Document Type : Research Paper
Authors
Abstract
This research investigates the relationship between income smoothing and cost of equity. This event study has been done using observations analysis. Cost of equity has been calculated using four models: Gebhardt et al (2001), Claus and Thomas (2001), Gode and Mohanram (2003) and Easton(2004). The sample consists of 87 companies in a 15-year time period from 1996 to 2010 and hypotheses test were run using 8,526 year / company observations. The results show that using Gebhardt et al (2001) and Gode & Mohanram (2003) models for calculating cost of equity, there is a significant and positive relationship between income smoothing and cost of equity.
Keywords
بولو، قاسم ) 1831 ( "هزینة حقوق صاحبان سهام و ویژگی های سود"، رسالة دکترای
حسابداری، دانشکده حسابداری و مدیریت دانشگاه علامة طباطبایی.
.4 پی نوو، ریموند ) 1833 ( مدیریت مالی )جلد دوم(، ترجمه علی جهانخانی و علی پارسائیان،
چاپ دهم، سازمان مطالعه و تدوین کتب علوم انسانی دانشگاهها )سمت(، تهران.
.8 رسائیان، امیر و حسینی، وحید ) 1831 ( "رابطه کیفیت اقلام تعهدی و هزینه سرمایه در
ایران"، فصلنامه بررسی های حسابداری و حسابرسی دانشگاه تهران، سال پانزدهم، شماره
- . 38 ، )پاییز(: 11 34
.2 عثمانی، محمد قسیم ) 1831 ( "بررسی مدل هزینة سرمایه و عوامل مؤثر بر آن"، رسالة
دکترای حسابداری، دانشکده حسابداری و مدیریت دانشگاه علامة طباطبایی.
.3 تبیین ارتباط هموارسازی سود با « ) عربمازار یزدی، محمد و رمضانی، مرجان ) 1831
پایاننامه کارشناسی ارشد، ،» نامطمئن بودن اطلاعات، بازده سهام و نرخ هزینه سرمایه
دانشکده مدیریت و حسابداری دانشگاه شهیدبهشتی.
.1 کردستانی، غلامرضا و مجدی، ضیاءالدین ) 1831 ( "بررسی رابطه بین ویژگی های کیفی
سود و هزینه سرمایه سهام عادی"، فصلنامه بررسی های حسابداری و حسابرسی دانشگاه
- . تهران، سال چهاردهم، شماره 23 ، )تابستان(: 33 102
7. Ashari, N., Koh, H. C., Tan, S. L. and Wong, W. H. (1994), "Factors Affecting Income Smoothing among Listed Company in Singapore", Accounting and Business Research, Vol. 24, Issue 96: 291-301.
8. Beidleman, C., (1973) "Income smoothing: The role of management", The Accounting Review, Vol. 48, Issue 4:653-667.
9. Botosan, C., and Plumlee, M. (2005) "Assessing Alternative Proxies For The Expected Risk Premium", The Accounting Review, Vol. 80, Issue:21-53.
10. Campbell, John Y (1991) “A variance decomposition for stock returns”, The Economic Journal 101 (405), 157-179.
11. Chen, L.H. (2009) "Income Smoothing, Information Uncertainty, Stock returns and Cost of Equity", The University of Arizona, The Faculty of The Committee On Business Administration, A Dissertation For The Degree of DCTOR of PHILOSOPHY WITH MAJOR IN MANAGEMENT.
12. Claus, J., and J. Thomas (2001) “Equity premia as low as three percent? Evidence from analysts’ earnings forecasts for domestic and international stock markets”, Journal of Finance, vol. (56): 1629-1666.
13. Easton, P. (2004) "PE ratios, PEG ratios, and Estimating The Implied Expected Rate of Return on Equity Capital", The Accounting Review, Vol. 79: 73-95.
