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Kurumsal Yönetim ve DenetimKalitesi: Borsa İstanbul ŞirketleriÜzerine Bir İnceleme

Year 2016, Issue: 618, 51 - 58, 01.08.2016

Abstract

Bu çalışmanın temel amacı, kurumsal yönetim ile denetim kalitesi arasındaki ilişkiyi araştırmaktır. Bu amacı gerçekleştirmek üzere Borsa İstanbul (BİST)’e kayıtlı farklı sektörlerden 180 firmanın 2009-2013 yıllarına ait verilerinden yararlanılmıştır. Çalışmada denetim kalitesi göstergesi olarak denetim firması büyüklüğü kullanılmıştır. Kurumsal yönetim göstergeleri olarak ise üç değişken kullanılmıştır. Bunlar; bağımsız üye, ikilik ve kurumsal sahipliktir. Ampirik analizlerde, Lojistik regresyon analizi kullanılmıştır. Yapılan analiz sonucunda denetim kalitesi ile kurumsal yönetim göstergesi olarak kullanılan bağımsız üye ve kurumsal sahiplik arasında pozitif buna karşın ikilik ile negatif ve istatistiksel olarak anlamlı ilişki tespit edilmiştir.

References

  • ABBOTT, L.J.,PARKER, S., PETERS, G.F., and RAGHUNANDAN, K.; (2003), “The Association Between Audit Committee Characteristics and Audit Fees”, Auditing: A Journal of Practice and Theory, 22, 17-32.
  • ABDULLAH, W.Z.W.,ISMAIL, S., and JAMALUDDIN, N. (2008), “The Impact of Board Composition, Ownership and CEO Duality on Audit Quality”, Malaysian Accounting Review, Vol. 2, No. 2, 17-28.
  • ADEYEMI, S.B., and FAGBEMI, T.O.; (2010), “Audit Quality, Corporate Governance and Firm Characteristics in Nigeria”, International Journal of Business and Management, Vol. 5, No. 5, 169-179.
  • AKYILDIZ, M.K.; (2014), “Yatırım Fonlarında Kurumsal Yönetim İlkelerinin Uygulanması”, Sermaye Piyasası Kurulu Yeterlilik Etüdü, Ankara.
  • BALSAM, S.,KRISHNAN, J., and YANG, J.; (2003), “Auditor Industry Specialization and Earnings Quality”, Auditing: A Journal of Practice and Theory, Vol. 22, No. 2, 71-97.
  • BANDERLIPE, M.R.S.; (2009), “The Impact of Selected Corporate Governance Variables in Mitigating Earnings Management in the Philippines”, DLSU Business and Economics Review 19.1, 17-27
  • BEASLEY, M.S.,and PETRONI, K.R.; (2001), “Board Independence and Audit-FirmType”, Auditing, 20, 97-114.
  • BEISLAND, L.A.,MERSLAND, R., and STROM, R.O.; (2013), “Audit Quality and Corporate Governance: Evidence from the Micro Finance Industry”, CBE WorkingPaper, No: 13/035 https://dipot.ulb.ac.be/dspace/bitstream/2013/149218/1/ wp13035.pdf
  • BOONE, J.P.,KHURANA, I.K., and RAMAN, K.K.; (2010), “Do the Big 4 and the Second-Tier Firms Provide Audits of Similar Quality?”,Journal of Accounting and Public Policy, 29, 330-352.
  • BROYE, G.,and WEILL, L.; (2008), “Does leverage influence auditor choice? A cross-country analysis”, Applied Financial Economics, 18, 715-731.
  • CARCELLO, J.V.,HERMANSON, D.R., Neal, T.L. and RILEY, R.A.; (2002), “Board Characteristics and Audit Fees”, Contemporary Accounting Research, 19 (3), 365-384.
