The Impact of Income Smoothing on Firm Value after the Sarbanes-Oxley Act
The Impact of Income Smoothing on Firm Value after the Sarbanes-Oxley Act
复制标题
萨班斯-奥克斯利法案后收入平滑对公司价值的影响
DOI：
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发表时间：
2015
期刊：
影响因子：
--
通讯作者：
Bojana Cvetanovska
中科院分区：
文献类型：
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作者：
Bence Sandor Kerekes;Bojana Cvetanovska
目的：萨班斯-奥克斯利法案的颁布极大地改变了收入平滑的法律的环境，实证研究收入平滑是创造价值还是破坏价值。我们比较我们的研究结果与前SOX的研究，以得出结论，立法变化是否以及如何影响收入平滑的看法。此外，根据我们的研究，我们提出了管理者应该如何处理收入平滑的建议。
方法学：我们使用三种收益平滑测度（corr（PME，DA），corr（TACC，CFO），盈余波动率/现金流波动率）来检测经理人抑制盈余波动性的行为。我们回归他们的股票收益率和控制变量，我们使用的法马法国五因素模型，解释股票收益率。我们控制了行业、2008年金融危机和收益率。
经验基础：我们从标准普尔资本智商数据库中收集了2004-2012年所有美国非金融公司的年度数据，这些数据没有缺失观测值。我们的平衡面板数据由1.882家公司和13.174家公司年观察数据组成。
结论：根据我们的研究结果，收入平滑创造价值相比，前SOX的研究。我们的主要解释是，萨班斯法案改变了法律的环境，在这种环境下，管理者失去了机会主义行为的动力。投资者重新获得了对财务报告的信任，不再认为管理者的行为是欺骗。这种解释导致管理者停止应用真实的收益平滑，而回到应计制收益平滑。另一种可能的解释是，收入平滑的效果是由市场的不确定性决定的。在高市场不确定性下，应计利润平滑混淆了信息，从而破坏了公司价值，而在低市场不确定性下，它提高了公司价值。如果市场不确定性很高，管理者应该避免使用应计制收入平滑法，但如果市场不确定性很低，他们应该使用应计制收入平滑法。最后，我们注意到，2008年的金融危机并没有影响收入平滑的看法，根据我们的研究结果。
Purpose: To empirically investigate whether income smoothing creates or destroys value after the enactment of the Sarbanes-Oxley Act, which has tremendously changed the legal environment of income smoothing. We compare our results with pre-SOX research to conclude whether and how legislation change has affected the perception of income smoothing. Further, we make recommendations based on our research how managers should approach income smoothing.
Methodology: We use three income smoothing measures (corr(PME, DA), corr (TACC, CFO), earnings volatility / cash flow volatility) to detect managers’ actions to dampen the volatility of earnings. We regress them on stock return and as control variables we use the Fama French five factor model that explains stock returns. We control for industry, the 2008 financial crisis and earnings yield as well.
Empirical foundation: We collect annual data from 2004-2012 for all US nonfinancial companies from the Standard & Poor’s capital IQ data base that do not have missing observations. Our balanced panel data consists of 1.882 companies and 13.174 firm-year observations.
Conclusions: Based on our results, income smoothing creates value in contrast with pre-SOX research. Our primary explanation is that SOX has changed the legal environment, in which managers are demotivated to act opportunistically. Investors regained their trust in financial reporting and do not consider managers’ actions delusive. This explanation induces managers to discontinue the application of real income smoothing and return to accrual-based income smoothing. Another possible explanation is that the effect of income smoothing is determined by market uncertainty. Under high market uncertainty accrual-based income smoothing garbles information and thus destroys firm value whereas under low market uncertainty it boosts firm value. Managers should refrain from accrual-based income smoothing if market uncertainty is high, but they ought to use accrual-based income smoothing if market uncertainty is low. At last, we note that the 2008 financial crisis does not influence the perception of income smoothing according to our results.
影响因子：
4.4
作者：
Mary E. Barth;John A. Elliott;Mark W. Finn
通讯作者：
Mary E. Barth;John A. Elliott;Mark W. Finn
DOI：
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发表时间：
1994
期刊：
Accounting review: A quarterly journal of the American Accounting Association
影响因子：
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作者：
David A. Guenther
通讯作者：
David A. Guenther
计量经济学手册
DOI：
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发表时间：
2007
期刊：
Asakura Publishing (forthcoming)
影响因子：
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作者：
T.Minotani;K.Nawata;H.wago
通讯作者：
H.wago