Reel Kâr Yönetimi Gelecekteki Hisse Senedi Fiyat Çöküşü Riskiyle İlişkili midir? Borsa İstanbul’dan Bulgular

Abad, D., Cutillas-Gomariz, M. F., Sánchez-Ballesta, J. P., & Yagüe, J. (2018). Real earnings management and information asymmetry in the equity market. European Accounting Review, 27(2), 209–235. https://doi.org/10.1080/09638180.2016.1261720

Adebambo, B. N., & Yan, X. (2018). Investor overconfidence, firm valuation, and corporate decisions. Management Science, 64(11), 5349–5369. https://doi.org/10.1287/mnsc.2017.2806

Amihud, Y. (2002). Illiquidity and stock returns: Cross-section and time-series effects. Journal of Financial Markets, 5(1), 31–56. https://doi.org/10.1016/S1386-4181(01)00024-6

An, H., & Zhang, T. (2013). Stock price synchronicity, crash risk, and institutional investors. Journal of Corporate Finance, 21, 1–15. https://doi.org/10.1016/j.jcorpfin.2013.01.001

Andreou, P. C., Antoniou, C., Horton, J., & Louca, C. (2016). Corporate governance and firm-specific stock price crashes. European Financial Management, 22(5), 916–956. https://doi.org/10.1111/eufm.12084

Andreou, P. C., Louca, C., & Petrou, A. P. (2017). CEO age and stock price crash risk. Review of Finance, 21(3), 1287–1325. https://doi.org/10.1093/rof/rfw056

Badertscher, B. A. (2011). Overvaluation and the choice of alternative earnings management mechanisms. The Accounting Review, 86(5), 1491–1518. https://doi.org/10.2308/accr-10092

Bao, D., Kim, Y., Mian, G. M., & Su, L. (2019). Do managers disclose or withhold bad news? Evidence from short interest. The Accounting Review, 94(3), 1–26. https://doi.org/10.2308/accr-52205

Bebchuk, L., Cohen, A., & Ferrell, A. (2009). What matters in corporate governance? The Review of Financial Studies, 22(2), 783–827. https://doi.org/10.1093/rfs/hhn099

Bradshaw, M. T., Hutton, A. P., Marcus, A. J., & Tehranian, H. (2010). Opacity, crash risk, and the option smirk curve. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1640733

Bushee, B. J. (1998). The influence of institutional investors on myopic R&D investment behavior. The Accounting Review, 73(3), 305–333. https://doi.org/10.2308/TAR-902584

Callen, J. L., & Fang, X. (2013). Institutional investor stability and crash risk: Monitoring versus short-termism? Journal of Banking & Finance, 37(8), 3047–3063. https://doi.org/10.1016/j.jbankfin.2013.02.018

Callen, J. L., & Fang, X. (2015). Short interest and stock price crash risk. Journal of Banking & Finance, 60, 181–194. https://doi.org/10.1016/j.jbankfin.2015.08.009

Callen, J. L., & Fang, X. (2017). Crash risk and the auditor–client relationship. Contemporary Accounting Research, 34(3), 1715–1750. https://doi.org/10.1111/1911-3846.12311

Canbaloglu, B., Alp, O. S., & Gurgun, G. (2022). Debt maturity structure and stock price crash risk: The case of Turkiye. Borsa Istanbul Review, 22(5), 985–991. https://doi.org/10.1016/j.bir.2022.07.005

Chen, C., Kim, J. B., & Yao, L. (2017). Earnings smoothing: Does it exacerbate or constrain stock price crash risk? Journal of Corporate Finance, 42, 36–54. https://doi.org/10.1016/j.jcorpfin.2016.11.004

Chen, J., Hong, H., & Stein, J. C. (2001). Forecasting crashes: Trading volume, past returns, and conditional skewness in stock prices. Journal of Financial Economics, 61(3), 345–381. https://doi.org/10.1016/S0304-405X(01)00066-6

Chen, S., Ma, H., Wu, Q., & Zhang, H. (2024). Common institutional ownership and stock price crash risk. Contemporary Accounting Research, 41(1), 679–711. https://doi.org/10.1111/1911-3846.12915

Cheng, Q., Lee, J., & Shevlin, T. (2016). Internal governance and real earnings management. The Accounting Review, 91(4), 1051–1085. https://doi.org/10.2308/accr-51275