  • CENGİZ, S.; (2013), “İşletmelerde Kurumsal Yönetim Kapsamında İç Denetimin Yeri ve Önemi: Borsa İstanbul’da Bir Araştırma”, Afyon Kocatepe Üniversitesi, İİBF Dergisi, Cilt XV, Sayı II, 403-448.
  • CHAN, K.H., LIN, K.Z.,and ZHANG, F.; (2007), “On the Association between Changes in Corporate Ownership and Changes in Auditor Quality in a Transitional Economy”, Journal of International Accounting Research, Vol. 6, No. 1, 19-36.
  • ÇOKLUK, Ö.; (2010), “Lojistik Regresyon Analizi: Kavram ve Uygulama”, Kuram ve Uygulamada Eğitim Bilimleri, 10 (3) , 1357-1407 https://www.edam.com.tr/kuyeb/pdf/tr/3e2b1f84ce847e4fef09b 68db9b1a420kFULL.pdf
  • DE ANGELO, L.E.; (1981), “Auditors Size and Audit Quality”, Journal of Accounting and Economics, 3, 183-199.
  • DONALDSON, L., ve DAVIS, J. H.; (1991), “Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns”, Australian Journal of Management, 16 (1), 49-64.
  • DURUKAN, M.B. ve İKİZ, A. K.; (2007), “Denetim Kalitesi, Kalite ve Hiz¬met Kalitesine İlişkin Modeller: Kavramsal Çerçeve”, Mali Çözüm (82), 29-56.
  • ENOFE, A.O.,MGBAME, C.,and ADERIM, A.; (2013), “Determinants of Audit Quality in the Nigerian Business Environment”, Research Journal of Finance and Accounting, Vol. 4, No. 4, 36-43.
  • FAMA, E.K.,and JENSEN, M.C.; (1983), “Separation of Ownership and Control”, Journal of Law and Economics, 26 (6), 301-325.
  • FATHI, J.; (2013), “Corporate Goverance System and Quality of Financial Information”, Mediterranean Journal of Social Sciences, Vol. 4, No. 2, 129-142.
  • FRANCIS, J.R.; (2004), “What Do We Know About Audit Quality?”,The British Accounting Review, 36, 345-368.
  • GANA, M.,and LAJMI, A.; (2011), “Directors’ Board Characteristics and Audit Quality: Evidence from Belgium”, Journal of Modern Accounting and Auditing, Vol. 7, No. 7, 668-679.
  • GAJEVSZKY, A.; (2014), “Audit Quality and Corporate Governance: Evidence from the Bucharest Stock Exchange”, Journal of Economic and Social Development, Vol 1, No 2, 1-11.
  • GONZALEZ, J. S., and E. GARCIA-MECA.; (2014), “Does Corporate Governance Influence Earnings Management in Latin American Markets?”, Journal of Business Ethics, Vol. 121, Issue 3, 419-440.
  • GÜREDİN, E. (1997), Denetim. Beta Yayınları, 10. Baskı, İstanbul
  • HASSAN, M., HASSAN, S., IQBAL, A.,and KHAN, M.F.A.; (2014), “Impact of Corporate Governance on Audit Fee: Empirical Evidence from Pakistan”, World Applied Sciences Journal 30, (5), 645-651.
  • HAY, D.C.,KNECHEL, W.R., and WONG, N.; (2006), “Audit Fees: A Meta-Analysis of the Effect of Supply and Demand Attributes”, Contemporary Accounting Research, 23, 141-191.
  • HOPE, O.K.,KANG, T., THOMAS, W., and YOO, Y.K.; (2008), “Culture and auditor choice: A test of these crecy hypothesis”, Journal of Accounting and Public Policy, 27, 357-373.
  • KANE, G.D.,and VELURY, U.; (2004), “The Role of Institutional Ownership in the Market for Auditing Service: An Empirical Investigation”, Journal of Business Research, 976-983.
