Weitere Kapitel dieses Buchs durch Wischen aufrufen
In 2003, following other developed and developing economies, the Capital Markets Board of Turkey (CMB) issued Corporate Governance Principles, in order to improve the board structure, increase shareholders rights, and enhance financial reporting quality through public disclosure and transparency in order to raise public confidence in, and restructure the Turkish capital market. One of the central issues in corporate governance is that there is no unique definition of good corporate governance practices that fit with the needs of all jurisdictions or firms. Considering Turkey’s legal environment, the effectiveness of corporate governance principles in the country is of utmost importance. The CG principles developed in the country were adapted from Corporate Governance Principles of the OECD, which is a subject of debate in terms of enhancing the firm value. Therefore, this chapter aims to present the role of corporate governance on the quality of reported earnings of the ISE listed firms. Overall, the results indicate that the role of the board on quarterly earnings management in Turkey is highly contradictory and it is related to the direction of earnings management and external audit conducted by the Big-4 accountancy firms. Therefore, as a further policy implication, the corporate governance structure of Turkish firms should be strengthened by new regulations taking into account the needs of Turkish firms and the nature of the business culture in the country.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
Ararat, M., Orbay, H., & Yurtoğlu, B. B. (2010). The effects of board independence in controlled firms, evidence from Turkey, (Working paper), [online]. http://papers.ssrn.com/sol3/papers.cfm?abstract_id = 1663403. Accessed 20 Sept 2010.
Arslan, Ö., Karan, M. B., & Ekşi, C. (2010). Board structure and corporate performance. Managing Global Transitions, 8(1), 3–22.
Atik, A. (2009). Detecting income-smoothing behaviors of Turkish listed companies through empirical tests using discretionary accounting changes. Critical Perspectives on Accounting, 20, 591–613. CrossRef
Ayarlıoğlu, M. A. (2007). Kar Yönetimi Uygulamaları ve İstanbul Menkul Kiymetler Borsası’nda Test Edilmesi (Applications of earnings management and its detection in Istanbul Stock Exchange). Unpublished Ph.D thesis, Hacettepe Üniversitesi, Türkiye.
Balsam, S., Krishnan, J., & Yang, J. S. (2003). Auditor industry specialization and earnings quality. Auditing: A Journal of Practice and Theory, 22(2), 61–96.
Balsarı, Ç. K., Özkan, S., & Secer, C. (2009). Financial statement effects of adopting IFRS in Turkey: The mediating effect of inflation accounting. Journal of International Finance and Economics, 9(5), 55–68.
Beasley, M. S. (1996). An empirical analysis of the relation between the board of directors and financial report fraud. The Accounting Review, 71(4), 443–465.
Capital Markets Board (CMB). (2003a). Corporate governance principles. [online]. http://www.spk.gov.tr/indexcont.aspx?action=showpage&menuid=10&pid=0. Accessed 09 July 2010.
Capital Markets Board (CMB). (2003b) Communiqué on accounting standards in capital markets, (Serial: XI, No: 25), [online]. http://spk.gov.tr/apps/teblig/index.aspx?lang=T&submenuheader=-1. Accessed 07 Sept 2010.
Capital Markets Board (CMB). (2004). Weekly bulletin numbered 2004/51. [online]. http://www.spk.gov.tr/apps/haftalikbulten/displaybulten.aspx?yil=2004&sayi=51&submenuheader=null. Accessed 11 Sept 2010.
Capital Markets Board (CMB). (2006). Communiqué on independent auditing standards in capital markets, (Serial: X, No: 22), [online]. http://spk.gov.tr/apps/teblig/index.aspx?lang = T&submenuheader = -1. Accessed 07 Sept 2010.
Capital Markets Board (CMB). (2008). Communiqué on principles for the financial reporting in capital markets, (Serial: XI, No: 29), [Online]. http://spk.gov.tr/apps/teblig/index.aspx?lang = T&submenuheader = -1. Accessed 07 Sept 2010.
Capital Markets Board (CMB). (2010). International economic and financial indicators June-2010. [online]. http://www.spk.gov.tr/indexcont.aspx?action=showpage&menuid=9&pid=2&submenuheader=-1. Accessed 11 Sept 2010.
Christie, A. A., & Zimmerman, J. L. (1994). Efficient and opportunistic choices of accounting procedures, corporate control contests. The Accounting Review, 69(4), 539–566.
Claessens, S., Djankov, S., Fan, J. P. H., & Lang, L. H. P. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance, 57(6), 2741–2771. CrossRef
Davidson, R., Goodwin-Stewart, J., & Kent, P. (2005). Internal governance structures and earnings management. Accounting and Finance, 45(2), 241–266. CrossRef
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. The Accounting Review, 60(2), 193–225.
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1996). Causes and consequences of earnings manipulation, an analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Review, 13(1), 1–36. CrossRef
Dechow, P. M., Richardson, S. A., & Tuna, I. (2003). Why are earnings kinky? An examination of the earnings management explanation. Review of Accounting Studies, 8(2–3), 355–384. CrossRef
Demirag, I., & Serter, M. (2003). Ownership patterns and control in Turkish listed companies. Corporate Governance: An International Review, 11(1), 40–51. CrossRef
Durukan, M. B., Özkan, S., & Dalkılıç, A. F. (2009). The effectiveness of the Turkish corporate governance system, CEO changes and performance measures, (Working paper), [online]. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1405251. Accessed 06 Oct 2009.
