Theoretical fundamentals of 2008 global financial crisis: Influence of finance and accounting approaches on the crisis

YILDIRAN, Mustafa; Uzun, Ahmet

Theoretical fundamentals of 2008 global financial crisis: Influence of finance and accounting approaches on the crisis

Mustafa YILDIRAN, (Akdeniz Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, Antalya, Türkiye)

Ahmet UZUN (Cumhuriyet Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, Sivas, Türkiye)

Akdeniz İİBF Dergisi

2 0

Yıl: 2013 Cilt: 13 Sayı: 27 Sayfa Aralığı: 63 - 76 Metin Dili: Türkçe İndeks Tarihi: 29-07-2022

Theoretical fundamentals of 2008 global financial crisis: Influence of finance and accounting approaches on the crisis

Öz:

2008/09 Küresel finans krizinde bankacılık kesiminde aşırı borçlanma, menkul kıymetleştirme sorunları ve risk yönetimi başarısızlıkları öne çıkmıştır. Yine konut fiyatlarındaki balonların ve konut türevlerinden kaynaklanan sorunların krize neden olduğu iddia edilmektedir. Ayrıca finansal türevlerin değerlemesi ve bilanço dışı işlemler krizin muhasebe ile ilişkisini ortaya koymaktadır. Bu çalışma, küresel finans krizinin oluşmasında finans yöneticilerinin finans teorisinden kaynaklanan uygulamalarını ve muhasebe uygulamalarının etkisini analiz etmektedir. Finans yöneticilerini krize yönelten finans teorileri, sermaye yapısı, risk yönetimi, finansal türevler ve piyasa etkinliği alanlarından doğmuştur. Sonuçta finans yöneticilerinin teorilerden esinlenerek, kaldıraçlı işlemleri gereğinden fazla kullanması, risk yönetimi kurallarını esnetmesi, finansal türevlerle ilgili muhasebe ve denetimde uygulamaları riske maruz kullanması sorunları ortaya çıkmıştır.

Anahtar Kelime:

Konular: İşletme İktisat

Öz:

In 2008/09 global finance crisis, the problems of excessive borrowing and securitization, and risk management failures in the banking sector occurred. It is once more claimed that bubbles in housing prices and problems stemming from housing derivatives led to the crisis. In addition, the valuation of financial derivates and off-balance sheet transactions reveals the relationship between the crisis and accounting. This study has analyzed the role of accounting practices and the effect of finance managers' applications based on finance theory in the emergence of the global financial crisis. The effects of capital structure in finance theory, risk management, financial derivatives and market efficiency on the crisis are treated under separate headings. The study has shown that finance managers inspired by the financial theories have used excessively leveraged transactions and stretched the rules of risk management. As a result, risks in accounting and auditing practices related to financial derivatives have emerged.

Anahtar Kelime:

Konular: İşletme İktisat

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık

ADRIAN, T., SHIN, H.S., (2010) Liquidity and leverage, Journal of Financial Intermediation 19 pp.418-437
ARDALAN, K., (2004) On the theory and practice of finance, International Journal of Social Economics Vol. 31 No. 7, pp.684-705
ARNOLD, P.J., (2009) Global Financial Crisis: The challenge to accounting research, Accounting, organizations and Society 34 pp, 803-809
BAKER, D., (2008),The housing bubble and the financial crisis, Real-World Economics Review, issue no. 46, 73-81
BALL, R., The Global Financial Crisis and the Efficient Market Hypothesis: What Have We Learned? Journal of Applied Corporate Finance ,Volume 21 Number 4, 8 -16
BEECHER-MONAS, E., (2001)Role of Corporate Board Executive Pay Decision in Precipitating Financial Crisis, Transactions: The Tennessee Journal of Business Law Volume 11 Issue 1 Volume 11, Issue 1,Fall, 51-59
BEST, J. (2010) The Limits of Financial Risk Management: Or What we Didn't Learn from the Asian Crisis”, New Political Economy, 15: 1, 29 - 49 URL: http://dx.doi.org/10.1080/13563460903553582
CAMPELLO, M., GRAHAM,J. R., HARVEY, C. R. (2009) The Real Efects of Financial Constraints: Evidence from a Financial Crisis, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1318355
CAMPELLO, M., GRAHAM,J. R., HARVEY, C. R., (2009) The Long Term Cost of The Financial Crisis, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1357806
CHAMBERS, D.R., (2008) Financial Derivatives and the Recent Financial Crisis, Resarch Reports, American Institute for Economic Research, Vol: LXXV, No. 22, December 15, (www.aier.org)
CROTTY, J., (2009) Structural causes of the global financial crisis: a critical assessment of the new financial architecture, Cambridge Journal of Economics,33,563-580
DUCHIN, R., OZBAS,O., SENSOY, BERK, A., (2010) Costly External Finance, Corporate Investment and the Subprime Mortgage Credit Crisis, Journal of Financial Economics, volume 97, Issue 3, September, 418-435
FAHLENBRACH, R.,, STULZ, R.M., (2011) Bank CEO incentives and the credit crisis, Journal of Financial Economics 99 11–26
GRAHAM, J.R., HARVEY, C.R(2001) The theory and practice of corporate finance: evidence from the field, Journal of Financial Economics,61,000-000 http://faculty.fuqua.duke.edu/~jgraham/website/SurveyPaper.PDF
KASHYAP, A.K, (2010) Lesson from the Financial Crisis for Risk Management, http://faculty.chicagobooth.edu/anil.kashyap/research/papers/lesso n_for_fcic.pdf
KASHYAP, A.K., (2010) The 2007-8 financial crisis: lessons from corporate finance, Journal of Financial Economics 97, 303-305
KAYAHAN, C., (2009) Finansal Türevler: Efsaneleri ve Algılanma Hataları, (Financial Derivatives: Myths and Misperceptions), Yönetim ve Ekonomi Dergisi (ISSN: 13020064) , Cilt:16 Sayı:1, 23-37
KIMBALL, R.,C., (2000), Failures in Risk Management, New England Economic Review, January/February, 3-12
LAUX, C.,LEUZ, C., (2009) The crisis of fair-value accounting: making sense of the recent debate Accounting, Organizations and Society 34 826–834
MANGAN, M., MARKARIAN, G., (2011) Accounting, Governance and the Crisis: Is Risk The Missing Link?, European Accounting Review, Volume 20, Issue 2, 215-231
MC KINSEY INSTITUTE, (2010) Debt and Delivering: the credit bubble and its economic consequences
MODIGLIANI, F., AND. MILLER, M. H., (1958) The Cost of Capital, Corporation Finance, and the Theory of Investment American Economic Review 48(3, June), pp. 261–297.
MURADOĞLU, G. (2009) İngiltere’de 2008 Krizi: Neler reel, Neler Davranışsaldır? (The UK Crisis of 2008: What is real and what is behavioral? ) http://www.mgmt.boun.edu.tr/images/stories/dokumanlar/leaders/ Issue_010/09-002.pdf
MYERS, S.C.(1984), The Capital Structure Puzzle, The Journal of Finance, Vol. 39, No. 3, Papers and Proceedings, Forty-Second Annual Meeting, American Finance Association, July, pp. 575-592
MYERS, S.J., MAJLUF, N.S., (1984) Corporate Financing And Investment Decisions When Firms Have Information That Investors Journal Of Financial Economics 13 187-221
ÖZEL, S., (2008)Global Dengesizliklerin Dengesi, İkinci Baskı, Alfa Yayıncılık, (ISBN 978-975-297-970-3)
ROSS, S.A.,WESTERFIELD, R.W., JORDAN, B.D., (2003)Fundamentals of Corporate Finance, Sixth Edition, Alternate Edition, Mc Graw Hill, NewYork,
STULZ, R.M., (2008) Risk Management Failures: What Are They and When Do They Happen? Journal of Applied Corporate Finance, Volume 20 Number 4, Fall 58-67
STULZ, R.M., (2009) Financial Derivatives: Lessons From The Subprime Crisis, The Milken Institute Review, First Quarter, (http://www.cob.ohio- state.edu/fin/faculty/stulz/publishedpapers/financial%20derivatives -Lessons%20from%20the%20subprime%20crisis.pdf)
TAYLOR, J.B., (2009) The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong, NBER Working Paper No. 14631 www.stanford.edu/~johntayl/FCPR.pdf
VERNIMMEN, P., (2009) Corporate Finance Theory and Practice, Second Edition, John Wiley&Sons, Ltd, UK,
YILDIRAN, M., KISAKÜREK, M.M., (2012) Kriz Dönemlerinde Finansal Risk Yönetimi,(The Financial Risk Management during the Crisis) Hiperlink Yayınları, İstanbul (ISBN 978–9944–157–23–0)