  • KARAİBRAHİMOĞLU, Y.Z.; (2013), “Is Corporate Governance A Determinant of Auditor Choice? Evidence From Turkey”, Ege Akademik Bakış, Cilt. 13, Sayı. 2, 273-284.
  • KIKHIA, H.Y.; (2014), “Board Characteristics, Audit Committee Characteristics and AuditFee: Evidence from Jordan”, International Business Research, Vol. 7, No. 12, 98-110.
  • KNECHEL, W. R., G. V. KRISHNAN, M. PEVZNER, L. B. SHEFCHIK, and U. K. VELURY; (2013), “Audit Quality: Insights from the Academic Literature”, Auditing: A Journal of Practice and Theory, 32, 385-421.
  • MITRA, S., HOSSAIN, M., and DEIS, D.R.; (2007), “The Empirical Relationship between Ownership Characteristics and Audit Fees”, Review Quantative Finance Accounting, 28, 257-285.
  • O’SULLIVAN, N.; (2000), “The Impact of Board Composition and Ownership on Audit Quality: Evidence from Large UK Companies”, British Accounting Review 32, 397-414.
  • OKTAY, S.; (2013), “Bağımsız Denetim Etkinliğinin Arttırılmasında, Denetim Hizmetinde Kalite ve Kalite Kontrol: ABD Düzenlemeleri”, Maliye Finans Yazıları, Sayı. 100, 42-94.
  • OKOLIE, A.O.,and IZEDONMI , F.I.O.; (2014), “The Impact of Audit Quality on the Share Prices of Quoted Companies in Nigeria, Research”, Journal of Finance and Accounting, Vol.5, No.8,pp. 150-166.
  • PAMUKCU, F.; (2011), “Finansal Raporlama ile Kamuyu Aydınlatma ve Şeffaflıkta Kurumsal Yönetimin Önemi”, Muhasebe ve Finansman Dergisi, 133-148.
  • RECHNER, P.L. and DALTON, D.R.; (1989), “The Impact of CEO as Board Chairperson on Corporate Performance”, Academy of Management, 32, 141-143.
  • SALLEH, Z.,STEWART, J., and MANSON, S.; (2006), “The Impact of Board Composition and Ethnicity on Audit Quality: Evidence from Malaysian Companies”, Malaysian Accounting Review, 5 (2), 61-83.
  • SOLIMAN, M.M.,and ELSALAM, M.A.; (2012), “Corporate Governance Practices and AuditQuality: An Empirical Study of the Listed Companies in Egypt”, World Academy of Science, Engineering and Technology, 71, 1292-1297.
  • TERZİ, S., ŞEN, İ. K.,and SOLAK, B.; (2014), “Kurumsal Yönetim Uygulamalarının Denetim Kalitesine Etkisi: Borsa İstanbul’da Ampirik Bir Araştırma”, Uluslararası Yönetim İktisat ve İşletme Dergisi, Cilt. 10, Sayı. 23, 191-206.
  • YANG, W.S.,CHUN, L.S., and RAMADILI, S.M.; (2009), “The Effect of Board Structure and Institutional Ownership Structure on Earnings Management”, International Journal of Economics and Management, 3(2), pp. 332-353.
  • YATIM, P., KENT, P., and CLARKSON, P.; (2006), “Governance Structure, Ethnicity, and Audit Fees of Malaysian Listed Firms”, Managerial Auditing Journal 21, No. 7, 757-782.
  • ZUREIGAT, Q.M.; (2011), “The Effect of Ownership Structure on Audit Quality: Evidence from Jordan”, International Journal of Business and Social Science, Vol. 2, No. 10, 38-46.
  • h t t p : / / w w w. s p k . g o v. t r / a p p s / t e b l i g / d i s p l a y t e b l i g . aspx?id=435&ext=.pdf (Erişim Tarihi: 09.08.2016)

