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Muhasebe Manipülasyonunun Pay Senedi Getirisine Etkisi: BİST Sınai İşletmelerinde Bir Uygulama

Yıl 2023, Cilt: 16 Sayı: 2, 247 - 267, 01.08.2023

Suphi Aslanoğlu Evren Yanya

https://doi.org/10.29067/muvu.1273117

Öz

Bu çalışmada, muhasebe manipülasyonunun işletmelerin pay senedi getirisi üzerindeki etkisi incelenmiştir. Çalışmada, 2012-2021 yılları arasında BİST Sınai Endeksi’nde faaliyet gösteren 95 işletmeye ilişkin veriler panel veri analizi ile değerlendirilmiştir. Pay senedi getirilerinin hesaplanmasında yıllık veriler esas alınmıştır. Muhasebe manipülasyonu, Beneish (1999) modeline göre hesaplanan M-skor göstergesi ile temsil edilmiştir. Çalışmanın kontrol değişkenleri, finansal kaldıraç oranı ve işleme büyüklüğü olmak üzere modelde yer almıştır. Analiz sonuçlarına göre, pay senedi getirisi üzerinde muhasebe manipülasyonunun etkisi pozitif yönde ve işletme büyüklüğünün etkisi ise negatif yönde ve anlamlı bulunmuştur.

