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Öğe Continuing professional education and audit quality: evidence from an emerging market(Emerald Group Publishing Ltd, 2022) Ocak, Murat; Ozkan, Serdar; Can, GokberkPurpose In this paper, the authors examine the association between the amount of continuing professional education (CPE) hours per staff and audit quality in terms of discretionary accruals and audit opinion. Design/methodology/approach Several methodologies are adopted to test the hypotheses, including the ordinary least square (OLS) and logistic regression (Logistic). The authors also employ instrument variables regression with two least square (IVREG with 2SLS) and instrument variables probit model (IVProbit) to address the possible endogeneity and strengthen the validity of the main estimation results. Findings The main results show that there is a positive and significant relationship between CPE hours per staff and audit quality. As the authors grouped CPE into four areas (finance, auditing and accounting, tax, law and regulations and others) the results are more robust for the sub-sample accounting and audit and others. Moreover, the findings of this study suggest that CPE hours per staff do not affect audit quality significantly for Big4 audit firms compared to non-Big4 firms. Research limitations/implications The sample size of the present study is quite small because the transparency reports of the audit firms in Turkey have been available since 2013 and the authors could not reach some auditor demographics at the individual level and some attributes at the audit firm level. Besides, some alternative audit quality measures, such as audit effort, audit fees are not employed because they are not disclosed. Originality/value This study contributes to the audit literature using Turkish audit firms. The authors believe that the setting of Turkey may yield interesting results because of the data it provides.Öğe DENETİM FİRMASI ŞEFFAFLIK RAPORLARININ YAYIMLANMA ZAMANINI ETKİLEYEN İÇ FAKTÖRLER: 2013-2020 ARASI BİR ANALİZ(2022) Ocak, MuratBu çalışmanın amacı, denetim firmalarının yayınlamış olduğu şeffaflık raporlarının yayınlanma zamanını etkileyen faktörleri ortaya koymaktır. Çalışmada, 2013-2020 yılları arasında 446 yıl*denetim firması gözlem ve en küçük kareler yöntemi kullanılmıştır. Sonuçlar, denetim firması yaşının, denetim firması yönetim kurulu üye sayısının, denetim firması ortaklık yapısı içinde yer alan yeminli mali müşavirlerin oranının, yönetim kurulunda yer alanların sahiplik yapısı içindeki paylarının ve denetim firması büyüklüğünün şeffaflık raporlarını yayınlama zamanını etkilediğini göstermektedir. Ana model, büyük denetim firmaları örneklemden çıkarıldıktan sonra da çalıştırılmış ve benzer bulgular elde edilmiştir. Ayrıca, model uluslararası denetim ağına bağlı olan ve olmayan denetim firmaları açısından da çalıştırılmıştır. Uluslararası denetim ağına bağlı ve bağlı olmayan firmalar açısından sonuçların farklılaştığı gözlemlenmektedir. Ana sonuçları güçlendirmek amacı ile negatif binomial regresyon yöntemi kullanılmış ve bu yöntemin sonuçları en küçük kareler yöntemi ile paraleldir.Öğe Do ex-bureaucrats on boards improve efficiency in intellectual capital? Evidence from an emerging country(Elsevier, 2023) Ocak, Murat; Dalwai, Tamanna; Altuk-Ozturk, Vildan Evrim; Arioglu, Emrah; Shahab, Yasir; Kablan, AliRelying on the resource dependence theory, this study investigates the effect on intellectual capital efficiency and its components of having board members who are former bureaucrats, using a sample of banks in Turkiye. The study uses a sample of 344 firm-year observations of banks in Turkiye between 2005 and 2018 to investigate the relationship between ex-bureaucrat board members and intellectual capital efficiency. In addition to ordinary least squares (OLS), the curret study employs instrumental variables with a two-stage least squares model to mitigate potential endogeneity concerns. Our findings show that ex-bureaucrat board members have a significantly positive association with intellectual capital efficiency at banks in Turkiye.Copyright (c) 2023 Borsa Istanbul Anonim S,irketi. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).Öğe Do females in audit firm governance affect firm performance? Findings from Turkey(Emerald Group Publishing Ltd, 2021) Ocak, MuratPurpose This study aims to contribute to the literature by offering a different sector and emphasising the importance of females in audit firm (AF) governance on audit firm performance (AFP). Design/methodology/approach Ordinary least squares (OLS) and instrument variables regression (IVREG) with two-stage least squares are used to test the paper's hypotheses. Findings Both OLS and IVREG estimation results show that both the proportion of females and gender diversity at board and owner levels and the total number of shares of female owners seem to enhance the performance of AFs. Practical implications These results may be important for policymakers and regulators to set a quota for women's representation on AF governance or decide arrangements for women in AFs as in the regulations for the high hierarchical levels of other corporate firms. Originality/value This paper extends the current literature in the context of AFs in Turkey, positing that females in AF governance might enhance performance to a great extent.