Chi, J. D., & Gupta, M. (2009). Overvaluation and earnings management. Journal of Banking & Finance, 33(9), 1652–1663. https://doi.org/10.1016/j.jbankfin.2009.03.014

Chi, W., Lisic, L. L., & Pevzner, M. (2011). Is enhanced audit quality associated with greater real earnings management? Accounting Horizons, 25(2), 315–335. https://doi.org/10.2308/acch-10025

Choi, A., Choi, J. H., & Sohn, B. C. (2018). The joint effect of audit quality and legal regimes on the use of real earnings management: International evidence. Contemporary Accounting Research, 35(4), 2225–2257. https://doi.org/10.1111/1911-3846.12370

Choi, A., Lee, E. Y., Park, S., & Sohn, B. C. (2022). The differential effect of accrual-based and real earnings management on audit fees: International evidence. Accounting and Business Research, 52(3), 254–290. https://doi.org/10.1080/00014788.2021.1911779

Cohen, D. A., Dey, A., & Lys, T. Z. (2008). Real and accrual-based earnings management in the pre- and post-Sarbanes-Oxley periods. The Accounting Review, 83(3), 757–787. https://doi.org/10.2308/accr.2008.83.3.757

Cohen, D. A., & Zarowin, P. (2010). Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics, 50(1), 2–19. https://doi.org/10.1016/j.jacceco.2010.01.002

Cohen, L. J., Cornett, M. M., Marcus, A. J., & Tehranian, H. (2014). Bank earnings management and tail risk during the financial crisis. Journal of Money, Credit and Banking, 46(1), 171–197. https://doi.org/10.1111/jmcb.12101

Commerford, B. P., Hatfield, R. C., & Houston, R. W. (2018). The effect of real earnings management on auditors’ scrutiny of managements’ other financial reporting decisions. The Accounting Review, 93(5), 145–163. https://doi.org/10.2308/accr-52032

Danışoğlu, S., & Güner, Z. N. (2018). Do price limits help control stock price volatility? Annals of Operations Research, 260(1), 129–157. https://doi.org/10.1007/s10479-016-2317-y

DeFond, M. L., Hung, M., Li, S., & Li, Y. (2015). Does mandatory IFRS adoption affect crash risk? The Accounting Review, 90(1), 265–299. https://doi.org/10.2308/accr-50859

Dumitrescu, A., & Zakriya, M. (2021). Stakeholders and the stock price crash risk: What matters in corporate social performance? Journal of Corporate Finance, 67, 101871. https://doi.org/10.1016/j.jcorpfin.2020.101871

Ellington, M. (2018). Financial market illiquidity shocks and macroeconomic dynamics: Evidence from the UK. Journal of Banking & Finance, 89, 225–236. https://doi.org/10.1016/j.jbankfin.2018.02.013

Florackis, C., Gregoriou, A., & Kostakis, A. (2011). Trading frequency and asset pricing on the London Stock Exchange: Evidence from a new price impact ratio. Journal of Banking & Finance, 35(12), 3335–3350. https://doi.org/10.1016/j.jbankfin.2011.05.014

Florackis, C., Kontonikas, A., & Kostakis, A. (2014). Stock market liquidity and macro-liquidity shocks: Evidence from the 2007–2009 financial crisis. Journal of International Money and Finance, 44, 97–117. https://doi.org/10.1016/j.jimonfin.2014.02.002

Francis, B., Hasan, I., & Li, L. (2016). Abnormal real operations, real earnings management, and subsequent crashes in stock prices. Review of Quantitative Finance and Accounting, 46(2), 217–260. https://doi.org/10.1007/s11156-014-0468-y

Ge, W., & Kim, J. B. (2014). Real earnings management and the cost of new corporate bonds. Journal of Business Research, 67(4), 641–647. https://doi.org/10.1016/j.jbusres.2013.01.021

Graham, J. R., Harvey, C. R., & Rajgopal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics, 40(1–3), 3–73. https://doi.org/10.1016/j.jacceco.2005.01.002

Gul, F. A., Kim, J. B., & Qiu, A. A. (2010). Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity: Evidence from China. Journal of Financial Economics, 95(3), 425–442. https://doi.org/10.1016/j.jfineco.2009.11.005

