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    Does Being More Sustainable Make Firms Less Manipulative? Understanding the Role of Corporate Sustainability and the COVID-19 Crisis in Financial Manipulation
    (Igiad-Turkish Entrepreneurship & Business Ethics Assoc, 2023) Bilgic, Emre; Aydin, Esra; Aydogan, Tahsin
    The tendency of firms to distort financial statements has increased. Cases like the Enron Scandal and the 2008 financial crisis as well as their results have made understanding the propensity firms have to manipulate their financial statements important. Moreover, sustainable companies have been suggested as complying better with ethical rules. This study questions whether any difference exists between sustainable and less sustainable firms in terms of the likelihood of financial manipulation. The study also examines how the COVID-19 crisis was reflected in financial manipulation. This study measures the likelihood of financial manipulation being committed using Beneish's M-score. This research uses the Mann-Whitney U and One-Way ANOVA tests to examine whether or not any difference exists between the pre-and post-COVID-19 periods and between sustainable and less sustainable companies in terms of financial manipulation. The results illustrate sustainable firms to have less of a tendency to commit financial manipulation compared to less sustainable companies, with this likelihood increasing for both groups in times of crisis. The results suggest being sustainable to reduce the likelihood of financial manipulation by supporting the formation of an ethical environment in firms and financial manipulation to be considered as a crisis response for both types of firms during a crisis.
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    Understanding determinants of outward foreign direct investment: the role of economic policy uncertainty, institutional quality, and globalization
    (Emerald Group Publishing Ltd, 2024) Olmez, Fevzi; Bilgic, Emre; Aydin, Esra
    PurposeThis research aims to investigate the role of the economic policy uncertainty (EPU) in the outward FDI (OFDI) of the United Kingdom (UK) by considering the institutional quality (IQ) and globalization level of the host country as contextual factors.Design/methodology/approachThe UK's OFDI to its twenty partners is analyzed by using the factor augmented model for the 2005-2019 period.FindingsThe results show that the EPU of the host country has a negative and significant effect on the UK's OFDI. Furthermore, the findings surprisingly illustrate that the globalization level of the host country has a negative and significant impact on the UK's OFDI. In terms of IQ, this study indicates that, while government effectiveness and regulatory quality have a negative and significant influence on the UK's OFDI, the rule of law has a positive and significant effect on the UK's OFDI.Originality/valueThis will be one of a few studies considering OFDI in the scope of EPU. Also, the contradicting results of the study add unique perspectives to the literature about the relationship between OFDI, globalization, and IQ.
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    Understanding the Role of Initial Public Offerings in Financial Manipulation: Institutionalization or Cautiousness?
    (Springer Nature, 2024) Aydin, Esra; Bilgiç, Emre
    In recent years, it is observed that there has been an increase in enterprises that have initial public offerings (IPO)Initial public offerings (IPO) on Istanbul Stock ExchangeStock Exchange (ISE). In IPO process, it is significant for firms to show strong financial position in their prospectuses to be approved by officials and to attract investors. Although it is expected that firms are cautiously and transparently prepare their prospectuses because they are legally responsible for information in prospectuses, they may sometimes manipulate their financial statements in the prospectuses to show strong financial position. On the other hand, it is theoretically assumed that firms become more institutionalized through IPO process and the tendency of institutionalized firms to manipulate financial statements becomes lower. However, it is known that there are institutionalized firms that conducted financial manipulationFinancial manipulation in the past. In this sense, this study aims to analyze how does the financial manipulationFinancial manipulation behavior of firms in Türkiye differs before and after the IPO? To this end, two different samples consisting of Turkish firms were analyzed by Beneish M ScoreBeneish M Score model and differences between 2020, 2021, and 2022 years in terms of financial manipulationFinancial manipulation possibility were investigated by one-way Anova and Kruskal Wallis tests. The tendency of firms to conduct financial manipulationFinancial manipulation is lower in pre-IPO period than in post-IPO period. Also, it can be said that the average of enterprises is below the critical threshold which means that there is no strong evidence indicating that they are manipulator enterprises. © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2024.