Öğe Do government-experienced auditors reduce audit quality?(Emerald Group Publishing Ltd, 2019) Ocak, Murat; Can, GokberkPurpose Recent studies regarding auditor experience generally focus on auditor overall experience in accounting, auditing, finance and related fields (Hardies et al., 2014), auditor sector and domain experience (Bedard and Biggs, 1991; Hammersley, 2006), auditor experience as CPA (Ye et al., 2014; Sonu et al., 2016) or big N experience (Chi and Huang, 2005; Gul et al., 2013; Zimmerman, 2016) or auditors' international working experience (Chen et al., 2017). But there is little attention paid to where auditors obtained their experience from? And how do auditors with government experience affect audit quality (AQ)? This paper aims to present the effect of auditors with government experience on AQ. Design/methodology/approach The authors used Turkish publicly traded firms in Borsa Istanbul between the year 2008 and 2015 to test the hypothesis. The sample comprises 1,067 observations and eight years. Two main proxies of government experience are used in this paper. The first proxy is auditor's government experience in the past. The second proxy is the continuous variable which is the logarithmic value of the number of years of government experience. Further, auditor overall experience in auditing, accounting, finance and other related fields are also used as a control variable. Audit reporting aggressiveness, audit reporting lag and discretionary accruals are used as proxies of AQ. Besides this, the authors adopted the model to estimate the probability of selecting a government-experienced auditor, and they presented the regression results with the addition of inverse Mills ratio. Findings The main findings are consistent with conjecture. Government-experienced auditors do not enhance AQ. They are aggressive, and they complete audit work slowly and they cannot detect discretionary accruals effectively. Spending more time in a government agency makes them more aggressive and slow, and they do not detect earnings management practices. The Heckman estimation results regarding the variable of interest are also consistent with the main estimation results. In addition, the authors found in predicting government-experienced auditor choice that family firms, domestic firms and firms that reported losses (larger firms, older firms) are more (less) likely to choose government-experienced auditors. Originality/value This paper tries to fill the gap in the literature regarding the effect of auditor experience on AQ and concentrates on a different type of experience: Auditors with government experience.Öğe Do Individual Auditors from More Religious Hometowns Enhance Audit Quality? Evidence from an Islamic Country(Springer, 2024) Ocak, Murat; Kurtulmus, Bekir Emre; Arioglu, EmrahThis study investigates the effect of individual auditors from more religious hometowns on audit quality, utilizing social identity and social norm theories via a sample of Turkish companies listed on the Borsa Istanbul and their associated individual auditors between the years 2010 and 2019. The sample includes a unique hand-collected dataset and secondary data gathered from various sources. The main findings demonstrate that individual auditors from more religious hometowns provide higher quality audit work in terms of the magnitudes of discretionary accruals, audit reporting aggressiveness, and the presence of small profits. In order to overcome potential endogeneity and selection problems, this study employs the Heckman two-stage estimation procedure, instrumental variables, system generalized methods of moments regressions, and propensity score matching-difference and differences method. The results of these additional tests also support the main results. When controlled for the religiosity levels of the province where clients operate and the religiosity levels of the province where individual auditors attended and graduated from universities, the results remain similar. The employment of alternative audit firm size and quality proxies also provides additional supportive evidence. The findings are robust when alternative variables of interest and alternative audit quality measures, such as sanction and restatement, are employed in the main models.Öğe Does audit firm governance matter to audit quality? Evidence from Turkey(Emerald Group Publishing Ltd, 2022) Ocak, MuratPurpose This paper aims to examine the effect of audit firm governance on audit quality. Audit firm governance is broken down into two categories, namely, board ownership and engagement partner ownership. Design/methodology/approach Audit firms from Borsa Istanbul and their clients who are quoted there as well were used to test the hypotheses. The final sample covers 1,291 observations at the client level between 2013 and 2019. Ordinary least square was conducted to test the hypotheses. Heckman selection model and instrument variable regression with two-stage least square (IVREG with 2SLS) were also used to control the self-selection and endogeneity problems, respectively. To enhance the validity of the main results, alternative audit quality measures were used. Findings The empirical findings show that board ownership and engagement partner ownership have an impact on audit quality. The results indicate that engagement partners with high shares enhance audit quality only in Big4 audit firms. The positive effect of higher board ownership on audit quality is more prominent in non-Big4 firms. The Heckman two-stage procedure and IVREG with 2SLS were conducted, both of which were consistent with the main results. The results regarding alternative audit quality measures are in accordance with the main estimation results. Originality/value To the best of the author's knowledge, this is the first study examining the impact of audit firm board ownership on audit quality. In addition, this paper further advances the literature by investigating the effects of ownership at engagement partner levels on audit quality in the context of an emerging market, Turkey.Öğe Does auditing multiple clients affiliated with the same business group reduce audit quality? Evidence from an emerging market(Elsevier, 2021) Ocak, Murat; Kablan, Ali; Dursun, Gunay DenizThe aim of the study is to examine the association between audit quality and individual auditors providing independent audit service to the firms affiliated with the same business group. We used Turkish Listed firms traded in Borsa Istanbul between 2010 and 2016. These auditors have been associated with lower audit quality in terms of discretionary accruals, modified audit opinion and audit report aggressiveness. Our main results are robust to different specifications and the results remain unchanged regardless of the specification. Moreover, we created some interaction variables to test that such a relationship would be reversed when the audit firm where the individual auditor works, was one of the Big4. We found that individual auditors providing independent audit service to the firms affiliated with the same business group in the Big4 audit firms do not influence audit quality negatively. In addition, we found that individual auditors providing independent audit service to the firms affiliated with the same business group audit the financial statements of them in timelier manner. Overall, this paper highlights and emphasizes the importance of auditing the firms affiliated with the same business group by different individual auditors to audit quality. Copyright (c) 2020, Borsa Istanbul Anonim Sirketi. Production and hosting by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).Öğe The Effect of Intangible Assets Investments on Firms' Financial Performance in Turkey(Ege Univ, Fac Economics & Admin Sciences, 2016) Findik, Derya; Ocak, MuratThe aim of this study is to determine the effect of intangible assets investment on firms' financial performance. In this study, we analyze the impact of intangible assets on firm performance in Turkey by using Borsa Istanbul (BIST) National All Shares Index (XUTUM) database for the years 2005-2013. Intangibles are classified into three categories; innovative property, computerized information and database, and economic competence. Innovative property includes patents, licences, films, rights, and research and development activities. Computer software, information systems, computer programmes, and customer databases are in the second category. The third group emphasizes the economic impact of the intangibles such as advances given, agreements, and special costs. We apply fixed effects approach in this study to estimate the impact of each intangible component on firm performance. We find out a positive relationship between return on assets and intangible assets. As far as the intangible component that generates an improvement in firm performance is considered, innovation property-especially rights and licences-comes to the fore.Öğe The Effects of Corporate Governance Components on Accruals Based Earnings Management: The Importance of Independent and Female Members(Istanbul Univ, 2017) Ocak, Murat; Arikboga, DursunCorporate governance has important role to constrain earnings management practices. In this paper, it investigated the constraining effect of corporate governance components which measured with some qualitative characteristics on the accruals based earnings management using 922 firm-year observations (second model 904 firm-year observations) in Borsa Istanbul National All Index between 2008 and 2013, using the panel data analysis. The results reveal that the percentage of the independent board members, the percentage of the independent audit committee members and the percentage of the female members on board are negatively associated with accruals based earnings management at significant levels. Further, the presence of independent and female members on board and audit committee are negatively associated with accruals based earnings management with significant levels.Öğe FİNANSAL KRİZ, FİNANSAL PERFORMANS VE YÖNETİM KURULUNDAKİ BAĞIMSIZ ÜYELER: 2008 KÜRESEL FİNANS KRİZİNDE BİST İMALAT SEKTÖRÜNE YÖNELİK BİR ARAŞTIRMA(2014) Ocak, Murat; Güçlü, CoşkunBu çalışmanın ilk amacı 2008 Küresel krizin BİST imalat sektöründeki işletmelerin finansal performansına etkisini araştırmaktır. İkinci amacı, yönetim kurulunda bağımsız üye bulunmasının finansal performansa ve kriz dönemindeki finansal performansa etkisini araştırmaktır. Çalışmada, 2008 Küresel krizin işletmelerin finansal performansını negatif yönde etki ettiği tespit edilmiştir. Ayrıca yönetim kurulunda ba- ğımsız üye bulunma durumu ile finansal performans arasında pozitif fakat anlamsız bir ilişkiye rastlanmıştır. Elde edilen diğer bulgu, 2008 Küresel kriz döneminde yönetim kurulunda bağımsız üye bulunma durumu ile finansal performans arasında negatif ve anlamlı bir ilişki oldu- ğu yönündedir.Öğe Forecast of China's economic growth during the COVID-19 pandemic: a MIDAS regression analysis(Emerald Group Publishing Ltd, 2021) Gunay, Samet; Can, Gokberk; Ocak, MuratPurpose This study aims to examine the effect of the COVID-19 pandemic in comparison to the global financial crisis (GFC) on the gross domestic product (GDP) growth rate of China. Design/methodology/approach Empirical analyses are conducted through alternative methods such as ordinary least squares, Markov regime switching (MRS) and mixed data sampling (MIDAS) regressions. The flexibility of MIDAS regression enables us to use different variables with quarterly (GDP), monthly (export sales and foreign-exchange reserves) and daily frequencies (foreign exchange rates and Brent oil price). Findings The results indicate that the COVID-19 pandemic has had a considerable negative effect on China's GDP growth, while the dummy variables used for the GFC are found to be insignificant. Further, the forecast accuracy test statistics exhibited a superior performance from MIDAS regression compared to the alternative models, such as MRS regression analysis. According to the forecast results, the authors expect a recovery in China's economic growth in the second quarter of 2020. Originality/value This is one of the earliest studies to examine the effect of the COVID-19 pandemic on the Chinese economy, and to compare the impact of COVID-19 with the GFC. The authors provide further evidence regarding the performance of MIDAS regression analysis vs alternative methods. Findings obtained shed light on policymakers, corporations and households to update their consumption, saving and investment decisions in the chaotic environment of this pandemic.Öğe Hometown religiosity and financial reporting quality: evidence from chairpersons(Emerald Group Publishing Ltd, 2024) Arioglu, Emrah; Borak, Metin; Ocak, MuratPurposeThis study aims to investigate whether there is a relationship between the religiosity levels of chairpersons' hometowns and the financial reporting quality of companies.Design/methodology/approachUsing a unique hand-collected data set obtained from various sources, the authors use ordinary least squares and logistic regressions to test the hypotheses and further implement various methods to address potential issues such as omitted variables, reverse causality and selection bias problems. In addition, the authors control for the religiosity level of chief executive officers' (CEOs) hometowns. Finally, the authors divide the sample into two subsamples - companies with strong corporate governance and companies with weak corporate governance - to investigate the effect of chairpersons' hometown religiosity on financial reporting quality under strong or weak corporate governance.FindingsThe findings demonstrate that companies with chairpersons from religious hometowns produce high-quality financial reports. Additional tests, such as the Heckman selection model and instrument variable regression, confirm the robustness of the main results. Controlling for the religiosity level of the CEO's hometown yields consistent findings with the main results. Finally, additional results indicate that the religiosity levels of chairpersons' hometowns play a significant role in enhancing financial reporting quality in companies with weak corporate governance.Practical implicationsCompanies should consider appointing board members or chairpersons from more religious hometowns, as the empirical results of this study support the positive effects of chairpersons' hometown religiosity on financial reporting quality.Originality/valueTo the best of the authors' knowledge, the current study is among the first to demonstrate the relationship between the religiosity level of the chairpersons' hometown and the financial reporting quality of companies. The study introduces unique hometown religiosity proxies and controls for various variables related to corporate governance, chairperson attributes, company characteristics, and audit firm characteristics.Öğe The impact of auditor education level on the relationship between auditor busyness and audit quality in Turkey(TAYLOR & FRANCIS AS, 2018) Ocak, MuratIn this study, I examine the effect of auditor education level on the relationship between auditor busyness and audit quality using Turkish listed firms. Prior studies regarding auditor busyness have not considered how auditor busyness affects audit quality in the case of auditors who are less educated or more educated. I created some interaction variables using busyness and auditor education level. Additionally, the sample was split into two groups based on auditor education level. The main estimation results show that auditor busyness (auditor education level) negatively (positively) affects audit quality. Auditor formal education level minimises the negative effect of auditor busyness on auditor quality. Also, I found that the negative effect of auditor busyness on audit quality is more pronounced in the case of less educated auditors.Öğe The Impact of Intangible Assets and Sub-Components of Intangible Assets on Sustainable Growth and Firm Value: Evidence from Turkish Listed Firms(Mdpi, 2019) Ocak, Murat; Findik, DeryaThis study explores the effect of intangible assets and sub-components of intangible assets on sustainable growth and firm value in Turkey. The cumulative (i.e., aggregative) value of intangible assets of firms and sub-components of intangible assets were used as test variables in the current study. Further, intangible assets of the firms were divided into three sub-components using the classification of Corrado, Hulten and Sichel, namely computerized information and database, innovative property, and economic competence. Firms listed on Borsa stanbul were analyzed to test the hypotheses. Two different measures of sustainable growth of firms and unique measure of firm value were used as dependent variables. The final sample includes 1353 observations for nine years between 2005-2013 in Turkey. Ordinary least square (OLS) and Heckman two-stage estimation procedures were employed to test the hypotheses. Estimation results of OLS and Heckman two-stage procedures show that the cumulative value of intangible assets affect the sustainable growth rates of firms and firm value positively. When the cumulative value of intangible assets was classified into three sub-components, both computerized information and database and economic competence impact the sustainable growth rates of firms and firm value.Öğe Kâr Yönetimi, Bağımsız Denetim Görüşü ve Denetim Firması Değişimi Arasındaki İlişkiler: Borsa İstanbul İmalat Sektörüne Yönelik Bir Araştırma(2016) Ocak, MuratBu çalışmada ilk olarak tahakkuk/işlem esaslı kâr yönetimi ve bağımsız denetim görüşü arasındaki ilişki araştırılmıştır. İkinci olarak geçmiş dönemde alınan olumlu görüş dışındaki görüşlerin mevcut dönemde denetim firması değişimine etkisi araştırılmıştır. Borsa İstanbul İmalat sektöründe yer alan 1121 işletme'yıl gözlem kullanılmıştır. Sonuçlar, tahakkuk esaslı kâr yönetiminin göstergesi olan ihtiyari tahakkukların işaretli/mutlak değerleri ile olumlu görüş dışındaki görüş arasında pozitif ve anlamlı ilişki olduğunu göstermektedir. İşlem esaslı kâr yönetiminin göstergesi olan anormal üretim maliyeti ve anormal faaliyet giderlerinin toplamı ile olumlu görüş dışında bir görüş alma durumu arasında anlamlı bir ilişkiye rastlanmamıştır. Geçmiş dönemde olumlu görüş dışında bir görüş alma ile mevcut dönemde denetim firması değişimi arasında pozitif ve anlamlı ilişki tespit edilmiştir. Ayrıca 2013 yılındaki denetim firması değişikliklerinde zorunlu rotasyon uygulamasının etkili olduğu ve işletmelerin denetim firmalarını değiştirdiği görülmektedir.Öğe Yönetim Kurulu Toplantı Sayısını Etkileyen Faktörler: Borsa İstanbul'a İlişkin Bulgular(2017) Ocak, Murat; Özden, Evrim AltukBu çalışmanın amacı yönetim kurulu toplantı sayısını etkileyen faktörleri belirlemektir. Çalışmada, Borsa İstanbul'a kote işletmelerin 2005-2013 yılları arasındaki verilerinden yararlanılarak 931 işletme-yıl gözlem kullanılmıştır. İmalat; toptan&perakende, otel, restoran ve teknoloji ana sektörleri ele alınmış, verilerin analizi için negatif binomial regresyon kullanılmıştır. Tüm gözlem için yönetim kurulundaki bağımsız üye oranı ve yönetim kurulundaki kadın üyelerin oranı arttıkça yönetim kurulu toplantı sayılarının da arttığı tespit edilmiştir. Yönetim kurulu büyüklüğü arttıkça yönetim kurulu toplantı sayısı ise azalmaktadır. İmalat ve teknoloji sektöründe bağımsız üyelerin oranı toplantı sayısını pozitif yönde, yönetim kurulu büyüklüğü olumsuz yönde etkilemektedir. Toptan&perakende ticaret, otel ve restoran sektöründe yönetim kurulundaki kadın üyeler toplantı sayısını arttırmaktadır.