Gunny, K. A. (2010). The relation between earnings management using real activities manipulation and future performance: Evidence from meeting earnings benchmarks. Contemporary Accounting Research, 27(3), 855–888. https://doi.org/10.1111/j.1911-3846.2010.01029.x

Habib, A., Ranasinghe, D., Wu, J. Y., Biswas, P. K., & Ahmad, F. (2022). Real earnings management: A review of the international literature. Accounting & Finance, 62(4), 4279–4344. https://doi.org/10.1111/acfi.12968

Hainmueller, J. (2012). Entropy balancing for causal effects: A multivariate reweighting method to produce balanced samples in observational studies. Political Analysis, 20(1), 25–46. https://doi.org/10.1093/pan/mpr025

Hasan, M. M., Taylor, G., & Richardson, G. (2022). Brand capital and stock price crash risk. Management Science, 68(10), 7221–7247. https://doi.org/10.1287/mnsc.2021.4197

Hong, H. A., Kim, J. B., & Welker, M. (2017). Divergence of cash flow and voting rights, opacity, and stock price crash risk: International evidence. Journal of Accounting Research, 55(5), 1167–1212. https://doi.org/10.1111/1475-679X.12185

Hutton, A. P., Marcus, A. J., & Tehranian, H. (2009). Opaque financial reports, R², and crash risk. Journal of Financial Economics, 94(1), 67–86. https://doi.org/10.1016/j.jfineco.2008.10.003

Jensen, M. C. (2005). Agency costs of overvalued equity. Financial Management, 34(1), 5–19. https://doi.org/10.1111/j.1755-053X.2005.tb00090.x

Jin, L., & Myers, S. C. (2006). R² around the world: New theory and new tests. Journal of Financial Economics, 79(2), 257–292. https://doi.org/10.1016/j.jfineco.2004.11.003

Khurana, I. K., Pereira, R., & Zhang, E. (2018). Is real earnings smoothing harmful? Evidence from firm‐specific stock price crash risk. Contemporary Accounting Research, 35(1), 558–587. https://doi.org/10.1111/1911-3846.12353

Kim, J. B., Li, Y., & Zhang, L. (2011a). CFOs versus CEOs: Equity incentives and crashes. Journal of Financial Economics, 101(3), 713–730. https://doi.org/10.1016/j.jfineco.2011.03.013

Kim, J. B., Li, Y., & Zhang, L. (2011b). Corporate tax avoidance and stock price crash risk: Firm-level analysis. Journal of Financial Economics, 100(3), 639–662. https://doi.org/10.1016/j.jfineco.2010.07.007

Kim, J. B., Luo, L., & Xie, H. (2024). Do dividends mitigate bad news hoarding, overinvestments, and stock price crash risk? Accounting & Finance, 64(4), 3999–4038. https://doi.org/10.1111/acfi.13297

Kim, J. B., & Sohn, B. C. (2013). Real earnings management and cost of capital. Journal of Accounting and Public Policy, 32(6), 518–543. https://doi.org/10.1016/j.jaccpubpol.2013.08.002

Kim, J. B., Wang, J. J., & Zhang, E. X. (2021). Does real earnings smoothing reduce investors’ perceived risk? Journal of Business Finance & Accounting, 48(9–10), 1560–1595. https://doi.org/10.1111/jbfa.12529

Kim, J. B., Wang, Z., & Zhang, L. (2016). CEO overconfidence and stock price crash risk. Contemporary Accounting Research, 33(4), 1720–1749. https://doi.org/10.1111/1911-3846.12217

Kim, J. B., Wang, Z., & Zhang, L. (2019). Readability of 10-K reports and stock price crash risk. Contemporary Accounting Research, 36(2), 1184–1216. https://doi.org/10.1111/1911-3846.12452

Kim, J. B., & Zhang, L. (2016). Accounting conservatism and stock price crash risk: Firm-level evidence. Contemporary Accounting Research, 33(1), 412–441. https://doi.org/10.1111/1911-3846.12112

Kim, J. H., Lee, S. H., & Yoo, Y. K. (2020). Real earnings management and the cost of debt capital: International evidence. Asia-Pacific Journal of Accounting & Economics, 27(2), 151–172. https://doi.org/10.1080/16081625.2018.1518148

Kim, Y., Park, M. S., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility? The Accounting Review, 87(3), 761–796. https://doi.org/10.2308/accr-10209