14. Fama, E., and French, K. (1997) "Industry Costs of Equity", Journal of Financial Economics, Vol. 43: 153-193.
هموارسازی سود و هزینه حقوق مالکانه.... 47
15. Francis, J., LaFond, R., Olsson, P. and K. Schipper (2004) "Costs of Equity and Earning Attributes", The Accounting Review, Vol. 79, Issue 4:967-1010.
16. Gebhardt, W. R., Lee, C. M.C. and Swaminathan, B. (2001) "Toward an Implied Cost of Capital”, Journal of Accounting Research, Vol. 39: 135-176.
17. Gode, D., and P. Mohanram (2003) “Inferring the Cost of Equity Using the Ohlson- J¨uettner Model”, Review of Accounting Studies, vol.8: 399–431.
18. Gordon, M.J. (1964) "Postulates, Principles and Research in Accounting", The Accounting Review, Vol. 39, Issue 2: 251-263.
19. Graham, J. R.,. Harvey, C. R and Rajgopal, S. (2005) "The Economic Implications of Corporate Financial Reporting", Journal of Accounting and Economics, Vol. 40:3-73.
20. Hepworth, S. R (1953) "Periodic Income Smoothing", The Accounting Review, Vol.28, Issue 1:32-39.
21. Joo, H. (1991) "Income Smoothing: an Asymmetric Information Approach", PhD Dissertation, University of Illinois.
22. Kothari, S. P., Leone, A. J. and Wasley, C. E. (2005) "Performance Matched Discretionary Accrual Measures", Journal of Accounting and Economics, Vol. 39, Issue 1: 161-197.
23. Leuz, C., Verrecchia, D. and R. (2004) "Firms Capital Allocation Choices, Information Quality, and the Cost of Capital", Working Paper, University of Pennsylvania, Available at:
24. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=495363
25. Ohlson, J.A. (2000) "Residual Income Valuation: The Problems", Working Paper, Stern School of Business, New York University.
26. Ohlson, J.A., and Juettner – Nauroth, B.E. (2005) "Expected EPS and EPS Growth as Determinants of Value", Review of Accounting Studies, Vol. 10, Issue 2-3 (Sep-Jun): 349-365.
27. Suk, Y.S and Miller, G. A. (2002) "Cash from Operations and Earnings Management in Korea", The International Journal of Accounting, Vol.37.
28. Tucker J. and P. Zarowin (2006) "Does Income Smoothing Improve Earnings informativeness?", The Accounting Review, Vol. 81(1):251-270
حسابداری، دانشکده حسابداری و مدیریت دانشگاه علامة طباطبایی.
.4 پی نوو، ریموند ) 1833 ( مدیریت مالی )جلد دوم(، ترجمه علی جهانخانی و علی پارسائیان،
چاپ دهم، سازمان مطالعه و تدوین کتب علوم انسانی دانشگاهها )سمت(، تهران.
.8 رسائیان، امیر و حسینی، وحید ) 1831 ( "رابطه کیفیت اقلام تعهدی و هزینه سرمایه در
ایران"، فصلنامه بررسی های حسابداری و حسابرسی دانشگاه تهران، سال پانزدهم، شماره
- . 38 ، )پاییز(: 11 34
.2 عثمانی، محمد قسیم ) 1831 ( "بررسی مدل هزینة سرمایه و عوامل مؤثر بر آن"، رسالة
دکترای حسابداری، دانشکده حسابداری و مدیریت دانشگاه علامة طباطبایی.
.3 تبیین ارتباط هموارسازی سود با « ) عربمازار یزدی، محمد و رمضانی، مرجان ) 1831
پایاننامه کارشناسی ارشد، ،» نامطمئن بودن اطلاعات، بازده سهام و نرخ هزینه سرمایه
دانشکده مدیریت و حسابداری دانشگاه شهیدبهشتی.