Corporate Governance and Audit Quality: An Investigation on Borsa Istanbul Companies

Year 2016, Issue: 618, 51 - 58, 01.08.2016

Abstract

The main aim of this study is to examine the relationship between corporate governance and audit quality. To fulfil this aim, the data between 2009 and 2013 from 180 companies from different sectors which are listed in Borsa Istanbul (BİST) is used. The size of auditing company has come into consideration as the indicator of audit quality in this study. Three variables are used as the indicator of corporate governance. These are independent member, duality and institutional ownership. In empirical analyses, logistic regression analysis is used. As a result, a positive relationship between audit quality and independent member which is used as an indicator of corporate governance and institutional ownership has been found; on the other hand a negative relationship has been found with duality.

References

  • ABBOTT, L.J.,PARKER, S., PETERS, G.F., and RAGHUNANDAN, K.; (2003), “The Association Between Audit Committee Characteristics and Audit Fees”, Auditing: A Journal of Practice and Theory, 22, 17-32.
  • ABDULLAH, W.Z.W.,ISMAIL, S., and JAMALUDDIN, N. (2008), “The Impact of Board Composition, Ownership and CEO Duality on Audit Quality”, Malaysian Accounting Review, Vol. 2, No. 2, 17-28.
  • ADEYEMI, S.B., and FAGBEMI, T.O.; (2010), “Audit Quality, Corporate Governance and Firm Characteristics in Nigeria”, International Journal of Business and Management, Vol. 5, No. 5, 169-179.
  • AKYILDIZ, M.K.; (2014), “Yatırım Fonlarında Kurumsal Yönetim İlkelerinin Uygulanması”, Sermaye Piyasası Kurulu Yeterlilik Etüdü, Ankara.
  • BALSAM, S.,KRISHNAN, J., and YANG, J.; (2003), “Auditor Industry Specialization and Earnings Quality”, Auditing: A Journal of Practice and Theory, Vol. 22, No. 2, 71-97.
  • BANDERLIPE, M.R.S.; (2009), “The Impact of Selected Corporate Governance Variables in Mitigating Earnings Management in the Philippines”, DLSU Business and Economics Review 19.1, 17-27
  • BEASLEY, M.S.,and PETRONI, K.R.; (2001), “Board Independence and Audit-FirmType”, Auditing, 20, 97-114.
  • BEISLAND, L.A.,MERSLAND, R., and STROM, R.O.; (2013), “Audit Quality and Corporate Governance: Evidence from the Micro Finance Industry”, CBE WorkingPaper, No: 13/035 https://dipot.ulb.ac.be/dspace/bitstream/2013/149218/1/ wp13035.pdf
  • BOONE, J.P.,KHURANA, I.K., and RAMAN, K.K.; (2010), “Do the Big 4 and the Second-Tier Firms Provide Audits of Similar Quality?”,Journal of Accounting and Public Policy, 29, 330-352.
  • BROYE, G.,and WEILL, L.; (2008), “Does leverage influence auditor choice? A cross-country analysis”, Applied Financial Economics, 18, 715-731.
  • CARCELLO, J.V.,HERMANSON, D.R., Neal, T.L. and RILEY, R.A.; (2002), “Board Characteristics and Audit Fees”, Contemporary Accounting Research, 19 (3), 365-384.
  • CENGİZ, S.; (2013), “İşletmelerde Kurumsal Yönetim Kapsamında İç Denetimin Yeri ve Önemi: Borsa İstanbul’da Bir Araştırma”, Afyon Kocatepe Üniversitesi, İİBF Dergisi, Cilt XV, Sayı II, 403-448.
  • CHAN, K.H., LIN, K.Z.,and ZHANG, F.; (2007), “On the Association between Changes in Corporate Ownership and Changes in Auditor Quality in a Transitional Economy”, Journal of International Accounting Research, Vol. 6, No. 1, 19-36.
  • ÇOKLUK, Ö.; (2010), “Lojistik Regresyon Analizi: Kavram ve Uygulama”, Kuram ve Uygulamada Eğitim Bilimleri, 10 (3) , 1357-1407 https://www.edam.com.tr/kuyeb/pdf/tr/3e2b1f84ce847e4fef09b 68db9b1a420kFULL.pdf
  • DE ANGELO, L.E.; (1981), “Auditors Size and Audit Quality”, Journal of Accounting and Economics, 3, 183-199.
  • DONALDSON, L., ve DAVIS, J. H.; (1991), “Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns”, Australian Journal of Management, 16 (1), 49-64.
  • DURUKAN, M.B. ve İKİZ, A. K.; (2007), “Denetim Kalitesi, Kalite ve Hiz¬met Kalitesine İlişkin Modeller: Kavramsal Çerçeve”, Mali Çözüm (82), 29-56.
  • ENOFE, A.O.,MGBAME, C.,and ADERIM, A.; (2013), “Determinants of Audit Quality in the Nigerian Business Environment”, Research Journal of Finance and Accounting, Vol. 4, No. 4, 36-43.
  • FAMA, E.K.,and JENSEN, M.C.; (1983), “Separation of Ownership and Control”, Journal of Law and Economics, 26 (6), 301-325.
  • FATHI, J.; (2013), “Corporate Goverance System and Quality of Financial Information”, Mediterranean Journal of Social Sciences, Vol. 4, No. 2, 129-142.
