İTÜY, 2005, Sempozyum, Kongre ve Konferans Bildiri Koleksiyonu

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Accounting And Budgeting Of Government Fiscal Risks
(İstanbul Ticaret Üniversitesi, 2005) Çelen, Mustafa; Bali, Besim Bülent
Government fiscal risk can be defined as a source of financial stress that could face a government in the future. The traditional cash-based accounting and reporting systems used by many governments provide inadequate information within the executive for the management of fiscal risks. They also do not produce enough information for the legislature and the public to hold governments accountable for the management of fiscal risks. The traditional focus on cash has been consistently associated with fiscal management practices that are short term and reactive. Poor information has interacted with poor incentives to discourage decision makers from taking a longer-term view of fiscal risks and their management In same time, conventional budgeting processes are deficient on two ways. First of all, they have a short time frame-one year in countries that have only annual budgets, three to five years in countries that budget within medium-term fiscal frameworks. These time horizons are too short to account for the downstream risks taken by governments when they establish pension systems and other entitlements, issue or guarantee loans, or promise to make good on shortfalls in financial performance. Second, conventional budgets record only cash flows; they do not account for the build up of liabilities, contingent obligations, or the future cost of past commitments. In this paper, we will analyze how can solve traditional accounting and budgeting systems shortages to cover all kind of fiscal liabilities either direct and indirect or implicit and explicit.
An Analysis Of The Companies Compliance With The EU Disclosure Requirements And Corporate Characteristics Influencing It: A Case Study Of Turkey
(İstanbul Ticaret Üniversitesi, 2005) Çürük, Turgut
[Abstract Not Available]
Neuro-Fuzzy Approach To Fundamental Analysis
(İstanbul Ticaret Üniversitesi, 2005) Yıldız, Birol
The purpose of this study was to perform fundamental analysis and cross-sectional prediction of stock return with neuro-fuzzy. Also this study tries to understand the investors' process of financial statement analysis by interpreting the neuro-fuzzy model rules. The data set consisted of firms traded on the Istanbul Stock Exchange (ISE) in Turkey during the period of 1992-1999. Validation of the neuro-fuzzy model is conducted at the portfolio level. Even though there wasn't any statistically significant difference, the neuro-fuzzy model provides slightly higher return than benchmark portfolios. Also this approach exposes how investors select those firms which have low P/E ratios but high gross profit and/or operating profit.
Auditor Remuneration: Evidence From Malaysia And Selected Commonwealth Economies
(İstanbul Ticaret Üniversitesi, 2005) Ahmad, Ayoib Che; Ali, Azham Md; Hussin, Wan Nordin Wan; Idris, Kamil Md.; Yusof, Mohd ‘Atef Md; Rahim, Mohd Syahrir
The purpose of this study is to examine the level of audit fees paid in Malaysia and other selected Commonwealth countries namely Australia, Hong Kong, Singapore, and the United Kingdom. It also documents the magnitude of difference between Malaysia and these nations after controlling for company, audit firm and country specific characteristics. Additionally, the paper investigates the relationship between audit and non-audit fees and its impact on auditor independence. Using the regression analysis and subsequent conversion of the parameter estimates, we found auditors in the UK, Australia, Hong Kong and Singapore charge or are paid significantly higher audit fees than the Malaysian auditors after adjusting for the Purchasing Power Parity (PPP) by 62.51%, 26.66%, 19.10% and 21.73% respectively. In addition, companies in these countries that purchase non-audit services also paid higher statutory audit fees. The regression results show that audit fee is positively related to non-audit fee and this might not affect auditor independence as speculated by many commentators.
The Impact Of Globalization And Financial Reporting On The Efficiency Of Financial Markets: An Assessment From Its Perspective
(İstanbul Ticaret Üniversitesi, 2005) Ağca, Ahmet; Ünal, Seyfettin; Kayalı, M. Mesut
This paper evaluates the role of financial reporting on the efficiency of financial markets along with the effect of globalization by approaching this subject from the Information Technologies (IT) point of view. The innovations in IT have revolutionized the business world and led to globalization by integrating economies. Since the economics deals with the efficient allocation of limited resources, globalization has become the universal way in the search of efficiency. Globalization is the key for opening the doors of reaching production factors available anywhere. In order to employ highly efficient production factors, information is the essential element that initiates this process. In this matter, IT provides a global meeting ground for those who need financial information. IT's pivotal role derives from the fact that financial markets rely on competent information provided by financial reporting mechanism. In order to avoid misallocation of resources in all aspects of the economy, it is highly essential that financial markets function effectively. With this respect, financial market participants should be fully equipped by high quality information. The quality of financial information will be determined by its such features as relevancy, timeliness, accessibility, and reliability. At this point, IT takes its place to enrich and assure that financial information possesses the mentioned features.