APA	YILDIRAN M, Uzun A (2013). Theoretical fundamentals of 2008 global financial crisis: Influence of finance and accounting approaches on the crisis. , 63 - 76.
Chicago	YILDIRAN Mustafa,Uzun Ahmet Theoretical fundamentals of 2008 global financial crisis: Influence of finance and accounting approaches on the crisis. (2013): 63 - 76.
MLA	YILDIRAN Mustafa,Uzun Ahmet Theoretical fundamentals of 2008 global financial crisis: Influence of finance and accounting approaches on the crisis. , 2013, ss.63 - 76.
AMA	YILDIRAN M,Uzun A Theoretical fundamentals of 2008 global financial crisis: Influence of finance and accounting approaches on the crisis. . 2013; 63 - 76.
Vancouver	YILDIRAN M,Uzun A Theoretical fundamentals of 2008 global financial crisis: Influence of finance and accounting approaches on the crisis. . 2013; 63 - 76.
IEEE	YILDIRAN M,Uzun A "Theoretical fundamentals of 2008 global financial crisis: Influence of finance and accounting approaches on the crisis." , ss.63 - 76, 2013.
ISNAD	YILDIRAN, Mustafa - Uzun, Ahmet. "Theoretical fundamentals of 2008 global financial crisis: Influence of finance and accounting approaches on the crisis". (2013), 63-76.

APA	YILDIRAN M, Uzun A (2013). Theoretical fundamentals of 2008 global financial crisis: Influence of finance and accounting approaches on the crisis. Akdeniz İİBF Dergisi, 13(27), 63 - 76.
Chicago	YILDIRAN Mustafa,Uzun Ahmet Theoretical fundamentals of 2008 global financial crisis: Influence of finance and accounting approaches on the crisis. Akdeniz İİBF Dergisi 13, no.27 (2013): 63 - 76.
MLA	YILDIRAN Mustafa,Uzun Ahmet Theoretical fundamentals of 2008 global financial crisis: Influence of finance and accounting approaches on the crisis. Akdeniz İİBF Dergisi, vol.13, no.27, 2013, ss.63 - 76.
AMA	YILDIRAN M,Uzun A Theoretical fundamentals of 2008 global financial crisis: Influence of finance and accounting approaches on the crisis. Akdeniz İİBF Dergisi. 2013; 13(27): 63 - 76.
Vancouver	YILDIRAN M,Uzun A Theoretical fundamentals of 2008 global financial crisis: Influence of finance and accounting approaches on the crisis. Akdeniz İİBF Dergisi. 2013; 13(27): 63 - 76.
IEEE	YILDIRAN M,Uzun A "Theoretical fundamentals of 2008 global financial crisis: Influence of finance and accounting approaches on the crisis." Akdeniz İİBF Dergisi, 13, ss.63 - 76, 2013.
ISNAD	YILDIRAN, Mustafa - Uzun, Ahmet. "Theoretical fundamentals of 2008 global financial crisis: Influence of finance and accounting approaches on the crisis". Akdeniz İİBF Dergisi 13/27 (2013), 63-76.