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Journals / Muhasebe ve Vergi Uygulamaları Dergisi / 2026 / Sayı: 19

Empirical Determination of Optimal Audit Firm Tenure: An Examination of Non-Linear Relationships in Listed Companies in Borsa İstanbul

Denetim Şirketi Rotasyonunda Optimal Sürenin Ampirik Tespiti: Borsa İstanbul’da İşlem Gören Şirketlerde Doğrusal Olmayan İlişkilerin İncelenmesi

Abdullah Kürşat Merter(Gebze Teknik Üniversitesi)0000-0001-6874-1890
Pages
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Publication Date
2026-07-21
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AI Summary & Key Takeaways

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

The findings reveal a non-linear, threshold-dependent relationship between audit firm tenure and firm performance.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:This study examines the relationship between audit firm tenure and firm performance using a comprehensive panel dataset of listed companies in Borsa İstanbul.
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Key Findings & Data:Utilizing 1,582 firm-year observations from 113 companies over the period 2010-2023, the relationship between rotation tenure and return on assets (ROA), return on equity (ROE), and Tobin's Q is analyzed through three distinct econometric specifications: linear, quadratic, and threshold models.
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Conclusion & Impact:The findings reveal a non-linear, threshold-dependent relationship between audit firm tenure and firm performance.
🔬Design:Modeling & Simulation
📍Scope:2010-2023 Verileri
⚙️Variables:Denetim Şirketi Rotasyonu · Firma Performansı · Panel Veri Analizi

Abstract

This study examines the relationship between audit firm tenure and firm performance using a comprehensive panel dataset of listed companies in Borsa İstanbul. Utilizing 1,582 firm-year observations from 113 companies over the period 2010-2023, the relationship between rotation tenure and return on assets (ROA), return on equity (ROE), and Tobin's Q is analyzed through three distinct econometric specifications: linear, quadratic, and threshold models. The empirical estimations control for industry and year fixed effects, and dynamic GMM models are employed to address potential endogeneity concerns. The findings reveal a non-linear, threshold-dependent relationship between audit firm tenure and firm performance. The results indicate that very short rotation periods negatively impact performance due to initial adaptation frictions, while excessively long rotation periods neutralize learning benefits due to the emergence of familiarity threats. Firms maintaining medium-to-long-term audit engagements exhibit superior accounting-based performance. The results provide strong empirical support for both learning effect theory and independence impairment theory, suggesting that optimal audit firm tenure balances the benefits of auditor learning with the preservation of independence. Given that the current 7-years mandatory rotation period in Türkiye exceeds the optimal performance window identified in this study, the findings suggest a need to reevaluate regulatory policies. Moderating the maximum tenure limit could enhance audit quality and positively contribute to firm performance.

Özet

Bu çalışma, denetim şirketi rotasyon süresinin firma performansı üzerindeki etkisini Borsa İstanbul'da işlem gören şirketler örnekleminde incelemektedir. Denetim şirketi rotasyonu, denetim kalitesinin artırılması ve denetçi bağımsızlığının korunması amacıyla dünya genelinde uygulanan önemli bir düzenleyici mekanizmadır. Ancak rotasyonun optimal süresi konusunda hem akademik literatürde hem de düzenleyici uygulamalarda önemli farklılıklar bulunmaktadır. Bu çalışma, Türkiye örnekleminde optimal rotasyon süresini niceliksel olarak analiz ederek bu tartışmaya özgün bir katkı sunmaktadır. Çalışmada 2010-2023 dönemini kapsayan ve 113 şirketten oluşan 1.582 firma-yıl gözlemi kullanılmıştır. Rotasyon süresi ile aktif kârlılığı (ROA), özkaynak kârlılığı (ROE) ve Tobin's Q arasındaki ilişki üç farklı ekonometrik model ile analiz edilmiştir: (1) doğrusal model, (2) ikinci dereceden model ve (3) eşik model. Panel veri analizi yöntemleri kullanılarak sektör ve yıl sabit etkileri kontrol edilmiş, içsellik sorunlarına karşı dinamik GMM modelleri uygulanmıştır. Analiz sonuçları, denetim şirketi rotasyon süresi ile firma performansı arasında doğrusal olmayan, eşik değerlerine bağlı bir ilişki olduğunu ortaya koymuştur. Hem çok kısa süreli rotasyonların başlangıç maliyetleri nedeniyle performansı olumsuz etkilediği hem de çok uzun süreli rotasyonların bağımsızlık zayıflaması nedeniyle faydaları azalttığı tespit edilmiştir. Orta-uzun vadeli rotasyon uygulayan firmalar, muhasebe temelli performans ölçütlerinde daha üstün sonuçlar sergilemiştir. Bulgular, öğrenme etkisi teorisi ile bağımsızlık zayıflaması teorisini desteklemekte ve optimal denetim şirketi rotasyonunun denetçi öğrenmesi ile bağımsızlığın korunması arasında denge kurduğunu göstermektedir. Türkiye'deki mevcut 7 yıllık zorunlu rotasyon süresinin, bulgularımızın işaret ettiği optimal performans penceresinden daha uzun olması, düzenleyici politikaların yeniden değerlendirilmesi gerektiğini önermektedir. KGK ve SPK'nın rotasyon süresini daha ılımlı bir seviyeye indirmesi, denetim kalitesini artırarak firma performansına olumlu katkı sağlayabilir.

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Cite This Article

Merter, A. K. (2026). Empirical Determination of Optimal Audit Firm Tenure: An Examination of Non-Linear Relationships in Listed Companies in Borsa İstanbul. Muhasebe ve Vergi Uygulamaları Dergisi, Sayı: 19. https://doi.org/10.29067/muvu.1770720

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