Elitaş, C., & Üç, M. (2009). The change on the foundations of the Turkish accounting system and the future perspective. Critical Perspectives on Accounting, 20(5), 674–679. CrossRef
Fama, E. F., & MacBeth, J. D. (1973). Risk, return, and equilibrium, empirical tests. The Journal of Political Economy, 81(3), 607–636. CrossRef
García-Osma, B. (2006). Earnings quality, auditor monitoring and corporate governance mechanisms. Ph.D disseration, Lancaster University, UK.
Gillan, S. L. (2006). Recent developments in corporate governance, an overview. Journal of Corporate Finance, 12(3), 381–402. CrossRef
Grossman, S. J., & Hart, O. D. (1988). One share-one vote and the market for corporate control. Journal of Financial Economics, 20(1–2), 175–202. CrossRef
Hacımahmutoğlu, S. (2007). The problems of minority protection and their solutions within the legal framework. Journal of Banking Regulation, 8(2), 131–158. CrossRef
Institute of International Finance (IIF). (2005). Corporate governance in Turkey, an investor perspective. [online]. www.goodprogram.org/docs/IIFCorpGovTurkey_0405.pdf. Accessed 01 Sept 2010.
Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48(3), 831–880. CrossRef
Jeter, D. C., & Shivakumar, L. (1999). Cross-sectional estimation of abnormal accruals using quarterly and annual data, effectiveness in detecting event-specific earnings management. Accounting and Business Research, 29(4), 299–319. CrossRef
Jones, J. J. (1991). Earnings management during import relief investigation. Journal of Accounting Research, 29(2), 193–228. CrossRef
Jones, K. L., Krishnan, G. V., & Meleudrez, K. D. (2008). Do models of discretionary accruals detect actual cases of fraudulent and restated earnings? An empirical analysis. Contemporary Accounting Research, 25(2), 499–531. CrossRef
Karacaer, S., & Özek, P. (2010). Denetim Firmasının Büyüklüğü ve Kâr Yönetimi İlişkisi: İMKB Şirketleri Üzerinde Ampirik Bir Araştırma. MUFAD Journal, 48, 60–74.
Kazsnik, R. (1999). On the association between voluntary disclosure and earnings management. Journal of Accounting Research, 36(1), 56–81.
Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, 33(3), 365–400.
Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39(1), 63–196.
Larcker, D. F., & Richardson, S. A. (2004). Fees paid to audit firms, accrual choices, and corporate governance. Journal of Accounting Research, 42(3), 625–658. CrossRef
Mulford, C. W., & Comiskey, E. E. (2002). The financial numbers game, detecting creative accounting practices. New York: Wiley.
Peasnell, K. V., Pope, P. F., & Young, S. (2000). Accrual management to meet earnings targets, UK evidence pre- and post-Cadbury. British Accounting Review, 32(4), 415–445. CrossRef
Peasnell, K. V., Pope, P. F., & Young, E. (2005). Board monitoring and earnings management: Do outside directors influence abnormal accruals? Journal of Business Finance & Accounting, 32(7-8), 1311–1346. CrossRef
Shah, S. Z. A., Butt, S. A., & Hasan, A. (2010). Corporate governance and earnings management an empirical evidence form Pakistani listed companies. European Journal of Scientific Research, 26(4), 624–638.
Siregar, S. V., & Utama, S. (2008). Type of earnings management and the effect of ownership structure, firm size, and corporate governance practices: Evidence from Indonesia. The International Journal of Accounting, 43(1), 1–26. CrossRef
Ugur, M., & Ararat, M. (2006). Does macroeconomic performance affect corporate governance? Evidence from Turkey. Corporate Governance: An International Review, 14(4), 325–348. CrossRef
Wild, J. J. (1996). The audit committee and earnings quality. Journal of Accounting, Auditing and Finance, 11, 246–266.
World Economic Forum (WEF). (2010). The global competitiveness report. [online]. http://www.weforum.org/issues/global-competitiveness. Accessed 03 Aug 2012.
World Federation of Exchanges (WFE). (2009). 2009 Annual reports and statistics. [online]. http://www.world-exchanges.org/files/statistics/pdf/WFE09%20final.pdf. Accessed 10 Aug 2010.
Xie, B., Davidson, W. N., & Dadalt, P. J. (2003). Earnings management and corporate governance, the role of the board and the audit committee. Journal of Corporate Finance, 9(3), 295–316. CrossRef
Yang, J. S., & Krishnan, J. (2005). Audit committees and quarterly earnings management. International Journal of Auditing, 9(3), 201–219. CrossRef
Yükseltürk, O. (2006). İşletmelerde Kârı Yüksek Gösterme Yöntemleri ve Türkiye’de Hisse Senetlerinin Halka Arzı Öncesi Kârı Yüksek Gösterme Eğilimleri (Earning management methods and earnings management in companies performing initial public offerings in Turkey). Unpublished Ph.D thesis, İstanbul Üniversitesi, Türkiye.
- Corporate Governance and Earnings Management: Quarterly Evidence from Turkey
Yasemin Zengin Karaibrahimoğlu
- Springer Berlin Heidelberg
- Chapter 15
Neuer Inhalt/© Stellmach, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta