Kar Yönetimi Uygulamalarında İhtiyari Tahakkuklar ve Tahakkuk İptallerinin Etkisi: Bankacılık Sektörü Üzerine Bir Uygulama1

Amaç – Bu çalışmanın amacı finansal sektör kapsamında bankacılık sektörünün kar yönetimi uygulamalarından “karın istikrarlı gösterilmesi” faaliyetinde bulunup bulunmadığını tespit etmektir. Yöntem – 2000-2013 dönemine ait, 28 ülke içeren, toplam 10.793 banka-yılı veri vergi ve karşılık öncesi kar, ihtiyari tahakkuklar ve tahakkuk iptalleri çerçevesinde analiz edilerek, bankacılık sektörü kar yönetimi davranışının ortaya konulması amaçlanmıştır. Yapılan analizlere Panel Regresyon Analiz teknikleri kullanılmıştır. Bulgular – Elde edilen bulgulara göre bankacılık sektörü ihtiyari tahakkuklar kanalı ile karın istikrarlı gösterilmesi yönünde kar yönetimi faaliyetinde bulunmaktadır. Bu kapsamda, kar yönetimi yapıldığını destekleyen sonuçlar hem bilanço hem gelir tablosu yaklaşımı çerçevesinde yapılan analizlerce desteklenmiştir. Tartışma – Kar yönetimi çalışmalarına sıklıkla yer verilen muhasebe literatüründe özellikle kar yönetimi davranışının tespitinde modellemeye ilişkin tartışmalar devam etmektedir. Bu kapsamda bu çalışma bu alanda son tartışılan argümanlardan biri olan tahakkuk iptallerinin dikkate alınmasını test etmektedir. Elde edilen sonuçlar örneklemde yer alan ülke ve finansal sektör şirketlerinin kar yönetimi davranışını desteklemekle birlikte tahakkuk iptallerinin kar yönetimi tespit modellerine eklenmesiyle ise istatistiksel anlamda daha anlamlı ve güçlü bulgular elde edilmiştir.

(Earnings Management Practices in terms of Discretionary Accruals and Accrual Reversals: An Empirical Study on Banking Sector )

Purpose – The main purpose of this paper is to determine “income smoothing” behavior of banking sector as an earnings management technique. Design/methodology/approach – In this context, 10.793 cross-country bank-year data (28 countries within 2000-2013 time period) have been analyzed in terms of earnings before tax and provisions, discretionary accruals and accrual reversal to investigate earnings management in banking sector. Panel Regression Analysisi techniques are used for model testing. Findings – According to the results, banks use both loan loss allowances and loan los provisions to smooth income. Earnings management behavior of banks is supported both for balance sheet and income stataement perspectives. Discussion – Throughout the accounting literature, modelling issues are still controversial in frame of earnings management studies. Thus, this study focuses on accrual reversals, which is currently argued hot topic in empirical modelling, and determines the effect of accrual reversals on earnings management behavior. As a result, a new model which incorporating accrual reversals, come up with statistically more significant results.

Kaynakça

Acar, M. (2017). Türk Finans Sektörünün Kar Yönetimi ve Karların Süreğenliği Üzerinden Kar Kalitesinin İncelenmesi, Bankacılar Dergisi, 28(102), 37-62.

Acar, M., & Ipci, M. O. (2015). Loan Loss Provisions and Income-Smoothing Hypothesis: Experience from Turkish Banking Sector. Journal of Accounting, 5(1), 118-135.

Agarwal, S., Chomsisengphet, S., Liu, C., & Rhee, S. G. (2007). Earnings management behaviors under different economic environments: Evidence from Japanese banks. International Review of Economics & Finance, 16(3), 429-443.

Ahmed, A. S., Takeda, C., & Thomas, S. (1999). Bank loan loss provisions: a reexamination of capital management, earnings management and signaling effects. Journal of Accounting and Economics, 28(1), 1-25.

Ali, A., M Kabir, H., & Syed Abul, B. (2015). Loan Loss Provisioning in OIC Countries: Evidence from Conventional vs. Islamic Banks. Cell, 704, 724-6490.

Allen, E. J., Larson, C. R., & Sloan, R. G. (2013). Accrual reversals, earnings and stock returns. Journal of Accounting and Economics, 56(1), 113-129.

Anandarajan, A., Hasan, I., & Lozano-Vivas, A. (2005). Loan loss provision decisions: an empirical analysis of the Spanish depository institutions. Journal of International Accounting, Auditing and Taxation, 14(1), 55-77.

Anandarajan, A., Hasan, I., & McCarthy, C. (2007). Use of loan loss provisions for capital, earnings management and signalling by Australian banks. Accounting & Finance, 47(3), 357-379.

Baber, W. R., Kang, S.-H., & Li, Y. (2011). Modeling discretionary accrual reversal and the balance sheet as an earnings management constraint. The Accounting Review, 86(4), 1189-1212.

Barth, M. E., Elliott, J. A., & Finn, M. W. (1999). Market rewards associated with patterns of increasing earnings. Journal of Accounting Research, 37(2), 387-413.

Beatty, A., Chamberlain, S. L., & Magliolo, J. (1995). Managing financial reports of commercial banks: The influence of taxes, regulatory capital, and earnings. Journal of Accounting Research, 231-261.

Beatty, A., & Harris, D. G. (1999). The effects of taxes, agency costs and information asymmetry on earnings management: A comparison of public and private firms. Review of Accounting Studies, 4(3-4), 299-326.

Beatty, A., & Liao, S. (2009). Regulatory capital ratios, loan loss provisioning and procyclicality. Columbus, United States: Ohio State University. Mimeographed document.

Beatty, A., & Liao, S. (2014). Financial accounting in the banking industry: A review of the empirical literature. Journal of Accounting and Economics, 58(2), 339-383.

Beatty, A. L., Ke, B., & Petroni, K. R. (2002). Earnings management to avoid earnings declines across publicly and privately held banks. The Accounting Review, 77(3), 547-570.

Beaver, W. H., & Engel, E. E. (1996). Discretionary behavior with respect to allowances for loan losses and the behavior of security prices. Journal of Accounting and Economics, 22(1), 177-206.

Bhat, V. N. (1996). Banks and income smoothing: an empirical analysis. Applied Financial Economics, 6(6), 505-510.

Blasco, N., & Pelegrin, B. (2006). A new methodological approach for detecting income smoothing in small samples: An application to the case of Spanish savings banks. Journal of Accounting, Auditing & Finance, 21(4), 347-372.

Bouvatier, V., & Lepetit, L. (2008). Banks’ procyclical behavior: Does provisioning matter? Journal of International Financial Markets, Institutions and Money, 18(5), 513-526.

Buckmaster, D. (1992). Income smoothing in accounting and business literature prior to 1954. The Accounting Historians Journal, 147-173.

Bushman, R. M., & Williams, C. D. (2012). Accounting discretion, loan loss provisioning, and discipline of banks’ risk-taking. Journal of Accounting and Economics, 54(1), 1-18.

Cavallo, M., & Majnoni, G. (2002). Do banks provision for bad loans in good times? Empirical evidence and policy implications: Springer.

Cheng, Q., Warfield, T., & Ye, M. (2011). Equity Incentives and Earnings Management Evidence from the Banking Industry. Journal of Accounting, Auditing & Finance, 26(2), 317-349.

Collins, J. H., Shackelford, D. A., & Wahlen, J. M. (1995). Bank differences in the coordination of regulatory capital, earnings, and taxes. Journal of Accounting Research, 263-291.

Copeland, R. M. (1968). Income smoothing. Journal of Accounting Research, 101-116.

Cotter, A. (1980). Fool's Profits: Ayer Publishing. Curcio, D., & Hasan, I. (2008). Earnings-and Capital-Management and Signaling: The Use of Loan-Loss Provisions by European Banks. www. efmaefm. org/0EFMAMEETINGS/EFMA% 20ANNUAL% 20MEETINGS/2009-milan/EFMA2009_0324_fullpaper. pdf.

Curcio, D., & Hasan, I. (2015). Earnings and capital management and signaling: the use of loan-loss provisions by European banks. The European Journal of Finance, 21(1), 26-50.

Cushing, B. E. (1969). An empirical study of changes in accounting policy. Journal of Accounting Research, 196-203.

Dascher, P. E., & Malcom, R. E. (1970). A note on income smoothing in the chemical industry. Journal of Accounting Research, 8(2), 253-259.

De Medeiros, O. R., Dantas, J. A., & Lustosa, P. R. B. (2012). An Extended Model For Estimating Discretionary Loan Loss Provisions in Brazilian Banks. Available at SSRN 2030847.

Dechow, P. M., Hutton, A. P., Kim, J. H., & Sloan, R. G. (2012). Detecting earnings management: A new approach. Journal of Accounting Research, 50(2), 275-334.

Dechow, P. M., Myers, L. A., & Shakespeare, C. (2010). Fair value accounting and gains from asset securitizations: A convenient earnings management tool with compensation side-benefits. Journal of Accounting and Economics, 49(1), 2-25.

Dechow, P. M., & Skinner, D. J. (2000). Earnings management: Reconciling the views of accounting academics, practitioners, and regulators. Accounting Horizons, 14(2), 235-250.

Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. Accounting Review, 193-225.

DeFond, M. L., & Park, C. W. (1997). Smoothing income in anticipation of future earnings. Journal of Accounting and Economics, 23(2), 115-139.

DeFond, M. L., & Park, C. W. (2001). The reversal of abnormal accruals and the market valuation of earnings surprises. The Accounting Review, 76(3), 375-404.

El Sood, H. A. (2012). Loan loss provisioning and income smoothing in US banks pre and post the financial crisis. International Review of Financial Analysis, 25, 64-72.

Fedyk, T., Singer, Z., & Sougiannis, T. (2013). Does the Accrual Anomaly End When Accruals Reverse? Available at SSRN 1466356.

Fiechter, P., & Meyer, C. (2010). Big bath accounting using fair value measurement discretion during the financial crisis. Paper presented at the Annual Meeting of the AAA.

Fonseca, A. R., & González, F. (2008). Cross-country determinants of bank income smoothing by managing loan-loss provisions. Journal of Banking & Finance, 32(2), 217-228.

Francis, J., & Smith, M. (2005). A reexamination of the persistence of accruals and cash flows. Journal of Accounting Research, 43(3), 413-451.

Gerakos, J. (2012). Discussion of detecting earnings management: A new approach. Journal of Accounting Research, 50(2), 335-347.

Gordon, M. J., Horwitz, B. N., & Meyers, P. T. (1966). Accounting measurements and normal growth of the firm. Research in Accounting Measurement, 221-231.

Greenawalt, M. B., & Sinkey Jr, J. F. (1988). Bank loan-loss provisions and the income-smoothing hypothesis: an empirical analysis, 1976–1984. Journal of Financial Services Research, 1(4), 301-318.

Greene, W. H. (2003). Econometric analysis: Pearson Education India.

Gujarati, D. N. (2003). Basic Econometrics. 4th. New York: McGraw-Hill.

Hand, J. R. (1989). 1988 Competitive Manuscript Award: Did Firms Undertake Debt-Equity Swaps for an Accounting Paper Profit or True Financial Gain? Accounting Review, 587-623.

Hansen, G. (2015). Managerial Discretion Over Loan Loss Reserves during the Global Financial Crisis. The International Journal of Business and Finance Research, 9(1), 51.

Hasan, I., & Hunter, W. (1999). Income-smoothing in the depository institutions: An empirical investigation. Advances in Quantitative Analysis of Finance and Accounting, 7, 1-16.

Hasan, I., & Wall, L. D. (2004). Determinants of the Loan Loss Allowance: Some Cross‐Country Comparisons. Financial review, 39(1), 129-152.

Hawkins, D. M. (1980). Identification of outliers (Vol. 11): Springer.

Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365-383.

Hepworth, S. R. (1953). Smoothing periodic income. The Accounting Review, 28(1), 32-39.

Hoshi, T., & Kashyap, A. (2000). The Japanese Banking Crisis: Where did it come from and how will it end? NBER Macroeconomics Annual 1999, Volume 14 (pp. 129-212): MIT.

Huizinga, H., & Laeven, L. (2012). Bank valuation and accounting discretion during a financial crisis. Journal of financial economics, 106(3), 614-634.

Imhoff, E. A. (1979). Income smoothing: an analysis of critical issues.

Iniguez, R., & Poveda, F. (2004). Long-run abnormal returns and income smoothing in the Spanish stock market. European Accounting Review, 13(1), 105-130.

Johnson, F., & Mead, E. (1906). Editorial: Maintenance Expenses and Concealment of Earnings. Journal of Accountancy, 1(5), 410-412.

Kanagaretnam, K., Lim, C. Y., & Lobo, G. J. (2010). Auditor reputation and earnings management: International evidence from the banking industry. Journal of Banking & Finance, 34(10), 2318-2327.

Kanagaretnam, K., Lobo, G. J., & Mathieu, R. (2003). Managerial incentives for income smoothing through bank loan loss provisions. Review of Quantitative Finance and Accounting, 20(1), 63-80.

Kanagaretnam, K., Lobo, G. J., & YANG, D. H. (2004). Joint Tests of Signaling and Income Smoothing through Bank Loan Loss Provisions*. Contemporary Accounting Research, 21(4), 843-884.

Kilic, E., Lobo, G. J., Ranasinghe, T., & Sivaramakrishnan, K. (2012). The impact of SFAS 133 on income smoothing by banks through loan loss provisions. The Accounting Review, 88(1), 233-260.

Kim, E.-J. (2013). Why Do Main Banks Manage Earnings?: Client Firms' Perspective.

Kim, M.-S., & Kross, W. (1998). The impact of the 1989 change in bank capital standards on loan loss provisions and loan write-offs. Journal of Accounting and Economics, 25(1), 69-99.

Kwak, W., Lee, H.-Y., & Mande, V. (2009). Institutional ownership and income smoothing by Japanese banks through loan loss provisions. Review of Pacific Basin Financial Markets and Policies, 12(02), 219-243.

Laeven, L., & Majnoni, G. (2003). Loan loss provisioning and economic slowdowns: too much, too late? Journal of financial intermediation, 12(2), 178-197.

LaFond, R., Lang, M. H., & Skaife, H. A. (2007). Earnings smoothing, governance and liquidity: International evidence. Governance and Liquidity: International Evidence (March 2007).

Leuz, C., Nanda, D., & Wysocki, P. D. (2003). Earnings management and investor protection: an international comparison. Journal of financial economics, 69(3), 505-527.

Leventis, S., Dimitropoulos, P. E., & Anandarajan, A. (2011). Loan loss provisions, earnings management and capital management under IFRS: The case of EU commercial banks. Journal of Financial Services Research, 40(1-2), 103-122.

Levin, A., Lin, C.-F., & Chu, C.-S. J. (2002). Unit root tests in panel data: asymptotic and finite-sample properties. Journal of econometrics, 108(1), 1-24.

Liu, C.-C., & Ryan, S. G. (1995). The effect of bank loan portfolio composition on the market reaction to and anticipation of loan loss provisions. Journal of Accounting Research, 77-94.

Liu, C.-C., & Ryan, S. G. (2006). Income smoothing over the business cycle: Changes in banks' coordinated management of provisions for loan losses and loan charge-offs from the pre-1990 bust to the 1990s boom. The Accounting Review, 81(2), 421-441.

Lobo, G. J., & Yang, D.-H. (2001). Bank managers' heterogeneous decisions on discretionary loan loss provisions. Review of Quantitative Finance and Accounting, 16(3), 223-250.

Ma, C. K. (1988). Loan loss reserves and income smoothing: the experience in the US banking industry. Journal of Business Finance & Accounting, 15(4), 487-497.

Maddala, G. (1977). Econometrics. International Student Edition. McGraw-HillKogakusha, Tokyo.

Martinez, A. L., & Castro, M. A. R. (2011). The smoothing hypothesis, stock returns and risk in Brazil. BAR-Brazilian Administration Review, 8(1), 1-20.

McNichols, M. F. (2001). Research design issues in earnings management studies. Journal of accounting and public policy, 19(4), 313-345.

Michelson, S. E., Jordan‐Wagner, J., & Wootton, C. W. (1995). A market based analysis of income smoothing. Journal of Business Finance & Accounting, 22(8), 1179-1193.

Moehrle, S. R. (2002). Do firms use restructuring charge reversals to meet earnings targets? The Accounting Review, 77(2), 397-413.

Mulford, C. W., & Comiskey, E. E. (2011). The financial numbers game: detecting creative accounting practices: John Wiley & Sons.

Ng, J., & Roychowdhury, S. (2014). Do loan loss reserves behave like capital? Evidence from recent bank failures. Review of Accounting Studies, 19(3), 1234-1279.

Ozili, P. K. (2015). Loan Loss Provisioning, Income Smoothing, Signaling, Capital Management and Procyclicality: Does IFRS Matter? Empirical Evidence from Nigeria. Mediterranean Journal of Social Sciences, 6(2), 224-232.

Pastor-LLorca, M. J., & Poveda, F. (2005). Earnings management and the long-run performance of Spanish initial public offerings. Available at SSRN 880766.

Paton, W. A. (1932). Accounting Problems of the Depression. Accounting Review, 258-267.

Penalva, F. (1998). Loss reserves and accounting discretion in the property-casualty insurance industry. University of California at Berkeley Working Paper, January.

Pérez, D., Salas-Fumás, V., & Saurina, J. (2008). Earnings and capital management in alternative loan loss provision regulatory regimes. European Accounting Review, 17(3), 423-445.

Petroni, K. R., Ryan, S. G., & Wahlen, J. M. (2000). Discretionary and non-discretionary revisions of loss reserves by property-casualty insurers: Differential implications for future profitability, risk and market value. Review of Accounting Studies, 5(2), 95-125.

Porta, R. L., Lopez-de-Silane, F., Shleifer, A., & Vishny, R. W. (1996). Law and finance. Retrieved from Rivard, R. J., Bland, E., & Morris, G. B. H. (2003). Income smoothing behavior of US banks under revised international capital requirements. International Advances in Economic Research, 9(4), 288-294.

Scheiner, J. H. (1981). Income Smoothing: An Analysis in the Banking Industry. Journal of Bank Research, 12, 1919-2123.

Schipper, K. (1989). Commentary on earnings management. Accounting Horizons, 3(4), 91-102.

Scholes, M. S., Wilson, G. P., & Wolfson, M. A. (1990). Tax planning, regulatory capital planning, and financial reporting strategy for commercial banks. Review of financial Studies, 3(4), 625-650.

Shrieves, R. E., & Dahl, D. (2003). Discretionary accounting and the behavior of Japanese banks under financial duress. Journal of Banking & Finance, 27(7), 1219-1243.

Song, C. J., Thomas, W. B., & Yi, H. (2010). Value relevance of FAS No. 157 fair value hierarchy information and the impact of corporate governance mechanisms. The Accounting Review, 85(4), 1375-1410.

Stinson, C. H. (1994). The management of provisions and allowances in the savings and loan industry: UMI. Trueman, B., & Titman, S. (1988). An explanation for accounting income smoothing. Journal of Accounting Research, 127-139.

Wahlen, J. M. (1994). The nature of information in commercial bank loan loss disclosures. Accounting Review, 455-478.

Warshaw, H. (1924). Inventory Valuation and the Business Cycle. Harvard Business Review, 3(1), 27-34.

Yeung, M. (2009). Does the Use of Income Smoothing Lead to a Higher Firm Value Among Public European Companies: Erasmus University.

Kaynak Göster

  • ISSN: 1309-0712
  • Yayın Aralığı: Yılda 4 Sayı
  • Başlangıç: 2009

10.9b 3.5b