The Effect of Audit Opinions on TOBIN’S Q and Stock Value by Panel Data Analysis
Yıl: 2023 Cilt: 15 Sayı: 2 Sayfa Aralığı: 865 - 877 Metin Dili: İngilizce DOI: 10.20491/isarder.2023.1623 İndeks Tarihi: 30-07-2023
The Effect of Audit Opinions on TOBIN’S Q and Stock Value by Panel Data Analysis
Öz: Purpose – Financial statements of businesses contain information risk for various reasons. The most accepted way to reduce the information risk is the independent audit of the financial statements of the enterprises. It is thought that the independently audited financial statements will have a positive impact on the market value of the enterprises. The main purpose of the research under this assumption is to measure the impact of audit opinion on the market value of the companies that operated in the manufacturing sector and traded on Borsa Istanbul. Design/methodology/approach – For measuring the impact of audit opinion on the market value of the companies that operated in the manufacturing sector and traded on Borsa Istanbul between 1998 to 2019 Tobin's Q ratio and stock price are used to represent the market value. Panel data analysis is used in the research, because of data sets consisting of both cross-section and time series. Tobin's Q ratio and stock price are determined as the dependent variables, audit opinion is determined as the independent variable and the leverage ratio and asset size are determined as control variables in the research. Finding – It is examined within the scope of 1651 financial statements and audit reports of 110 companies. And it is examined Tobin's Q ratio values on 31 March, 30 June, 30 September, 31 December and at the time of the announcement of the audit report. Also it is examined the firm's stock price on the date of the audit firm's opinion, on the date of the one day before and after it.
Anahtar Kelime: Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
- Acar, M., and Temiz, H. (2019). Denetçi görüşlerinin pay senedi getirileri üzerindeki etkisi. Muhasebe ve Denetime Bakış, (58), 173-194.
- Al Ani, M. K., and Mohammed, Z. (2015). Auditor quality and firm performance: Omani experience. European Journal of Economics Finance and Administrative Sciences, April, (74), 12-23.
- Al-Thuneibat, A. A., Khamees, B. A., and Al-Fayoumi, N. A. (2007). The effect of qualified auditors’ opinions on share prices: Evidence from Jordan. Managerial Auditing Journal, 23(1), 84-101. https://doi.org/10.1108/02686900810838182
- Ameen, E. C., Chan, K., and Guffey, D. M. (1994). Information content of qualified audit opinions for over-the counter firms. Journal of Business Finance & Accounting, 21(7), 997-1011. https://doi.org/10.1111/j.1468- 5957.1994.tb00360.x
- Ardiana, P. A. (2014). The role of external audit in improving firm’s value: Case of Indonesia. The 5th International Conference of The Japanese Accounting Review, 21st December 2014, 1-15. http://www.rieb.kobe-u.ac.jp/tjar/conference/5th/CA-1_PutuAgusARDIANA.pdf, (June 5, 2021).
- Arı, A. & Zeren, F. (2011). CO2 Emisyonu ve Ekonomik Büyüme: Panel Veri Analizi . Yönetim ve Ekonomi Dergisi , 18 (2) , 37-47 . Retrieved from https://dergipark.org.tr/en/pub/yonveek/issue/13695/165744
- Aygören, H. and Uyar, S. (2007). İstanbul Menkul Kıymetler Borsası’nda (İMKB) denetim görüşlerinin hisse senedi getirileri üzerindeki etkisi. İMKB Dergisi, 9(36), 31-51.
- Bessell, M., Anandarajan, A. and Umar, A. (2003). Information content, audit reports and goingconcern: An Australian study. Accounting andFinance, 43(3), 261-282. https://doi.org/10.1111/j.1467-629x.2003.00091.x
- Cengiz, S., Dinç, Y. and Güngör, S. (2017). Bağımsız denetim kalitesinin finansal performans üzerindeki etkisinin incelenmesi: Borsa İstanbul’da bir uygulama. Mehmet Akif Ersoy Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 9(19), 171-197. https://doi.org/10.20875/makusobed.323891
- Chen, P. F., He, S., Ma, Z., and Stice, D. (2016). The information role of audit opinions in debt contracting. Journal of Accounting and Economics, (61), 121-144. https://doi.org/10.1016/j.jacceco.2015.04.002
- Chen, C. J., Su, X., and Zhao, R. (2000). An emerging market’s reaction to initial modified audit opinions: Evidence from the Shanghai Stock Exchange. Contemporary Accounting Research, 17(3), 429-455. https://doi.org/10.1506/GCJP-5599-QUWB-G86D
- Chinedu, E. F., and Chidoziem, A. M.F. (2017). Audit firm report and financial performance of money deposit banks in Nigeria. The Nigerian Accountant Journal, January/March, 25-39.
