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Journals / Journal of Politics Economy and Management / 2026 / Cilt: 9 Sayı: 1

Accounting conservatism and the cost of debt: A contingent shield across crises

Muhasebe muhafazakârlığı ve borçlanma maliyeti: Krizler arasında koşullu bir kalkan

Gülhan Suadiye(HATAY MUSTAFA KEMAL ÜNİVERSİTESİ)0000-0003-2619-2146
Pages
27–43
Publication Date
2026-06-29
DOI
—
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

These results demonstrate that the financial utility of accounting conservatism is not universal but profoundly contextual, shaped by crisis typology.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:This study investigates whether the impact of accounting conservatism on the cost of debt is contingent on the nature of an economic crisis, using the case of Türkiye.
📊
Key Findings & Data:Utilizing data from 182 non-financial firms listed on Borsa Istanbul between 2005 and 2022, a comparative analysis of three distinct crises is conducted: the 2008 Global Financial Crisis (a systemic financial shock), the 2018 Turkish Currency Crisis (an idiosyncratic monetary shock), and the 2020 COVID-19 Pandemic (a global real shock).
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Conclusion & Impact:These results demonstrate that the financial utility of accounting conservatism is not universal but profoundly contextual, shaped by crisis typology.
🔬Design:Modeling & Simulation
📍Scope:2005 Verileri
⚙️Variables:Muhsebe muhafazakarlığı · Borçlanma Maliyeti · Heterojen Etkiler

Abstract

This study investigates whether the impact of accounting conservatism on the cost of debt is contingent on the nature of an economic crisis, using the case of Türkiye. Utilizing data from 182 non-financial firms listed on Borsa Istanbul between 2005 and 2022, a comparative analysis of three distinct crises is conducted: the 2008 Global Financial Crisis (a systemic financial shock), the 2018 Turkish Currency Crisis (an idiosyncratic monetary shock), and the 2020 COVID-19 Pandemic (a global real shock). By employing a two-way fixed effects panel regression model, a fundamental shift in conservatism's role is documented. While conservatism significantly lowers the cost of debt in tranquil periods, its effect transforms radically during crises. The protective benefit strengthened approximately elevenfold during the 2008 systemic crisis, yet it weakened and even reversed during the 2018 and 2020 shocks. These results demonstrate that the financial utility of accounting conservatism is not universal but profoundly contextual, shaped by crisis typology.

Özet

Bu çalışma, muhasebe muhafazakârlığının borç maliyeti üzerindeki etkisinin, ekonomik bir krizin doğasına bağlı (koşullu) olup olmadığını Türkiye örneğini kullanarak araştırmaktadır. Borsa İstanbul'da (BİST) 2005-2022 yılları arasında işlem gören finansal olmayan 182 firmadan elde edilen veriler kullanılarak, üç farklı kriz karşılaştırmalı olarak analiz edilmiştir: 2008 Küresel Finansal Krizi (sistemsel bir finansal şok), 2018 Türkiye Para Krizi (idiyosenkratik bir parasal şok) ve 2020 COVID-19 Pandemisi (küresel bir reel şok). İki yönlü sabit etkiler panel regresyon modeli kullanılarak, muhafazakârlığın rolünde temel bir değişim tespit edilmiştir. Muhafazakârlık sakin dönemlerde borç maliyetini anlamlı derecede düşürmesine rağmen, etkisi kriz dönemlerinde köklü bir şekilde dönüşmektedir. Koruyucu fayda, 2008 sistemsel krizi sırasında yaklaşık on bir kat güçlenirken, 2018 ve 2020 şokları sırasında zayıflamış ve hatta tersine dönmüştür. Bu sonuçlar, muhasebe muhafazakârlığının finansal faydasının evrensel değil, derinden bağlamsal olduğunu ve kriz tipolojisi tarafından belirlendiğini göstermektedir.

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Cite This Article

Suadiye, G. (2026). Accounting conservatism and the cost of debt: A contingent shield across crises. Journal of Politics Economy and Management, Cilt: 9 Sayı: 1, 27–43. https://ajindex.com/articles/1511634

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