370. https://doi.org/10.1016/j.jacceco.2006.01.002
  • Sarkar, J. (2010). Business groups in India. In A.M. Colpan, T. Hikino and J.R. Lincoln (Eds.), The Oxford handbook of business groups (pp. 294-324). Oxford: Oxford University Press.
  • Schipper, K. (1989). Commentary on earnings management. Accounting Horizons, 3(4), 91-102. doi:10.12691/jfa-3-3-3
  • Shin, H. and Park, Y.S. (1999). Financial constraints and internal capital markets: Evidence from Korean “chaebols”. Journal of Corporate Finance, 5(2), 169–91. https://doi.org/10.1016/s0929-1199(99)00002-4
  • Yiu, D., Bruton, G. and Lu, Y. (2005). Understanding business group performance in an emerging economy: Acquiring resources and capabilities in order to prosper. Journal of Management Studies, 42, 183–206. https://doi.org/10.1111/j.1467-6486.2005.00493

Impact Of Business Group Relationship On Firm’s Earning Management Practices

Year 2022, Volume: 7 Issue: 2, 426 - 441, 30.06.2022
https://doi.org/10.30784/epfad.1119396

Abstract

Business groups, which can be defined as legally independent firms’ bonds with various official and informal ties, also bring agency problem concerns due to their complex structure. Group structure, which provides more freedom to intervene in the financial reporting process, gives company managers more initiative over minority shareholder rights. The importance of earnings management practices, which provide clues about the quality of earnings and the reliability of financial statements, increases more in the presence of complex pyramid structures seen in group companies. In this study, the earnings management practices of a group of affiliated and independent companies were determined quantitatively by using the data of companies operating in the BIST between the years 2014-2019. The modified Jones Model was used to determine earnings management practices. The results of the analysis show that earnings management practices are less likely in companies where the controlling shareholder is a big business group or companies with foreign ownership, while the opposite is true for independent companies. The results indicate that the institutionalization level and prestige of the companies are more important than the ownership structure in determining the quality of earnings in the case of Turkey.