- Chow, C. W., and Rice, S. J. (1982). Qualified audit opinions and share prices-An investigation. Auditing: A Journal of Practice and Theory, 1(2), 35-53.
- Coleman, A. K. (2007), Corporate governance and firm performance in Africa: A dynamic panel analysis. International Conference on Corporate Governance in Emerging Markets, Global Corporate Governance Forum (GCGF) and Asian Institute of Corporate Governance (AICG), 15th-17th November 2007, Istanbul, Turkey, 1-24.
- Contrerasa, A. G., Angulob, J. A. G., and Waymond, R. (2007). Information content and recency effect of the audit report in loan rating decisions. Accounting and Finance, (47), 285–304. https://doi.org/10.1111/j.1467- 629X.2006.00208.x
- Dodd, P., Dopuch, N., Holthausen, R., and Leftwich, R. (1984). Qualified audit opinions and stock prices: Information content, announcement dates, and concurrent disclosures. Journal of Accounting and Economics, 6(1), 3-38.
- DureÂndez GoÂmez-GuillamoÂn, A. (2003). The usefulness of the audit report in investment and financing decisions. Managerial Auditing Journal, November, (18), 549- 559. https://doi.org/10.1108/02686900310482687
- Fooladi, M., and Shukor, Z. A.(2012). Board of directors, audit quality and firm performance: Evidence from Malaysia. National Research &Innovation Conferance for Graduate Students in Social Sciences. 7th September 2012, Melaka, Malaysia, 87-96.
- Güredin, E. (2008). Denetim ve güvence hizmetleri. İstanbul, Arıkan Yayınevi.
- Kabajeh ,M. A. M., Al Shanti, A. M., Dahmash, F. N., and Hardan, A. S. (2012). Informational content of auditor’s report and its impact on making decisions from lenders and management’s view in the Jordanian industrial public firms. International Journal of Humanities and Social Science, 2(14), 93-103.
- Kara, S. (2015). Denetim görüşlerinin hisse senedi anormal getirileri üzerine etkisinin 2009-2014 yılları bazında ölçümlenmesi. Muhasebe ve Vergi Uygulamaları Dergisi, 8(2), 137-152.
- Karcıoğlu, R., Öztürk, S., and Yılmaz, C. (2021). Bağımsız denetçi görüşlerinin yatırım kararları açısından önemi: Yeni bir kesitsel anomali mi? Muhasebe ve Finansman Dergisi, Ağustos, 169-182. https://doi.org/10.25095/mufad.982451
- Kesen, B., and Salur, M. N. (2020). Bağımsız denetim kalitesinin şirketlerin finansal performansı üzerine etkisi: Borsa İstanbul’da bir uygulama. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 13(3), 559-576. https://doi.org/10.25287/ohuiibf.702681
- Martinez, M. C. P., Martinez, A. V., and Benau, A. G. (2004). Reactions of Spanish Capital Market to qualified audit reports. European Accounting Review, 13(4), 689-711. https://doi.org/10.1080/0963818042000216848
- Moradi, M., Salehi, M., Rigi, M., and Moeinizade, M. (2011). The effect of qualified audit report on share prices and returns: Evidence of Iran. African Journal of Business Management, 5(8), 3354-3360.
- Önder, Ş., and İrkörücü, İ. E. (2018). Bağımsız denetim kalitesi ile finansal performans arasındaki ilişki: BIST 100 endeksinde yer alan şirketler üzerine bir araştırma. Muhasebe ve Finansman Dergisi, Nisan, (86), 183- 194. https://doi.org/10.25095/mufad.710350
- Sağlar, J., and Tuan, K. (2009). İşletmelerde iç denetim fonksiyonunun bağımsız dış denetim maliyetleri üzerine etkisi. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 18(1), 343-358.
- Şenol, Z., and Ulutaş, A. (2018). Muhasebe temelli performans ölçümleri ile piyasa temelli performans ölçümlerinin CRITIC ve ARAS yöntemleriyle değerlendirilmesi. Finans Politik &Ekonomik Yorumlar, Temmuz, (641), 83-102.
- Tahinakis, P., Mylonakis, J., and Daskalopoulou, E. (2010). An appraisal of the impact of audit qualifications on firms’ stock exchange price fluctuations. Enterprise Risk Management, 1(1). 86-99.