The Financial Performance Of Privatized Insurance Companies In Nigeria: An Empirical Analysis
(İstanbul Ticaret Üniversitesi, 2005) Tanko, Muhammad
This study compares the pre and post privatization of privatized insurance companies in Nigeria. It examines whether the financial and operating performance of the privatized enterprises improved after privatization. The Wilcoxon signed rank test and percentage change were the principal methods used in testing for significant change in profitability, operating efficiency, Growth, Employment, Dividend, and Leverage of the privatized insurance companies. The findings of the study from the tests for the privatized insurance companies lend support to the propositions that privatization improves the financial performances of privatized insurance companies. Except for changes in employment that shows mixed results, statistically, there is a significant increase in profitability, operating efficiency, growth, and dividend payment for the privatized insurance companies.
The Relative Value Relevance Of Earnings And Book Value In Malaysia And Singapore
(İstanbul Ticaret Üniversitesi, 2005) Zainal, Dalilawati; Ibrahim, Muhd Kamil; Kamarudin, Khairul Anuar; Kaur, Jagjit
This study examines the relative value relevance of earnings and book value in two Asian countries with similar accounting systems, Malaysia and Singapore. Based on the similarities of accounting systems between the two countries, this study hypothesizes that book value is more value relevant than earnings in determining market value of equity in Malaysia and Singapore. Results from Wald chi-square and OLS regression tests provide evidence confirming the hypothesis. This study also reveals that earnings sign, firm size and macroeconomic events affect the relative value relevance in both countries under study, whereby the results seem to be driven by firms reporting negative earnings and large firm only. The results are not robust for firms reporting positive earnings, small firms and individual year samples (represent macroeconomic events). Overall, this study provides evidence concerning the relative value relevance of earnings and book value, being two important summary measures of financial statements, from Asian region.
Intellectual Capital Reporting: Challenge Of The Knowledge Economy
(İstanbul Ticaret Üniversitesi, 2005) Kayakutlu, Gülgün
In the current dynamically changing discontinuous economy, there is an increasing need for new measures to guide future actions of business models developed to anticipate the surprise. Accordingly, researches on Intellectual Capital measurement and reporting continue gathering interest of corporate sectors. Although conglomerates have started applications of new methods, the challenge to integrate results with the generally accepted accounting systems continues. The key argument of this article is that most current methods of Intellectual Capital measurement are pertinent to the industrial world of the current era. The discussion surfaces the key strengths and weaknesses of the applied methods and how they need to be afresh given the changing assumptions about business strategy and competitive business environment. Based on this discussion a new perspective is proposed for the ever growing distribution companies. For the purpose of this article, the focus of discussion is on measurement rather than reporting. However, most of the arguments, observations and results obtained from a pilot study are relevant to both academics and practitioners in the accounting field.
Accounting Functions Agenda For 21. Century
(İstanbul Ticaret Üniversitesi, 2005) Ertuna, Özer
[Abstract Not Available]
Detecting False Financial Statements Using Published Data From The Istanbul Stock Exchange
(İstanbul Ticaret Üniversitesi, 2005) Küçüksözen, Cemal; Küçükkocaoğlu, Güray
Bu çalışmanın amacı; hisse senetleri İMKB'de işlem gören imalat sanayi şirketlerinin finansal tablolarını analiz etmek suretiyle, Gerçeğe Aykırı Finansal Tabloları ortaya çıkarmaya yarayacak bir model geliştirmektir. Bu kapsamda, 2001 yılı finansal tablolarında gerçeğe aykırı finansal bilgi bulunan, dolayısıyla Sermaye Piyasası Kurulu tarafından finansal tablolarında düzeltme yaptırılan 23 şirket finansal bilgi manipülatörü şirket olarak, yine finansal bilgi manipülasyonu yaptığına dair bilgi ya da bulguya rastlanmayan 99 şirket de kontrol şirketi olarak seçilmiştir. Çok boyutlu logit modelinin kullanıldığı bu çalışmada 12 adet finansal değişken gerçeğe aykırı finansal tabloların tespiti açısından potansiyel tahmin edici olarak belirlenmiştir. Çalışma sonuçlarına göre, net karın toplam aktife oranı ve toplam finansman giderlerinin toplam faaliyet giderlerine oranının, Türkiye'de Gerçeğe Aykırı Finansal Tabloları ortaya çıkarmaya yarayan değişkenler olduğu bulgusuna ulaşılmıştır. ABSRACT The aim of this study is to detect the false financial statements of the published data of the manufacturing firms listed in the Istanbul Stock Exchange. A sample of 122 firms described over 12 financial ratios is used for detecting factors associated with false financial statements. 23 firms are selected as manipulators where their financial statements are corrected by the Capital Markets Board of Turkey, 99 firms are selected as control firms where there is no signs on falsifying their financial statements. Logistic regression model is used by Spathis (2002) to develop a model to identify factors associated with False Financial Statements. The results demonstrate that net profit to total assets and financial expenses to operating expenses function effectively in detecting false financial statements.