Anahtar Kelimeler

Muhasebe Manipülasyonu Pay Senedi Getirisi Beneish Modeli

Kaynakça

  • Acaravcı, S. K., Ural, T., ve Karaömer, Y. (2018). Hisse senedi getirisi ve sermaye yapısı ilişkisine etki eden faktörlerin yapısal eşitlik modellemesi ile analizi. İşletme ve İktisat Çalışmaları Dergisi, 6(4), 26-38.
  • Aggarwal, R. K., ve Wu, G. (2006). Stock market manipulations. Journal of Business, 79(4), 1915-1953.
  • Asteriou, D., ve Hall, S. G. (2007). Applied econometrics. England: Palgrave Macmillan.
  • Baker, M., ve Wurgler, J. (2002). Market timing and capital structure. The Journal of Finance, 57(1), 1-32.
  • Ball, R., ve Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6(2), 159-178.
  • Baltagi, B. H. (2005). Econometric analysis of panel data. England: John Wiley ve Sons.
  • Bansal, M., Ali, A., ve Choudhary, B. (2021). Real earnings management and stock returns: moderating role of cross-sectional effects. Asian Journal of Accounting Research, 6(3), 266-280. doi:10.1108/AJAR-11-2020-0107
  • Banz, R. W. (1981). The relationship between return and market value of common stocks. Journal of Financial Economics, 9, 3-18.
  • Beasley, M. S., Hermanson, D. R., Carcello, J. V., ve and Neal, T. L. (2010). Fraudulent financial reporting: 1998-2007:an analysis of U.S. public companies. Association Sections, Divisions,Boards, Teams.453. https://egrove.olemiss.edu/aicpa_assoc/453 erişim tarihi:07.03.2023
  • Beneish, M. D. (1999). The detection of earnings manipulation. Financial Analysts Journal, 55(5), 24-36. doi:10.2469/faj.v55.n5.2296
  • Bhandari, L. C. (1988). Debt/equity ratio and expected common stock returns: empirical evidence. The Journal of Finance, 43(2), 507-528.
  • Bhargava, A., Franzini, L., ve Narendranathan, W. (1982). Serial correlation and the fixed effects model. The Review of Economic Studies, 49(4), 533-549.
  • Bhutto, N. A., Shaique, M., Kanwal, S., ve Matlani, A. (2021). Impact of earnings management practices on stock return. The Indonesian Capital Market Review, 13(1), 12-36. doi:10.21002/icmr.v13i1.12839
  • Canbaş, S., Kandır, S. Y., ve Erişmiş, A. (2008). İMKB şirketlerinde büyüklük ve defter değeri/piyasa değeri oranının hisse senedi getirilerine etkisinin analizi. İMKB Dergisi, 10(39), 1-18.
  • Christianto, W. (2014, Haziran 6). The Effect of Earnings Manipulation With Using M-Skore on Stock Return (Empirical Evidence in Indonesia Listed Companies on LQ45 atIndonesia Stock Exchange Period 2009-2011). Indonesia: Faculty of Economics University of Atma Jaya Yogyakarta, Master Thesis.
  • Copeland, R. M. (1968). Income Smoothing. Journal of Accounting Research, 6, 101-116. doi:10.2307/2490073
  • Cruz, D., ve Luiz, C. A. (2015). Earnings management choice: an empirical study on the ımpact of earnings management on stock returns. De La Salle University Research Congress (s. 1-10). Philippines: De La Salle University.
  • DeAngelo, L. E. (1986). Accounting numbers as market valuation substitutes: a study of management buyouts of public stockholders. The Accounting Review, 61(3), 400-420.
  • Dechow, P. M., Sloan, R. G., ve Sweeney, A. P. (1995). Detecting earnings management. The Accounting Review, 70(2), 193-225.
  • Diaz, D., Theodoulidis, B., ve Sampaio, P. (2011). Analysis of stock market manipulations using knowledge discovery techniques applied to ıntraday trade prices. Expert Systems with Applications, 38(10), 12757-12771. doi:10.1016/j.eswa.2011.04.066
  • Dimitrov, V., ve Jain, P. C. (2006). The value relevance of changes in financial leverage. doi:10.2139/ssrn.708281
  • Fama, E. F., ve French, K. R. (1992). The cross-section of expected stock returns. Journal of Finance, 47(2), 427-465.
  • Eicker, F. (1697). Limit theorems for regressions with unequal and dependent errors. Proceedings of the Fifth Berkeley Symposium on Mathematical Statistics and Probability. 1, s. 59-82. New York: University of California Press.
  • George, T. J., ve Hwang, C.-Y. (2010). A resolution of the distress risk and leverage puzzles in the cross section of stock returns. The Journal of Financial Economics, 96(1), 56-79.
  • Hausman, J. A. (1978). Specification test in econometrics. Econometrica, 46(6), 1251-1271.
  • Healy, P. M. (1985). The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics, 7, 85-107.
  • Huang, Y. C., Chen, R. C., ve Cheng, Y. J. (2005). Stock manipulation and its impact on market quality: working paper. Taiwan: National Kaohsiung First University of Science and Technology, Kaohsiung 811.
  • Huber, P. J. (1967). The behavior of maximum likelihood estimates under nonstandard conditions. Proceedings of the Fifth Berkeley Symposium on Mathematical Statistics and Probability. 1, s. 221-223. New York: Unıversity of California Press.
  • Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193-228.
  • Kara, S., ve Sakarya, Ş. (2021). Muhasebe manipülasyonu ile hisse senedi volatilitesi arasındaki ilişki üzerine Borsa İstanbul (BIST)’da bir uygulama. International Journal of Business Economics and Management Perspectives, 5(1), 122-136. doi:10.29228/ijbemp.50126