- Tuan, K. (2019). Bağımsız denetim hizmetinin kalitesi ve finansal performans: Borsa İstanbul örneği. Finans Politik &Ekonomik Yorumlar, Eylül, (649), 69-81.
- Wickramasingha, S.R.M., and Nanayakkara, K.G.M. (2015). The external auditors’opinions and the stakeholders’ purposes: An empirical analysis in Sri Lanka. Kelaniya Journal of Management, 4(1), 31-49.
- Vergili, G. (2017). Finansal performansın ölçülmesinde alternatif bir yaklaşım: Hissedar katma değeri. Osmaniye Korkut Ata Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 1(1), 104-111.
- Online document ISA 700. Retrieved April 7, 2021, from https://kgk.gov.tr
- Online document ISA 705. Retrieved April 7, 2021, from https://kgk.gov.tr
| APA | SAGLAR J, Gizer Z (2023). The Effect of Audit Opinions on TOBIN’S Q and Stock Value by Panel Data Analysis. , 865 - 877. 10.20491/isarder.2023.1623 |
| Chicago | SAGLAR JALE,Gizer Zeynep The Effect of Audit Opinions on TOBIN’S Q and Stock Value by Panel Data Analysis. (2023): 865 - 877. 10.20491/isarder.2023.1623 |
| MLA | SAGLAR JALE,Gizer Zeynep The Effect of Audit Opinions on TOBIN’S Q and Stock Value by Panel Data Analysis. , 2023, ss.865 - 877. 10.20491/isarder.2023.1623 |
| AMA | SAGLAR J,Gizer Z The Effect of Audit Opinions on TOBIN’S Q and Stock Value by Panel Data Analysis. . 2023; 865 - 877. 10.20491/isarder.2023.1623 |
| Vancouver | SAGLAR J,Gizer Z The Effect of Audit Opinions on TOBIN’S Q and Stock Value by Panel Data Analysis. . 2023; 865 - 877. 10.20491/isarder.2023.1623 |
| IEEE | SAGLAR J,Gizer Z "The Effect of Audit Opinions on TOBIN’S Q and Stock Value by Panel Data Analysis." , ss.865 - 877, 2023. 10.20491/isarder.2023.1623 |
| ISNAD | SAGLAR, JALE - Gizer, Zeynep. "The Effect of Audit Opinions on TOBIN’S Q and Stock Value by Panel Data Analysis". (2023), 865-877. https://doi.org/10.20491/isarder.2023.1623 |
| APA | SAGLAR J, Gizer Z (2023). The Effect of Audit Opinions on TOBIN’S Q and Stock Value by Panel Data Analysis. İşletme Araştırmaları Dergisi, 15(2), 865 - 877. 10.20491/isarder.2023.1623 |
| Chicago | SAGLAR JALE,Gizer Zeynep The Effect of Audit Opinions on TOBIN’S Q and Stock Value by Panel Data Analysis. İşletme Araştırmaları Dergisi 15, no.2 (2023): 865 - 877. 10.20491/isarder.2023.1623 |
| MLA | SAGLAR JALE,Gizer Zeynep The Effect of Audit Opinions on TOBIN’S Q and Stock Value by Panel Data Analysis. İşletme Araştırmaları Dergisi, vol.15, no.2, 2023, ss.865 - 877. 10.20491/isarder.2023.1623 |
| AMA | SAGLAR J,Gizer Z The Effect of Audit Opinions on TOBIN’S Q and Stock Value by Panel Data Analysis. İşletme Araştırmaları Dergisi. 2023; 15(2): 865 - 877. 10.20491/isarder.2023.1623 |
| Vancouver | SAGLAR J,Gizer Z The Effect of Audit Opinions on TOBIN’S Q and Stock Value by Panel Data Analysis. İşletme Araştırmaları Dergisi. 2023; 15(2): 865 - 877. 10.20491/isarder.2023.1623 |
| IEEE | SAGLAR J,Gizer Z "The Effect of Audit Opinions on TOBIN’S Q and Stock Value by Panel Data Analysis." İşletme Araştırmaları Dergisi, 15, ss.865 - 877, 2023. 10.20491/isarder.2023.1623 |
| ISNAD | SAGLAR, JALE - Gizer, Zeynep. "The Effect of Audit Opinions on TOBIN’S Q and Stock Value by Panel Data Analysis". İşletme Araştırmaları Dergisi 15/2 (2023), 865-877. https://doi.org/10.20491/isarder.2023.1623 |