Kothari, S. P., Mizik, N., & Roychowdhury, S. (2016). Managing for the moment: The role of earnings management via real activities versus accruals in SEO valuation. The Accounting Review, 91(2), 559–586. https://doi.org/10.2308/accr-51153

Kothari, S. P., Shu, S., & Wysocki, P. D. (2009). Do managers withhold bad news? Journal of Accounting Research, 47(1), 241–276. https://doi.org/10.1111/j.1475-679X.2008.00318.x

Le, H., & Gregoriou, A. (2022). Liquidity and asset pricing: Evidence from a new free-float-adjusted price impact ratio. Journal of Economic Studies, 49(4), 751–771. https://doi.org/10.1108/JES-04-2021-0182

Lin, Y., & Zheng, R. (2026). Biodiversity risk and corporate real earnings management: Empirical evidence from China. Borsa Istanbul Review, 26(2), 100778. https://doi.org/10.1016/j.bir.2025.100778

Mamun, M. A. A., Balachandran, B., & Duong, H. N. (2020). Powerful CEOs and stock price crash risk. Journal of Corporate Finance, 62, 101582. https://doi.org/10.1016/j.jcorpfin.2020.101582

Meles, A., Pellegrino, L. R., Salerno, D., & Verdoliva, V. (2026). The hidden costs of hedge fund activism: Insights into market liquidity dynamics. The European Journal of Finance, 32(9), 1037–1071. https://doi.org/10.1080/1351847X.2026.2655250

Mellado-Cid, C., Jory, S. R., & Ngo, T. N. (2018). Real activities manipulation and firm valuation. Review of Quantitative Finance and Accounting, 50(4), 1201–1226. https://doi.org/10.1007/s11156-017-0659-4

Nasraoui, M., Ajina, A., & Kahloul, A. (2024). The influence of economic policy uncertainty on stock market liquidity? The mediating role of investor sentiment. The Journal of Risk Finance, 25(4), 664–683. https://doi.org/10.1108/JRF-06-2023-0129

Pappas, K., Walsh, E., & Xu, A. L. (2019). Real earnings management and loan contract terms. The British Accounting Review, 51(4), 373–401. https://doi.org/10.1016/j.bar.2019.03.002

Piñeiro-Chousa, J., Šević, A., & González-López, I. (2023). Impact of social metrics in decentralized finance. Journal of Business Research, 158, 113673. https://doi.org/10.1016/j.jbusres.2023.113673

Rhodes-Kropf, M., Robinson, D. T., & Viswanathan, S. (2005). Valuation waves and merger activity: The empirical evidence. Journal of Financial Economics, 77(3), 561–603. https://doi.org/10.1016/j.jfineco.2004.06.015

Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335–370. https://doi.org/10.1016/j.jacceco.2006.01.002

Toksoz, T. (2024). Crash risk and conservatism: Evidence from Borsa Istanbul. Borsa Istanbul Review, 24(4), 787–796. https://doi.org/10.1016/j.bir.2024.04.010

Vorst, P. (2016). Real earnings management and long-term operating performance: The role of reversals in discretionary investment cuts. The Accounting Review, 91(4), 1219–1256. https://doi.org/10.2308/accr-51281

Wang, Y., Fang, R., Hu, N., & Huang, R. (2025). Credit default swaps and borrowers’ real earnings management: Evidence from credit default swap initiation. Journal of Accounting, Auditing & Finance, 40(1), 3–36. https://doi.org/10.1177/0148558X221140723

Wu, W. S., & Suardi, S. (2025). Heterogeneity in the effects of bank lines of credit on capital investment efficiency. Financial Review, 60(2), 601–621. https://doi.org/10.1111/fire.12424

Zang, A. Y. (2012). Evidence on the trade-off between real activities manipulation and accrual-based earnings management. The Accounting Review, 87(2), 675–703. https://doi.org/10.2308/accr-10196

Zhang, S., & Gregoriou, A. (2019). Initial bank loans, zero-leverage firms and stock market liquidity: New empirical evidence from the UK. Journal of Economic Studies, 46(5), 1028–1051. https://doi.org/10.1108/JES-05-2018-0190

Zhu, W. (2016). Accruals and price crashes. Review of Accounting Studies, 21(2), 349–399. https://doi.org/10.1007/s11142-016-9355-1