Kâr Yönetimi ve Firma Yatırımları Arasındaki İlişkinin İncelenmesi: BİST İmalat Sektörü Örneği

Abstract

In this study, the relationship between earnings management and firms’ capital expenditures is empirically investigated. To calculate required metric values, five different earnings management models in literature (MJM, DREV, CFO, DEXP, PROD) and BHV model for firms’ investments are being used. In this content, the study includes data of 120 companies from BIST Manifacturing Sector for 2006-2014. Obtained results of the empirical study have been explained under four main topics. First, firms with earnings increasing applications invest simultaneously more than expected. Second, firms with earnings decreasing applications invest less then expected. Third, statistically significant deviation from expected investment level differences are detected between ranked firms according to increasing/decreasing earnings management metrics. Last, the results indicate that there is positive relationship between earnings increasing/decreasing metric values and firms’ investment amount. Besides, obtained results from different earnings management models are statistically singificant apart from DEXP model.