  • Kim, J. H. (2019). Multicollinearity and misleading statistical results. The Korean Society of Anesthesiologists, 72(6), 558-569.
  • Korteweg, A. G. (2004). Financial leverage and expected stock returns: evidence from pure exchange. doi:10.2139/ssrn.597922
  • Kothari, S., Leone, A. J., ve Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39, 163-197. doi:10.1016/j.jacceco.2004.11.002
  • Lock, B. Q., Chu, E. Y., Song, S. I., ve Lee, L. Y. (2019). Exchange rate movements, earnings management and stock returns in Malaysia. Capital Markets Review, 27(1), 53-68.
  • Masulis, R. W. (1983). The impact of capital structure change on firm value: some estimates. The Journal of Finance, 38(1), 107-126.
  • Mulford, C. W., ve Comiskey, E. E. (2002). The financial numbers game: detecting creative accounting practices. New York: John Wiley ve Sons, Inc.
  • Nur, T., ve Serter, Z. Y. (2022). Finansal bilgi manipülasyonu ile pay senedi getirisi arasındaki ilişki: BİST inşaat endeksindeki firmalar üzerine bir araştırma. Karadeniz 8. Uluslararası Sosyal Bilimler Kongresi (1-13). Ordu: UBAK International Sciences Academy Publications.
  • Nuryaman, N. (2013). The influence of earnings management on stock return and the role of audit quality as a moderating variable. International Journal of Trade, Economics and Finance, 4(2), 73-78. doi:10.7763/IJTEF.2013.V4.263
  • Omush, A. M., Masadeh, W. M., ve Zahran, R. M. (2019). The impact of earnings management on stock returns for listed industrial firms on the Amman stock exchange. Business and Economic Research, 9(3), 1-22.
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Cambridge Working Papers in Economics No.0435. University of Cambridge, Faculty of Economics and Politics.
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265-312. doi:10.1002/jae.951
  • Rachman, A. A., Rachmawati, R., Sjaiful, R. L., Jayaatmaja, M. A., Dianita, M., Barus, I. S., ve Edison, A. (2021). The influence of real earning management toward to stock returns. Turkish Journal of Computer and Mathematics Education, 12(8), 1640-1646.
  • Roll, R. (1981). A possible explanation of the small firm effect. The Journal of Finance, 36(4), 879-888.
  • Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42, 335-370.
  • Saedi, A. A. (2018). Earnings management and its relationship with stock returns: an empirical study on sample of Quatari listed industry companies. Academy of Accounting and Financial Studies Journal, 22(5).
  • Sayari, S., Mraihi, F., Finet, A., ve Omri, A. (2013). The impact of earnings management on stock returns: the case of Tunisian firms. Global Journal of Management and Business Research, 13(10), 51-65.
  • Schilit, H. M., ve Perler, J. (2010). Financial shenanigans: how to detect accounting gimmicks and fraud in financial reports (3. b.). McGraw-Hill.
  • Shrestha, N. (2020). Detecting multicollinearity in regression analysis. American Journal of Applied Mathematics and Statistics, 8(2), 39-42. doi:10.12691/ajams-8-2-1
  • Spathis, C. T. (2002). Detecting false financial statements using published data: some evidence from Greece. Managerial Auditing Journal, 17(4), 179-191. doi:https://doi.org/0.1108/02686900210424321
  • Stolowy, H., ve Breton, G. (2004). Accounts manipulation: a literature review and proposed conceptual framework. Review of Accounting and Finance, 3(1), 5-92. doi:10.1108/eb043395
  • Şak, N. (2018). Panel birim kök testleri. S. Güriş (Ed.), Uygulamalı panel veri ekonometrisi (261-314). İstanbul: Der Yayınları.
  • Tang, S., ve Alvita, W. (2021). The effect of earnings management to stock return on company listed in Indonesia. Jurnal Ekonomi dan Bisnis Jagaditha, 8(2), 194-201. doi:10.22225/jj.8.2.2021.194-201
  • Tatoğlu, F. Y. (2020a). Panel veri ekonometrisi: stata uygulamalı. İstanbul: Beta Basım Yayım.
  • Tatoğlu, F. Y. (2020b). Panel zaman serileri analizi: stata uygulamalı. İstanbul: Beta Yayınları.
  • Trussel, J. (2003). Assessing potential accounting manipulation: the financial characteristics of charitable organizations with higher than expected program-spending ratios. Nonprofit and Voluntary Sector Quarterly, 32(4), 616-634. doi:10.1177/0899764003257459
  • Umar, Y. A. (2008). Fundamental analysis of Saudi emerging market stock returns 1990-2004. Journal of Knowledge Globalization, 1(1), 107-115.
  • Ün, T. (2018). Panel veri modellerinin varsayımlarının testi. S. Güriş (Ed.), Uygulamalı panel veri ekonometrisi (73-101). İstanbul: Der Yayınları.
  • White, H. (1980). A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica, 48(4), 817-838.
  • Yang, C.-C., Yang, C.-C., Lee, C.-f., Gu, Y.-X., ve Lee, Y.-W. (2010). Co-determination of capital structure and stock returns—a lisrel approach: an empirical test of Taiwan stock markets. The Quarterly Review of Economics and Finance, 50, 222-233.
  • Yücel, E. (2015). Hisse senedi getirisi ve borç finansmanı ilişkisi: yapısal eşitlik modeli. Finans Politik ve Ekonomik Yorumlar, 52(605), 61-74.

