【简报】天美制作果冻视频系列学术研讨会(119)
2014-09-05 00:00:00
此次学术研讨会，来自印第安纳大学南本德分校的刘楠博士来我院进行学术交流。本次研讨会探讨的主题是“Does Dividend Policy Drive Earnings Smoothing”。
摘要
This paper examines the earnings smoothing behavior of dividend-paying firms. We show that dividend-paying firms engage in more earnings smoothing than non-payers through both real activities and accrual choices. More specifically, dividend-paying firms with positive (negative) pre-managed earnings changes engage in more downward (upward) earnings management than non-payers. Additional tests suggest that the results are driven by dividend-related incentives and not the differences in the economic characteristics of dividend-paying firms, are robust to alternative measures of earnings management, and are not due to spurious correlation. We also show that earnings smoothing in part explains the higher earnings persistence of dividend-paying firms. These findings are consistent with a firm’s dividend policy having an incremental impact on earnings smoothing behavior.