The Security Of Objectivity Through Quantification
(İstanbul Ticaret Üniversitesi, 2005) Mayper, Alan G.; Pleis, Letitia Meier; Wilner, And Neil
Is accounting a science of quantification, as many believe? We accountants provide the "bottom line", "performance evaluation numbers", "investment ratios", etc. These numbers have an impact on both society and our everyday lives. The corporate scandals of the late 1990's and early 2000's clearly demonstrate this impact. Ordinary citizens now realize that accounting is important and may affect their everyday lives. Porter (1992, 1995) argues that quantification as used (portrayed) in accounting obtains an aura of objectivity, which makes irrelevant any political and strategic overtones. We believe that most people view accounting as a merely technical discipline that reports economic "truths" about individuals, entities, and a host of managerial decisions. Our general research question is: how do people perceive characteristics of quantitative bits of evidence (including direct accounting information and other quantitative information) versus qualitative bits of evidence (including accounting information stated in a qualitative form and other qualitative information)? We believe there is a perception of objectivity related to all quantitative elements (especially accounting oriented data) as compared to comparable qualitative elements and this may bias decision makers toward accepting quantitative information as "factual" and non-contestable. That is, the information is not merely an input to a decision but leads to the representation of the decision output. We address the primary research question in an experiment utilizing a capital investment scenario and a performance evaluation scenario. The scenarios facilitate using multiple cues in the tasks. The Balanced Scorecard framework, as developed by Kaplan and Norton (1992), provides the concepts used to identify relevant cues. This allowed us to address a secondary research question concerning whether financial cues are weighted heavier than non-financial cues in these two scenarios.
The Effects Of Globalization On Accounting Education: International Regulations And Recent Developments
(İstanbul Ticaret Üniversitesi, 2005) Köse, Yasemin
Globalization is increasingly influencing financial markets. In age of increasing global trade and a global production a greater need emerged for integrated capital markets worldwide. Integrated capital markets resulted in arrangements made for standardizing accounting and auditing practices. Internationalization of accounting and auditing standards is heavily influencing accounting education yielding a prevailing need for global accounting education. International organizations like United Nations Trade and Development Conference (UNCTAD), International Federation of Accountants (IFAC) and International Association for Accounting Education and Research (IAAER) have met that need by developing guidelines, standards and codes which directly affect accounting education. These standards and guidelines are generally related with the curriculum, professional competencies and ethics. This study aims to present the effects of globalization on accounting education and developments of international guidelines and directives.
Impact Of Privatization On Jordanian Industrial Corporations The Case Of Jordan Cement Factories
(İstanbul Ticaret Üniversitesi, 2005) Ta'ani, Khalaf
This study aimed at examining and analyzing the effects of privatization process on the financial and operational performance of industrial corporations in Jordan. The Study based on data of Jordan Cement Factories which was privatized in 1998, provides empirical evidence on the impact of privatization upon the performance of industrial enterprises using operating, profitability, investments and other performance standards. The annual financial reports for the period 1993-2003 in addition to data from Amman Financial Market have been used, to calculate different performance standards and ratios before and after privatization. The results of the study showed that privatization produced performance improvements in terms of Liquidity, debt ratio, investment and productivity in tons, while the results were not clear in terms of other ratios. The study recommended that other studies should be made to explore other aspects of performance.