  • FRANCIS, J.R.; (2004), “What Do We Know About Audit Quality?”,The British Accounting Review, 36, 345-368.
  • GANA, M.,and LAJMI, A.; (2011), “Directors’ Board Characteristics and Audit Quality: Evidence from Belgium”, Journal of Modern Accounting and Auditing, Vol. 7, No. 7, 668-679.
  • GAJEVSZKY, A.; (2014), “Audit Quality and Corporate Governance: Evidence from the Bucharest Stock Exchange”, Journal of Economic and Social Development, Vol 1, No 2, 1-11.
  • GONZALEZ, J. S., and E. GARCIA-MECA.; (2014), “Does Corporate Governance Influence Earnings Management in Latin American Markets?”, Journal of Business Ethics, Vol. 121, Issue 3, 419-440.
  • GÜREDİN, E. (1997), Denetim. Beta Yayınları, 10. Baskı, İstanbul
  • HASSAN, M., HASSAN, S., IQBAL, A.,and KHAN, M.F.A.; (2014), “Impact of Corporate Governance on Audit Fee: Empirical Evidence from Pakistan”, World Applied Sciences Journal 30, (5), 645-651.
  • HAY, D.C.,KNECHEL, W.R., and WONG, N.; (2006), “Audit Fees: A Meta-Analysis of the Effect of Supply and Demand Attributes”, Contemporary Accounting Research, 23, 141-191.
  • HOPE, O.K.,KANG, T., THOMAS, W., and YOO, Y.K.; (2008), “Culture and auditor choice: A test of these crecy hypothesis”, Journal of Accounting and Public Policy, 27, 357-373.
  • KANE, G.D.,and VELURY, U.; (2004), “The Role of Institutional Ownership in the Market for Auditing Service: An Empirical Investigation”, Journal of Business Research, 976-983.
  • KARAİBRAHİMOĞLU, Y.Z.; (2013), “Is Corporate Governance A Determinant of Auditor Choice? Evidence From Turkey”, Ege Akademik Bakış, Cilt. 13, Sayı. 2, 273-284.
  • KIKHIA, H.Y.; (2014), “Board Characteristics, Audit Committee Characteristics and AuditFee: Evidence from Jordan”, International Business Research, Vol. 7, No. 12, 98-110.
  • KNECHEL, W. R., G. V. KRISHNAN, M. PEVZNER, L. B. SHEFCHIK, and U. K. VELURY; (2013), “Audit Quality: Insights from the Academic Literature”, Auditing: A Journal of Practice and Theory, 32, 385-421.
  • MITRA, S., HOSSAIN, M., and DEIS, D.R.; (2007), “The Empirical Relationship between Ownership Characteristics and Audit Fees”, Review Quantative Finance Accounting, 28, 257-285.
  • O’SULLIVAN, N.; (2000), “The Impact of Board Composition and Ownership on Audit Quality: Evidence from Large UK Companies”, British Accounting Review 32, 397-414.
  • OKTAY, S.; (2013), “Bağımsız Denetim Etkinliğinin Arttırılmasında, Denetim Hizmetinde Kalite ve Kalite Kontrol: ABD Düzenlemeleri”, Maliye Finans Yazıları, Sayı. 100, 42-94.
  • OKOLIE, A.O.,and IZEDONMI , F.I.O.; (2014), “The Impact of Audit Quality on the Share Prices of Quoted Companies in Nigeria, Research”, Journal of Finance and Accounting, Vol.5, No.8,pp. 150-166.
  • PAMUKCU, F.; (2011), “Finansal Raporlama ile Kamuyu Aydınlatma ve Şeffaflıkta Kurumsal Yönetimin Önemi”, Muhasebe ve Finansman Dergisi, 133-148.
  • RECHNER, P.L. and DALTON, D.R.; (1989), “The Impact of CEO as Board Chairperson on Corporate Performance”, Academy of Management, 32, 141-143.
  • SALLEH, Z.,STEWART, J., and MANSON, S.; (2006), “The Impact of Board Composition and Ethnicity on Audit Quality: Evidence from Malaysian Companies”, Malaysian Accounting Review, 5 (2), 61-83.
  • SOLIMAN, M.M.,and ELSALAM, M.A.; (2012), “Corporate Governance Practices and AuditQuality: An Empirical Study of the Listed Companies in Egypt”, World Academy of Science, Engineering and Technology, 71, 1292-1297.
  • TERZİ, S., ŞEN, İ. K.,and SOLAK, B.; (2014), “Kurumsal Yönetim Uygulamalarının Denetim Kalitesine Etkisi: Borsa İstanbul’da Ampirik Bir Araştırma”, Uluslararası Yönetim İktisat ve İşletme Dergisi, Cilt. 10, Sayı. 23, 191-206.
  • YANG, W.S.,CHUN, L.S., and RAMADILI, S.M.; (2009), “The Effect of Board Structure and Institutional Ownership Structure on Earnings Management”, International Journal of Economics and Management, 3(2), pp. 332-353.
  • YATIM, P., KENT, P., and CLARKSON, P.; (2006), “Governance Structure, Ethnicity, and Audit Fees of Malaysian Listed Firms”, Managerial Auditing Journal 21, No. 7, 757-782.
  • ZUREIGAT, Q.M.; (2011), “The Effect of Ownership Structure on Audit Quality: Evidence from Jordan”, International Journal of Business and Social Science, Vol. 2, No. 10, 38-46.
  • h t t p : / / w w w. s p k . g o v. t r / a p p s / t e b l i g / d i s p l a y t e b l i g . aspx?id=435&ext=.pdf (Erişim Tarihi: 09.08.2016)
There are 45 citations in total.