The Effect of Accounting Manipulation on Stock Return: An Application in BIST Industrial Firms

Yıl 2023, Cilt: 16 Sayı: 2, 247 - 267, 01.08.2023

Suphi Aslanoğlu Evren Yanya

https://doi.org/10.29067/muvu.1273117

Öz

The current study examines the impact of accounting manipulation on the stock returns of firms. In the study, the data of 95 firms operating in the BIST Industrial Index between 2012 and 2021 are evaluated using panel data analysis. Stock returns are calculated using annual data. The M-score indicator calculated according to the Beneish (1999) model represents accounting manipulation. The control variables of the study are the financial leverage ratio and firm size. According to the results of the analysis, the effect of accounting manipulation on stock returns is found to be positive, while the effect of firm size is negative and significant.

Anahtar Kelimeler

Accounting Manipulation Stock Return Beneish Model

Kaynakça

  • Acaravcı, S. K., Ural, T., ve Karaömer, Y. (2018). Hisse senedi getirisi ve sermaye yapısı ilişkisine etki eden faktörlerin yapısal eşitlik modellemesi ile analizi. İşletme ve İktisat Çalışmaları Dergisi, 6(4), 26-38.
  • Aggarwal, R. K., ve Wu, G. (2006). Stock market manipulations. Journal of Business, 79(4), 1915-1953.
  • Asteriou, D., ve Hall, S. G. (2007). Applied econometrics. England: Palgrave Macmillan.
  • Baker, M., ve Wurgler, J. (2002). Market timing and capital structure. The Journal of Finance, 57(1), 1-32.
  • Ball, R., ve Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6(2), 159-178.
  • Baltagi, B. H. (2005). Econometric analysis of panel data. England: John Wiley ve Sons.
  • Bansal, M., Ali, A., ve Choudhary, B. (2021). Real earnings management and stock returns: moderating role of cross-sectional effects. Asian Journal of Accounting Research, 6(3), 266-280. doi:10.1108/AJAR-11-2020-0107
  • Banz, R. W. (1981). The relationship between return and market value of common stocks. Journal of Financial Economics, 9, 3-18.
  • Beasley, M. S., Hermanson, D. R., Carcello, J. V., ve and Neal, T. L. (2010). Fraudulent financial reporting: 1998-2007:an analysis of U.S. public companies. Association Sections, Divisions,Boards, Teams.453. https://egrove.olemiss.edu/aicpa_assoc/453 erişim tarihi:07.03.2023
  • Beneish, M. D. (1999). The detection of earnings manipulation. Financial Analysts Journal, 55(5), 24-36. doi:10.2469/faj.v55.n5.2296
  • Bhandari, L. C. (1988). Debt/equity ratio and expected common stock returns: empirical evidence. The Journal of Finance, 43(2), 507-528.
  • Bhargava, A., Franzini, L., ve Narendranathan, W. (1982). Serial correlation and the fixed effects model. The Review of Economic Studies, 49(4), 533-549.
  • Bhutto, N. A., Shaique, M., Kanwal, S., ve Matlani, A. (2021). Impact of earnings management practices on stock return. The Indonesian Capital Market Review, 13(1), 12-36. doi:10.21002/icmr.v13i1.12839
  • Canbaş, S., Kandır, S. Y., ve Erişmiş, A. (2008). İMKB şirketlerinde büyüklük ve defter değeri/piyasa değeri oranının hisse senedi getirilerine etkisinin analizi. İMKB Dergisi, 10(39), 1-18.
  • Christianto, W. (2014, Haziran 6). The Effect of Earnings Manipulation With Using M-Skore on Stock Return (Empirical Evidence in Indonesia Listed Companies on LQ45 atIndonesia Stock Exchange Period 2009-2011). Indonesia: Faculty of Economics University of Atma Jaya Yogyakarta, Master Thesis.
  • Copeland, R. M. (1968). Income Smoothing. Journal of Accounting Research, 6, 101-116. doi:10.2307/2490073
  • Cruz, D., ve Luiz, C. A. (2015). Earnings management choice: an empirical study on the ımpact of earnings management on stock returns. De La Salle University Research Congress (s. 1-10). Philippines: De La Salle University.
  • DeAngelo, L. E. (1986). Accounting numbers as market valuation substitutes: a study of management buyouts of public stockholders. The Accounting Review, 61(3), 400-420.
