MUHAFAZAKÂR MUHASEBE VE YÖNETİM KURULU YAPISI İLİŞKİSİNİN İNCELENMESİ
Journal Title: Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi - Year 2019, Vol 6, Issue 2
Abstract
Muhasebe uygulamaları varlıkların, yükümlülüklerin ve dönem sonucunu gösteren kâr tutarının belirlenmesine ve sunumuna dair düzenlemeler sayesinde gerçekleştirilmektedir. Bu düzenlemeler de yöneticilere belirli noktalarda esneklik/tercih hakkı sunmaktadır. Söz konusu tercih haklarının kullanılması sonucunda ise muhasebe sisteminden üretilen bilgiler farklılaşmaktadır. Bu çalışmanın amacı muhafazakâr (ihtiyatlı) muhasebe uygulamaları ve firma yönetim kurulu yapısı arasındaki ilişkilerin incelenmesidir. Bu kapsamda BIST İmalat Sektöründe faaliyet gösteren firmaların 2012-2016 yıllarını kapsayan veriler kullanılarak incelemeler yapılmıştır. Muhafazakârlık düzeyi koşulsuz ve koşullu olmak üzere iki grupta incelenmiştir. Elde edilen bulgulara göre, örneklem ve inceleme dönemi itibariyle, firmaların yönetim kurulu yapıları ve koşulsuz muhafazakârlık düzeyleri arasında bir ilişki olmadığı tespit edilmiştir. Diğer taraftan koşullu muhafazakârlık kapsamında yönetim kurulu büyüklüğü artmasının muhafazakârlık düzeyini düşürdüğüne dair kanıtlar elde edilmiştir. EXTENDED SUMMARY The Purpose of the Study Publicly traded companies are nothing more than a nexus between different parties including shareholders, directors, suppliers etc. (Jensen ve Meckling, 1976). In owner-manager context, a number of managerial practices are implemented to mitigate agency cost. Board structure, number of independent members, audit committee and performance based executive interests can be listed as examples in this context. (A. S. Ahmed ve Duellman, 2007). On the other hand, there are studies indicating that there is a relationship between the board structure and alternative choices in accounting practices. In these studies, it is stated that conservative accounting practices have a deterrent effect on the agency problem (Ball ve Shivakumar, 2005; García Lara vd., 2007; Beekes vd., 2004). Conservatism, in accounting, generally means to tread carefully against possible losses while ignoring possible gains. Conservative accounting practices benefit the users of the financial statements by means of reduce the information asymmetry between the company and other parties. This benefit arises from conservative accounting practices that prevent the manager from taking advantage of his / her own interests, to reduce the political and legal costs in the context of investment decisions, and to monitor the contracts between the firms and the parties more effectively. (Ball ve Shivakumar, 2005). In this context, it can be stated that conservative accounting practices provide the information that is useful in the decision process to the users of financial information. The aim of this study is to investigate the relationships between conservative accounting practices and board structure. Methodology In this study, conservatism is examined in two groups as conditional and unconditional conservatism. The threeyear average of the cumulative accruals (earnings - cash flow from operations) and the book-to-market ratio are used as unconditional conservatism proxies. In terms of conditional conservatism, the indicators based on return and accrual are used. Panel data regression method was used to examine the relationship between conservatism and board structure. Interaction variables were used in the determination of the relationship. Data The companies that are determined as the investigation group are operating in the BIST Manufacturing Sector. The investigation period of the study was specified as 2012-2016 by the reason of only last five-year board structure information of the companies can be obtained at Public Disclosure Platform (KAP). In order for a company to take part in the investigation group, it is necessary to operate continuously in the investigation period and to have the data needed in the study in full. Within the scope of these constraints, the relations between board structure and conservatism concept were investigated by using 565 firm - year data of 113 firms which meet these requirements. The data used in the study were obtained from Datastream and KAP. Results and Conclusion According to the findings obtained from the investigations within the scope of unconditional conservatism, it is observed that the board structure of firms' do not have a significant effect on the conservatism levels, and the differences in the board structures of the firms' do not cause any differentiation in the level of conservatism. On the other hand, according to the findings of conditional conservatism analysis on the basis that the gains / losses have asymmetric responses, it has been observed that an increase in the size of the board decreases the conditional conservatism or decreases the speed of reacting to losses. According to the findings obtained in the context of conditional conservatism, it has been seen that the accruals have stabilizing effect in the periods when the cash flows were negative. Besides, the relationship between accruals and cash flow in the period of negative cash flows is weaker than the positive cash flow periods. When the findings obtained from the study are evaluated in general, there is no strong evidence among firms' board structure and conservative accounting practices. Considering the studies having strong evidence on relations between board structure and conservatism for developed countries, it is evaluated that investigating the issue in the future periods for developing countries and investigations with different conservatism proxies will contribute to the literature.
Authors and Affiliations
Hüseyin Temiz, Merve Acar, Elçin Dalkılıç
Keywords
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- EP ID EP637824
- DOI 10.30798/makuiibf.527581
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