A New Approach To The Airline İndustries' Revenue Management Problem Through Options
(İstanbul Ticaret Üniversitesi, 2005) Türkmen, Banu; Asil Bulgak, Akif; Akgündüz, Ali
In the market place, service/product providers often use some limited resources to satisfy different demands. This practice leads to question of how to manage the selling process of limited resources to maximize the total revenue. This study presents an overview on the impact of dynamic capacity management through options approach for airline industries. A Revenue Management model using options approach is also presented. Capacity is an important constraint in seat inventory control and using the capacity in a more flexible way can bring operational efficiency with higher loading factors, that is defined as the ratio of passengers over total capacity for a flight leg. Options for the right of buying and selling plane tickets would potentially lead to a new proactive market realm by taking control in allocating capacity and to increase efficiency of the booking process.
Chinese Accounting System: Its Framework And Evolution
(İstanbul Ticaret Üniversitesi, 2005) Simyar, Farhad; Argheyd, Kamal; Zhang, Sutong
The purpose of this paper is to describe the process of Chinese accounting standard setting, implementation and enforcement of these standards since China adopted its "Open Door" economic policy in 1979. The paper also explains the history of the evolution of Chinese accounting system since its inception. The first part of the paper introduces the sources of Chinese accounting norms and standards. The National People's Congress is the legislature of the accounting laws. The China Securities Regulatory Commission is the enforcement body that enforces and rules over the information presentation and disclosure of the publicly listed compares. In the second section of this paper, we discuss the Chinese accounting standard-setting process and system. These systems are design to match the Chinese special social, cultural and business environments. We describe the special and complicated framework of Chinese accounting norms in the third part of the paper. The framework of Chinese accounting norms consists of the accounting laws, accounting standards, accounting system and the regulations on the information disclosure of publicly listed companies. In the fourth section of this paper, we review the evolution of Chinese accounting reform since 1979. We divide the Chinese accounting reform into three periods of significance and summarize the main features of the Chinese accounting reforms and their effects on business environment and foreign investments in China.
Theoretical And Historical Context Of Adoption Of Sector Neutral IFRS In Australia - Issues And Consequences For The Public Sector
(İstanbul Ticaret Üniversitesi, 2005) Day, Ron; Guthrie, James; Ryan, Christine
This paper focuses on issues and consequences for the public sector from the current policy decision to adopt sector-neutral International Financial Reporting Standards (IFRS) from reporting periods on or after 1 January 2005. It contends that an examination of the history of private and public sector involvement in the accounting standard setting process to date, and the explanations and applications of regulatory theory, will do much to contextualise and inform the decision process. We develop a theme that private interests have dominated the consciousness of the professional accounting standard setters at all important stages of standard setting in Australia, culminating in the merger of the Public Sector Accounting Standards Board (PSASB) with the Australian Accounting Standards Board (AASB), to form a new AASB, under the Financial Reporting Council strategic direction. We then argue that this new AASB was itself captured by a corporatist mix of private interests, government strategy, and international developments, to enable the decision to adopt sector-neutral IFRS standards to take place. After exploring the process that led to these decisions, we examine the consequences of it, particularly in relation to the public sector.
Globalization And Financial Reporting In Turkey
(İstanbul Ticaret Üniversitesi, 2005) Türker, Masum; Yarbaşı, Engin
[Abstract Not Available]
Detecting Income Smoothing Behaviours Of Turkish Listed Firms Through Discretionary Accounting Changes
(İstanbul Ticaret Üniversitesi, 2005) Atik, Asuman; Şensoy, Necdet
Income smoothing is deliberate actions of management to prevent sharp decreases and increases in an income figure. Smooth income streams indicate strength and stability, therefore in order to appear strong and stable, firms try to have smooth income figures. In the income smoothing literature, we see many examples of incentives of income smoothing. Some of them are; (1) to have better relations with company owners, investors, creditors, suppliers, and workers, (2) to have higher security prices and lower cost of capital, (3) to benefit from bonus compensation, (4) to benefit from tax advantage, and (5) to create more stable capital markets. The main objective of this study is "to detect income smoothing behaviours of Turkish listed companies through empirical tests using discretionary accounting changes". Discretionary accounting changes (DACs) were accepted as income smoothing instruments because they can have big impacts on the reported earnings and cannot be done without management's discretion. It is impossible to know real intents of managers; therefore, income smoothing was assumed to be one of the possible motivations of DACs, other possible motivations were also searched in this study. The research comprises the companies listed on İstanbul Stock Exchange (ISE) between the years 1998 