  • Dechow, P. M., Sloan, R. G., ve Sweeney, A. P. (1995). Detecting earnings management. The Accounting Review, 70(2), 193-225.
  • Diaz, D., Theodoulidis, B., ve Sampaio, P. (2011). Analysis of stock market manipulations using knowledge discovery techniques applied to ıntraday trade prices. Expert Systems with Applications, 38(10), 12757-12771. doi:10.1016/j.eswa.2011.04.066
  • Dimitrov, V., ve Jain, P. C. (2006). The value relevance of changes in financial leverage. doi:10.2139/ssrn.708281
  • Fama, E. F., ve French, K. R. (1992). The cross-section of expected stock returns. Journal of Finance, 47(2), 427-465.
  • Eicker, F. (1697). Limit theorems for regressions with unequal and dependent errors. Proceedings of the Fifth Berkeley Symposium on Mathematical Statistics and Probability. 1, s. 59-82. New York: University of California Press.
  • George, T. J., ve Hwang, C.-Y. (2010). A resolution of the distress risk and leverage puzzles in the cross section of stock returns. The Journal of Financial Economics, 96(1), 56-79.
  • Hausman, J. A. (1978). Specification test in econometrics. Econometrica, 46(6), 1251-1271.
  • Healy, P. M. (1985). The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics, 7, 85-107.
  • Huang, Y. C., Chen, R. C., ve Cheng, Y. J. (2005). Stock manipulation and its impact on market quality: working paper. Taiwan: National Kaohsiung First University of Science and Technology, Kaohsiung 811.
  • Huber, P. J. (1967). The behavior of maximum likelihood estimates under nonstandard conditions. Proceedings of the Fifth Berkeley Symposium on Mathematical Statistics and Probability. 1, s. 221-223. New York: Unıversity of California Press.
  • Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193-228.
  • Kara, S., ve Sakarya, Ş. (2021). Muhasebe manipülasyonu ile hisse senedi volatilitesi arasındaki ilişki üzerine Borsa İstanbul (BIST)’da bir uygulama. International Journal of Business Economics and Management Perspectives, 5(1), 122-136. doi:10.29228/ijbemp.50126
  • Kim, J. H. (2019). Multicollinearity and misleading statistical results. The Korean Society of Anesthesiologists, 72(6), 558-569.
  • Korteweg, A. G. (2004). Financial leverage and expected stock returns: evidence from pure exchange. doi:10.2139/ssrn.597922
  • Kothari, S., Leone, A. J., ve Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39, 163-197. doi:10.1016/j.jacceco.2004.11.002
  • Lock, B. Q., Chu, E. Y., Song, S. I., ve Lee, L. Y. (2019). Exchange rate movements, earnings management and stock returns in Malaysia. Capital Markets Review, 27(1), 53-68.
  • Masulis, R. W. (1983). The impact of capital structure change on firm value: some estimates. The Journal of Finance, 38(1), 107-126.
  • Mulford, C. W., ve Comiskey, E. E. (2002). The financial numbers game: detecting creative accounting practices. New York: John Wiley ve Sons, Inc.
  • Nur, T., ve Serter, Z. Y. (2022). Finansal bilgi manipülasyonu ile pay senedi getirisi arasındaki ilişki: BİST inşaat endeksindeki firmalar üzerine bir araştırma. Karadeniz 8. Uluslararası Sosyal Bilimler Kongresi (1-13). Ordu: UBAK International Sciences Academy Publications.
  • Nuryaman, N. (2013). The influence of earnings management on stock return and the role of audit quality as a moderating variable. International Journal of Trade, Economics and Finance, 4(2), 73-78. doi:10.7763/IJTEF.2013.V4.263
  • Omush, A. M., Masadeh, W. M., ve Zahran, R. M. (2019). The impact of earnings management on stock returns for listed industrial firms on the Amman stock exchange. Business and Economic Research, 9(3), 1-22.
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Cambridge Working Papers in Economics No.0435. University of Cambridge, Faculty of Economics and Politics.
