FINANCIAL MANIPULATION IN SEASONED EQUITY OFFERINGS: EVIDENCE FROM TURKEY

Mustafa CİKRİKCİ; Mustafa OZYESİL

Makale detayları

FINANCIAL MANIPULATION IN SEASONED EQUITY OFFERINGS: EVIDENCE FROM TURKEY

Yazarlar:

Mustafa CİKRİKCİ | Mustafa OZYESİL

Yayıncı:

PressAcademia

Ana Başlıklar:

Sosyoloji & antropoloji

Dergi:

Journal of Economics Finance and Accounting 2018 Vol.5 Issue 3, pp.268-287

Belge Tipi:

Makale

Yayın Tarihi:

9/2018

Belge Dili:

İngilizce

Document ID (Org No.):

2000738667

Sıklık:

Üç Aylık

eISSN:

2148-6697

Özet:

 


Purpose- This study aims to search whether financial
manipulation practices was performed on Seasoned Equity Offerings (seos) by 41
firms in Borsa Istanbul for the 2010-2015 period.    


Methodology- Probit analysis and Beneish (1999) model were
used in the study. 9 financial ratios were used as independent variables in the
probit model in order to find out wheter the firms make manipulation through
these ratios. For the purpose of estimating sample firms’ tendency for manipulation
clustering analysis was also used. Manipulation possibilities were calculated
for each firms. Finally based on average index values, firms were grouped as a
having high and low manipulation tendency.


Findings- In the model, based on an event study
conducted via the bulletins and reports of BIST and SPK, 20 firms were
considered as manipulator while the remaining considered as control firms. It
was observed that most of manipulation techniques (%89) were made in order to
increase period profit.









Conclusion- It has been confirmed that firms that
conducted seos applied the financial manipulation techniques during the
analysis period. 3 independent variables include Asset Quality Index,
Inventories / Net Sales Index and Total Accruals / Total Assets index were
found to be statistically significant in determining whether firms apply
financial manipulation. Based on the robustness test, the model’s estimating
power was calculated as %70.23. According to the model’s reliability test, 11
firms were found as a having high manipulation tendency. This finding refers
success rate for estimating manipulator firms in our model is % 55
(11/20).  


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Makale detayları

FINANCIAL MANIPULATION IN SEASONED EQUITY OFFERINGS: EVIDENCE FROM TURKEY

Yazarlar: Mustafa CİKRİKCİ | Mustafa OZYESİL

Yayıncı: PressAcademia

Ana Başlıklar: Sosyoloji & antropoloji

Dergi: Journal of Economics Finance and Accounting 2018 Vol.5 Issue 3, pp.268-287

Belge Tipi: Makale

Yayın Tarihi: 9/2018

Belge Dili: İngilizce

Document ID (Org No.): 2000738667

Sıklık: Üç Aylık

eISSN: 2148-6697

Sayı

Yazarlar:

Mustafa CİKRİKCİ | Mustafa OZYESİL

Yayıncı:

PressAcademia

Ana Başlıklar:

Sosyoloji & antropoloji

Dergi:

Journal of Economics Finance and Accounting 2018 Vol.5 Issue 3, pp.268-287

Belge Tipi:

Makale

Yayın Tarihi:

9/2018

Belge Dili:

İngilizce

Document ID (Org No.):

2000738667

Sıklık:

Üç Aylık

eISSN:

2148-6697