Details

Primary Language Turkish
Journal Section Research Article
Authors

Mehmet Aygün This is me

H.Cem Sayın

Publication Date August 1, 2016
Published in Issue Year 2016 Issue: 618

Cite

APA Aygün, M., & Sayın, H. (2016). Kurumsal Yönetim ve DenetimKalitesi: Borsa İstanbul ŞirketleriÜzerine Bir İnceleme. Finans Politik Ve Ekonomik Yorumlar(618), 51-58.
AMA Aygün M, Sayın H. Kurumsal Yönetim ve DenetimKalitesi: Borsa İstanbul ŞirketleriÜzerine Bir İnceleme. FPEYD. August 2016;(618):51-58.
Chicago Aygün, Mehmet, and H.Cem Sayın. “Kurumsal Yönetim Ve DenetimKalitesi: Borsa İstanbul ŞirketleriÜzerine Bir İnceleme”. Finans Politik Ve Ekonomik Yorumlar, no. 618 (August 2016): 51-58.
EndNote Aygün M, Sayın H (August 1, 2016) Kurumsal Yönetim ve DenetimKalitesi: Borsa İstanbul ŞirketleriÜzerine Bir İnceleme. Finans Politik ve Ekonomik Yorumlar 618 51–58.
IEEE M. Aygün and H. Sayın, “Kurumsal Yönetim ve DenetimKalitesi: Borsa İstanbul ŞirketleriÜzerine Bir İnceleme”, FPEYD, no. 618, pp. 51–58, August 2016.
ISNAD Aygün, Mehmet - Sayın, H.Cem. “Kurumsal Yönetim Ve DenetimKalitesi: Borsa İstanbul ŞirketleriÜzerine Bir İnceleme”. Finans Politik ve Ekonomik Yorumlar 618 (August 2016), 51-58.
JAMA Aygün M, Sayın H. Kurumsal Yönetim ve DenetimKalitesi: Borsa İstanbul ŞirketleriÜzerine Bir İnceleme. FPEYD. 2016;:51–58.
MLA Aygün, Mehmet and H.Cem Sayın. “Kurumsal Yönetim Ve DenetimKalitesi: Borsa İstanbul ŞirketleriÜzerine Bir İnceleme”. Finans Politik Ve Ekonomik Yorumlar, no. 618, 2016, pp. 51-58.
Vancouver Aygün M, Sayın H. Kurumsal Yönetim ve DenetimKalitesi: Borsa İstanbul ŞirketleriÜzerine Bir İnceleme. FPEYD. 2016(618):51-8.