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265-312. doi:10.1002/jae.951
  • Rachman, A. A., Rachmawati, R., Sjaiful, R. L., Jayaatmaja, M. A., Dianita, M., Barus, I. S., ve Edison, A. (2021). The influence of real earning management toward to stock returns. Turkish Journal of Computer and Mathematics Education, 12(8), 1640-1646.
  • Roll, R. (1981). A possible explanation of the small firm effect. The Journal of Finance, 36(4), 879-888.
  • Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42, 335-370.
  • Saedi, A. A. (2018). Earnings management and its relationship with stock returns: an empirical study on sample of Quatari listed industry companies. Academy of Accounting and Financial Studies Journal, 22(5).
  • Sayari, S., Mraihi, F., Finet, A., ve Omri, A. (2013). The impact of earnings management on stock returns: the case of Tunisian firms. Global Journal of Management and Business Research, 13(10), 51-65.
  • Schilit, H. M., ve Perler, J. (2010). Financial shenanigans: how to detect accounting gimmicks and fraud in financial reports (3. b.). McGraw-Hill.
  • Shrestha, N. (2020). Detecting multicollinearity in regression analysis. American Journal of Applied Mathematics and Statistics, 8(2), 39-42. doi:10.12691/ajams-8-2-1
  • Spathis, C. T. (2002). Detecting false financial statements using published data: some evidence from Greece. Managerial Auditing Journal, 17(4), 179-191. doi:https://doi.org/0.1108/02686900210424321
  • Stolowy, H., ve Breton, G. (2004). Accounts manipulation: a literature review and proposed conceptual framework. Review of Accounting and Finance, 3(1), 5-92. doi:10.1108/eb043395
  • Şak, N. (2018). Panel birim kök testleri. S. Güriş (Ed.), Uygulamalı panel veri ekonometrisi (261-314). İstanbul: Der Yayınları.
  • Tang, S., ve Alvita, W. (2021). The effect of earnings management to stock return on company listed in Indonesia. Jurnal Ekonomi dan Bisnis Jagaditha, 8(2), 194-201. doi:10.22225/jj.8.2.2021.194-201
  • Tatoğlu, F. Y. (2020a). Panel veri ekonometrisi: stata uygulamalı. İstanbul: Beta Basım Yayım.
  • Tatoğlu, F. Y. (2020b). Panel zaman serileri analizi: stata uygulamalı. İstanbul: Beta Yayınları.
  • Trussel, J. (2003). Assessing potential accounting manipulation: the financial characteristics of charitable organizations with higher than expected program-spending ratios. Nonprofit and Voluntary Sector Quarterly, 32(4), 616-634. doi:10.1177/0899764003257459
  • Umar, Y. A. (2008). Fundamental analysis of Saudi emerging market stock returns 1990-2004. Journal of Knowledge Globalization, 1(1), 107-115.
  • Ün, T. (2018). Panel veri modellerinin varsayımlarının testi. S. Güriş (Ed.), Uygulamalı panel veri ekonometrisi (73-101). İstanbul: Der Yayınları.
  • White, H. (1980). A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica, 48(4), 817-838.
  • Yang, C.-C., Yang, C.-C., Lee, C.-f., Gu, Y.-X., ve Lee, Y.-W. (2010). Co-determination of capital structure and stock returns—a lisrel approach: an empirical test of Taiwan stock markets. The Quarterly Review of Economics and Finance, 50, 222-233.
  • Yücel, E. (2015). Hisse senedi getirisi ve borç finansmanı ilişkisi: yapısal eşitlik modeli. Finans Politik ve Ekonomik Yorumlar, 52(605), 61-74.
Toplam 60 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular İşletme
Bölüm Sayı
Yazarlar

Suphi Aslanoğlu 0000-0003-4394-5541

Evren Yanya 0000-0001-5275-833X

Erken Görünüm Tarihi 3 Ağustos 2023
Yayımlanma Tarihi 1 Ağustos 2023
Gönderilme Tarihi 29 Mart 2023
Kabul Tarihi 6 Temmuz 2023
Yayımlandığı Sayı Yıl 2023 Cilt: 16 Sayı: 2

Kaynak Göster

APA Aslanoğlu, S., & Yanya, E. (2023). Muhasebe Manipülasyonunun Pay Senedi Getirisine Etkisi: BİST Sınai İşletmelerinde Bir Uygulama. Journal of Accounting and Taxation Studies, 16(2), 247-267. https://doi.org/10.29067/muvu.1273117
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