References

  • Almeida, H.V. and Wolfenzon, D. (2006). A theory of pyramidal ownership and family business groups. Journal of Finance, 61(6), 2637–2680. https://doi.org/10.1111/j.1540-6261.2006.01001.x
  • Arellano, M. and Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297. https://doi.org/10.2307/2297968
  • Bertrand, M., Mehta, P. and Mullainathan, S. (2002). Ferreting out tunneling: An application to Indian business groups. Quarterly Journal of Economics, 117, 121-148. https://doi.org/10.1162/0033553027533999463
  • Beuselinck, C. and Deloof, M. (2014). Earnings management in business groups: Tax incentives or expropriation concealment? The International Journal of Accounting, 49(1), 27-52. doi:10.1016/j.intacc.2014.01.008
  • Çetenak, E.H. (2012). İşletme grubu ilişkisinin firma performansına etkisi: İMKB’de bir uygulama (Yayımlanmamış doktora tezi). Çukurova Üniversitesi, Sosyal Bilimler Enstitüsü, Adana.
  • Chang, S. and Hong, J. (2000). Economic performance of group-affiliated companies in Korea: Intragroup resource sharing and internal business transactions. Academy of Management Journal, 43(3), 429-448. Retrieved from https://www.jstor.org
  • Chauhan, Y., Dey, D.K. and Jha, R.R. (2016). Board structure, controlling ownership, and business groups: Evidence from India. Emerging Markets Review, 27, 63-83. doi:10.1016/j.ememar.2016.03.003
  • Copeland, R.M. (1968). Income smoothing. Journal of Accounting Research, 6, 101-116. https://doi.org/10.2307/2490073
  • Dechow, P.M., Sloan, R.G. and Sweeney, A.P. (1995). Detecting earnings management. The Accounting Review, 70(2), 193–225. Retrieved from https://www.jstor.org
  • Demir, V. ve Bahadır, O. (2007). Muhasebe manipülasyonu. Mali Çözüm Dergisi, 84, 103-119. Erişim adresi: https://web.s.ebscohost.com/
  • Fan, J. and Wong, T.J. (2002). Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics, 33, 401–425. https://doi.org/10.1016/S0165-4101(02)00047-2
  • Farooq, O. and El Jai, H. (2012). Ownership structure and earnings management: Evidence from the Casablanca stock exchange. International Research Journal of Finance and Economics, 84(1), 95-105. Retrieved from https://www.internationalresearchjournaloffinanceandeconomics.com/
  • Fettahoğlu, A. ve Okuyan, H.A. (2009). İşletmelerde sahiplik yapısının kaynak bileşimi üzerindeki etkisi. Econ Anadolu 2009: Anadolu Uluslararası İktisat Kongresi’nde sunulan bildiri, Eskişehir. Erişim adresi: http://econ.anadolu.edu.tr/fullpapers/Fettahoglu_Okuyan_econanadolu2009.pdf
  • Friedman, E., Johnson, S. and Mitton, T. (2003). Propping and tunneling. Journal of Comparative Economics, 71(4), 732–50. https://doi.org/10.1016/j.jce.2003.08.004
  • Gerlach, M.L. (1992). Alliance capitalism: The social organization of Japanese business. Berkeley, CA: University of California Press.
  • Granovetter, M. (1995). Coase revisited: Business groups in the modern economy. Industrial and Corporate Change, 4(1), 93–130. https://doi.org/10.1093/icc/4.1.93
  • Healy, P. and Wahlen, J.M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365-383. http://dx.doi.org/10.2139/ssrn.156445
  • Hoshi, T., Kashyap, A. and Scharfstein, D. (1991). Corporate structure, liquidity, and investment: Evidence from Japanese industrial groups. Quarterly Journal of Economics, 106(1), 33–60. https://doi.org/10.2307/2937905
  • Johnson, S., La Porta, R., Lopez-de-Silanes, F. and Shleifer, A. (2000). Tunneling. American Economic Review Papers and Proceedings, 90, 22–27. doi:10.1257/aer.90.2.22
  • Jones, J.J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193–228. https://doi.org/10.2307/2491047
  • Khanna, T. and Palepu, K. (2000). Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. The Journal of Finance, 55(2), 867–92. https://doi.org/10.1111/0022-1082.00229
  • Khanna, T. and Yafeh, Y. (2005). Business groups in emerging markets: Paragons or parasites? Review of Economics and Institutions, 6(1), 1-60. doi:10.5202/rei.v6i1.174
  • Khanna, T. and Yafeh, Y. (2007). Business groups in emerging markets: Paragons or parasites? Journal of Economic Literature, 45, 331–372. Retrieved from https://www.jstor.org
  • Kim, J.B. and Yi, C.H. (2006). Ownership structure, business group affiliation, listing status, and earnings management: Evidence from Korea. Contemporary Accounting Research, 23(2), 427-464. doi:10.1506/7T5B-72FV-MHJV-E697
  • Leff, N.H. (1978). Industrial organization and entrepreneurship in the developing countries: The economic groups. Economic Development and Cultural Change, 26, 661–675. doi:10.1086/451052
  • Mindzak, J. and Zeng, T. (2018). The impact of pyramid ownership on earnings management. Asian Review of Accounting, 26(2), 208-224. https://doi.org/0.1108/ARA-11-2016-0130
  • Morck, R.K. (2010). A history of corporate governance around the world: Family business groups to professional managers. Journal of Management & Organization, 16(2), 334-335. doi:10.1017/S1833367200002212
  • Park, K., Bae, K. and Cho, J. (2006). Analyses on performance by different types of investors in Korean stock market. Asia-Pacific Journal of Financial Studies, 35, 41–76. doi:10.3390/su11061576
  • Riyanto, Y.E. and Toolsema, L.A. (2008) Tunneling and propping: A justification for pyramidal ownership. Journal Banking Finance, 32(10), 2178-2187. https://doi.org/10.1016/j.jbankfin.2007.12.044
  • Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335-370. https://doi.org/10.1016/j.jacceco.2006.01.002
  • Sarkar, J. (2010). Business groups in India. In A.M. Colpan, T. Hikino and J.R. Lincoln (Eds.), The Oxford handbook of business groups (pp. 294-324). Oxford: Oxford University Press.
  • Schipper, K. (1989). Commentary on earnings management. Accounting Horizons, 3(4), 91-102. doi:10.12691/jfa-3-3-3
  • Shin, H. and Park, Y.S. (1999). Financial constraints and internal capital markets: Evidence from Korean “chaebols”. Journal of Corporate Finance, 5(2), 169–91. https://doi.org/10.1016/s0929-1199(99)00002-4
  • Yiu, D., Bruton, G. and Lu, Y. (2005). Understanding business group performance in an emerging economy: Acquiring resources and capabilities in order to prosper. Journal of Management Studies, 42, 183–206. https://doi.org/10.1111/j.1467-6486.2005.00493
There are 34 citations in total.

Details

Primary Language Turkish
Subjects Finance
Journal Section Makaleler
Authors

Emin Hüseyin Çetenak 0000-0003-2900-4948

Publication Date June 30, 2022
Acceptance Date June 30, 2022
Published in Issue Year 2022 Volume: 7 Issue: 2

Cite

APA Çetenak, E. H. (2022). İşletme Grubu İlişkisinin Firmaların Kazanç Yönetimi Uygulamalarına Etkisi. Ekonomi Politika Ve Finans Araştırmaları Dergisi, 7(2), 426-441. https://doi.org/10.30784/epfad.1119396