The Effect of the Income Smoothing on the Market Return of Listed Companies in Amman Stock Exchange
The Effect of the Income Smoothing on the Market Return of Listed Companies in Amman Stock Exchange
复制标题
收入平滑对安曼证券交易所上市公司市场回报的影响
DOI：
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发表时间：
2013
期刊：
影响因子：
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通讯作者：
M. Abu
中科院分区：
文献类型：
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作者：
A. Hamad;M. Abu
该研究旨在确定收入平滑对在安曼证券交易所上市的工业和服务公司市场回报的影响。他们的研究还调查了公司规模和行业类型对收入平滑过程的影响。
研究样本包括 1996 年至 2005 年期间在安曼证券交易所上市的 44 家工业公司和 26 家服务公司。
Eckel（1981）模型被用来将公司分为平滑型和非平滑型。使用四种收入衡量标准来实现研究目标，即毛利润、营业净收入、税前收入和净利润。研究中使用了三种衡量规模的指标：平均销售额、平均总资产和平均总市值。描述性测量、人员检验、多元回归和 T 检验用于分析研究数据。
研究结果显示，一些约旦公司实行收入平滑，收入平滑出现在两个部门的所有四种收入衡量标准中，并且比例不同。它还表明，除毛利润作为平滑衡量标准外，采用不同的收入衡量标准，部门类型和收入平滑行为没有发生显着差异。此外，除了同时测试两个部门时使用平均销售额时，规模平滑公司和非平滑公司之间的差异外，使用三种规模衡量标准（平均销售额、平均总资产和平均总市值），平滑公司和非平滑公司的规模在收入方面没有出现显着差异。最后，研究结果表明，收入平滑行为对异常市场回报存在显着的统计影响。
The study aims to identify the effect of the income smoothing on the market return of the industrial and service companies listed on Amman Stock Exchange. They study also investigates the effect of firm size and type of sector on the income smoothing process.
The sample of the study comprises 44 industrial companies and 26 service companies listed on the Amman stock exchange during the period of (1996-2005).
Eckel, (1981) model was used to classify the companies into smoothers and non-smoother. Four measures of income are used to achieve the objective of the study which are gross profit, net operating income, income before tax and net income. Three measures for size are used in the study: average of sales, average of total assets, and average of total market value. Descriptive measures, Person Test, Multiple Regression and T-Test are used to analyze the data of the study.
The findings of the study revealed that some Jordanian companies practiced income smoothing, where the income smoothing appeared in all four measures of income in both sectors and in different proportions. It also indicated that there is no significant difference occurred between the type of sector and income smoothing behavior by using different income measures except gross profit as a measure of smooth. Also, there is no significant difference occurred between the size of smoothing companies and non-smooth companies concerning their income by using three size measures (average of sales, average of total assets, and average of total market value) with an exception to the difference between the size smooth companies and non-smooth companies in case of using average sales when both sectors are tested at the same time. Finally, the findings indicated that there is a significant statistical impact of income smoothing behavior on abnormal market return.