and 2003. Financial institutions were excluded because of accounting and reporting differences. As seen in the table, footnotes of firms in 1289 firm-years were scrutinised. Year Number of firms of which footnotes were examined 1998 216 1999 222 2000 233 2001 235 2002 227 2003 156 TOTAL 1289 The smoothing behaviour index of Moses (1987) was used to determine income smoothers and non-smoothers. Positive values of SB mean the analysed firm is an income smoother. SB: Smoothing Behaviour PE: Pre-change Earnings EE: Expected Earnings RE: Reported Earnings To apply this formula, we can get the reported earnings of a firm from its income statement and calculate prechange earnings by adding or subtracting the monetary effect of a discretionary accounting change. However it is impossible to know exactly the expected earnings number that the firm's management tries to smooth toward. In order to estimate expected earnings of a firm, Moses used Simple Random Walk Model (SRWM). Additionally, many studies chose only one estimation model. However, in this study, in order to decrease the risk of using an unsuitable model, four models were used to predict expected earnings. SRWM says that expected earnings in the year of accounting change is equal to the reported earnings of previous year. The second model says that, previous year's earnings should be adjusted with the inflation rate and expected earnings in the year of accounting change is equal to the inflation-adjusted reported earnings of previous year. In the examination period of this study, the average inflation rate in Turkey was 48 percent. This shows us the necessity of inflation adjustment. According to the 3rd model, average earnings growth over five preceding years is calculated and it is assumed that previous year's earnings will grow at the same rate. In the fourth model, it is estimated that in the year of accounting change, return on assets ratio will be equal to the average of the past five years' return on assets ratios. Parallel to the studies in the related literature, firm size, ownership structure, industry, debt ratio, prechange earnings deviation, directional impact of the accounting changes and industry were determined as the possible variables affecting income smoothing behaviors of firms, and hypotheses were developed related to these variables. Besides income smoothing, having a net income close to zero and economical crises were hypothesised to be other incentives of making DACs. The results of the statistical tests and analyses showed that there are mainly three possible motivations of discretionary accounting changes other than providing high quality financial reports: The first one is income smoothing. Because nearly 60 % of the sample firms were determined as smoothers and 40 % of the sample firms were determined as non-smoothers, income smoothing may be considered an important factor in discretionary accounting change decisions Analyses show that firms with positive prechange earnings made income decreasing DACs and firms with negative prechange earnings made income increasing DACs. Therefore; decreasing reported income in order to decrease tax liability and decreasing losses to give better messages about future profitability are other possible incentives of making DACs. DACs were made mostly in the years that Turkey faced big economical crises. Therefore the characteristics of the time period, or in other words different economical, operational, risk and opportunity conditions, are other possible factors that managers take into consideration while making DACs.
Corporate Fraudulent Financial Reporting In Europe And Global Response
(İstanbul Ticaret Üniversitesi, 2005) Badawi, İbrahim M.
Several global actions have been undertaken to respond to recent series of global corporate fraudulent financial reporting incidents, mostly in the U.S. and Europe. Almost all cases of European corporate accounting frauds are committed by international corporations which conduct their business in many countries, and mostly are listed and traded on the U.S. stock markets. Global actions of reform are prompted by American and European regulatory bodies, such as the U.S.-SEC and the EC, and by other international organizations, such as IFOA and OECD, in order to restore investor confidence in financial reporting, the public accounting profession, and the global financial markets. This study provides a sample of corporate accounting frauds in Europe and highlights the various actions for reform.
Neo Liberalism: Its İmpact On Financial Reporting In The United States: The Implications For Globalization Of Accounting Standards
(İstanbul Ticaret Üniversitesi, 2005) Merino, Barbara D.
Neoliberalism has been called "the defining political economic paradigm of our lives; it refers to the policies and processes by which a relative handful of private interest is permitted to control as much as possible of social life." (McChesney, 1998) Neoliberalism has been the based of what John Williamson (1990) labeled the "Washington Consensus (WC)." The WC reflects development strategies that focus on liberalization and privatization. Stiglitz (1998) notes the WC results in "policies predicated upon a strong faith-stronger than warranted -in unfettered markets aimed at reducing or even minimizing the role of government." Anglo American financial reporting plays a critical role in implementing WC policies. The WC privileges ownership interests the concept of shareholder value dominates financial reporting. Therefore, maximization of shareholder value becomes the key goal. Neoliberalism provides the philosophic base for the WC and provides the framework for this paper.

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