Le lissage des résultats. Éléments explicatifs avancés dans la littérature

Sylvie Chalayer

ACCRA, 1995, vol. 1, issue 2, 89-104

Abstract: Various hypotheses have been advanced on the reasons that lead managers to employ income smoothing approaches. Researchers broadly agree that income smoothing increases stockholder wealth by reducing uncertainly of future cash-flows. In an efficient capital market context, however, it is surmised that investors correct income for accounting manipulations to which it has been possibly subjected. Under this hypothesis, income smoothing appears to have limited rationality. Signalling and agency theory nevertheless provide explanations for income smoothing behaviour that are not in contradiction with investor rationality.

Keywords: accounting policy; income smoothing; accounting signal; political costs; contracting costs (search for similar items in EconPapers)
Date: 1995
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