.1 کردستانی، غلامرضا و مجدی، ضیاءالدین ) 1831 ( "بررسی رابطه بین ویژگی های کیفی
سود و هزینه سرمایه سهام عادی"، فصلنامه بررسی های حسابداری و حسابرسی دانشگاه
- . تهران، سال چهاردهم، شماره 23 ، )تابستان(: 33 102
7. Ashari, N., Koh, H. C., Tan, S. L. and Wong, W. H. (1994), "Factors Affecting Income Smoothing among Listed Company in Singapore", Accounting and Business Research, Vol. 24, Issue 96: 291-301.
8. Beidleman, C., (1973) "Income smoothing: The role of management", The Accounting Review, Vol. 48, Issue 4:653-667.
9. Botosan, C., and Plumlee, M. (2005) "Assessing Alternative Proxies For The Expected Risk Premium", The Accounting Review, Vol. 80, Issue:21-53.
10. Campbell, John Y (1991) “A variance decomposition for stock returns”, The Economic Journal 101 (405), 157-179.
11. Chen, L.H. (2009) "Income Smoothing, Information Uncertainty, Stock returns and Cost of Equity", The University of Arizona, The Faculty of The Committee On Business Administration, A Dissertation For The Degree of DCTOR of PHILOSOPHY WITH MAJOR IN MANAGEMENT.
12. Claus, J., and J. Thomas (2001) “Equity premia as low as three percent? Evidence from analysts’ earnings forecasts for domestic and international stock markets”, Journal of Finance, vol. (56): 1629-1666.
13. Easton, P. (2004) "PE ratios, PEG ratios, and Estimating The Implied Expected Rate of Return on Equity Capital", The Accounting Review, Vol. 79: 73-95.
14. Fama, E., and French, K. (1997) "Industry Costs of Equity", Journal of Financial Economics, Vol. 43: 153-193.
هموارسازی سود و هزینه حقوق مالکانه.... 47
15. Francis, J., LaFond, R., Olsson, P. and K. Schipper (2004) "Costs of Equity and Earning Attributes", The Accounting Review, Vol. 79, Issue 4:967-1010.
16. Gebhardt, W. R., Lee, C. M.C. and Swaminathan, B. (2001) "Toward an Implied Cost of Capital”, Journal of Accounting Research, Vol. 39: 135-176.
17. Gode, D., and P. Mohanram (2003) “Inferring the Cost of Equity Using the Ohlson- J¨uettner Model”, Review of Accounting Studies, vol.8: 399–431.
18. Gordon, M.J. (1964) "Postulates, Principles and Research in Accounting", The Accounting Review, Vol. 39, Issue 2: 251-263.
19. Graham, J. R.,. Harvey, C. R and Rajgopal, S. (2005) "The Economic Implications of Corporate Financial Reporting", Journal of Accounting and Economics, Vol. 40:3-73.
20. Hepworth, S. R (1953) "Periodic Income Smoothing", The Accounting Review, Vol.28, Issue 1:32-39.
21. Joo, H. (1991) "Income Smoothing: an Asymmetric Information Approach", PhD Dissertation, University of Illinois.
22. Kothari, S. P., Leone, A. J. and Wasley, C. E. (2005) "Performance Matched Discretionary Accrual Measures", Journal of Accounting and Economics, Vol. 39, Issue 1: 161-197.
23. Leuz, C., Verrecchia, D. and R. (2004) "Firms Capital Allocation Choices, Information Quality, and the Cost of Capital", Working Paper, University of Pennsylvania, Available at:
24. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=495363
25. Ohlson, J.A. (2000) "Residual Income Valuation: The Problems", Working Paper, Stern School of Business, New York University.
26. Ohlson, J.A., and Juettner – Nauroth, B.E. (2005) "Expected EPS and EPS Growth as Determinants of Value", Review of Accounting Studies, Vol. 10, Issue 2-3 (Sep-Jun): 349-365.
27. Suk, Y.S and Miller, G. A. (2002) "Cash from Operations and Earnings Management in Korea", The International Journal of Accounting, Vol.37.
28. Tucker J. and P. Zarowin (2006) "Does Income Smoothing Improve Earnings informativeness?", The Accounting Review, Vol. 81(1):251-270
)