World Academy of Science, Engineering and Technology
International Journal of Economics and Management Engineering
VPDQDJHPHQWWRUHGXFHYDULDWLRQVLQHDUQLQJVWKURXJK
Vol:12, No:10, 2018
8VLQJ³(FNHO´0RGHOWR0HDVXUH,QFRPH6PRRWKLQJ
3UDFWLFHV7KH&DVHRI)UHQFK&RPSDQLHV
)HGGDRXL$PLQD
1
2QH RI WKH PRVW IDPRXV GHILQLWLRQV RI LQFRPH VPRRWKLQJ
Abstract²,QFRPHVPRRWKLQJUHSUHVHQWVDQDWWHPSWRQWKHSDUWRI SUHVHQWHG E\ ³0XOIRUG  &RPLVNH\ ´ WKH\ GHILQHG
WKHFRPSDQ\
LQFRPH VPRRWKLQJ  WKDW LV $ IRUP RI HDUQLQJV PDQDJHPHQW
WKHPDQLSXODWLRQRIWKHDFFRXQWLQJSULQFLSOHV,QWKLVVWXG\ZHDLPHG GHVLJQHGWRUHPRYHSHDNVDQGYDOOH\VIURPDQRUPDOHDUQLQJV
WRPHDVXUHLQFRPHVPRRWKLQJSUDFWLFHVLQDVDPSOHRI)UHQFKMRLQW
VWRFN FRPSDQLHV GXULQJ WKH SHULRG  ZH XVHG 'XPP\
VHULHVLQFOXGLQJVWHSVWRUHGXFHDQG³VWRUH´SURILWVGXULQJJRRG
International Science Index, Economics and Management Engineering Vol:12, No:10, 2018 waset.org/Publication/10009612

YDULDEOHVPHWKRGDQG³(&.(/´PRGHOWRPHDVXUHLQFRPHVPRRWKLQJ \HDUVIRUXVHGXULQJVORZHU\HDUV>@
SUDFWLFHVDQG%LQRPLDOWHVWDFFRXUGLQJWR6366SURJUDPWRFRQILUP )URP WKH DERYH GHILQLWLRQV LW FDQ EH FRQFOXGHG WKDW WKH
RU UHIXWH RXU K\SRWKHVLV 7KLV VWXG\ FRQFOXGHG WKDW WKHUH DUH QR LQFRPHVPRRWKLQJSUDFWLFHVLVWKHPDQDJHPHQWRIWKHGHVLUHG
VLJQLILFDQWVWDWLVWLFDOLQGLFDWRUVRILQFRPHVPRRWKLQJSUDFWLFHVLQWKH SURILWVWR HOLPLQDWHWKHIOXFWXDWLRQ LQWKHQDWXUDO LQFRPH SDWK
VDPSOHVWXGLHGRI)UHQFKFRPSDQLHVGXULQJWKHSHULRGVR
WKH LQFRPH VHULHV LQ WKHVDPH VDPSOH VWXGLHG RI LV FKDUDFWHUL]HGE\
VWDELOLW\ DQG QRQYRODWLOLW\ ZLWKRXW DQ\ LQWHUYHQWLRQ RI PDQDJHPHQW
WKURXJK DFFRXQWLQJ PDQLSXODWLRQ +RZHYHU WKLV W\SH RI DFFRXQWLQJ
PDQLSXODWLRQVKRXOGEHWDNHQLQWRDFFRXQWDQGHIIRUWVVKRXOGEHPDGH
E\FRQWUROERGLHVWRDSSO\(FNHOPRGHODQGJHQHUDOL]HLWVXVHDWWKH
JOREDOOHYHO
Keywords²,QFRPHVPRRWKLQJ³(FNHO´)UHQFKFRPSDQLHV
, ,1752'8&7,21
& 5($7,9(DFFRXQWLQJLVDW\SHRIDFFRXQWLQJPDQLSXODWLRQ
WKDW HQDEOHV PDQDJHUV WR µFRRN DFFRXQWLQJ ERRNV¶ DQG
µZLQGRZGUHVV¶ WKHLU FRPSDQ\ E\ WDNLQJ DGYDQWDJH RI WKH
ORRSKROHVLQDFFRXQWLQJVWDQGDUGV&UHDWLYHDFFRXQWLQJ LVQRW
DJDLQVW ODZV DQG DFFRXQWLQJ VWDQGDUGV VR LW FDQ EH D KLJKO\
GDQJHURXV LQVWUXPHQW RI GHFHSWLRQ WKH ILQDQFLDO VWDWHPHQWV
XVHUV FDQ EH PLVOHG ZKHQ PDNLQJ GHFLVLRQV EDVHG RQ
PDQLSXODWHGDFFRXQWLQJQXPEHUV>@
7KHUH WKUHH W\SHV RI FUHDWLYH DFFRXQWLQJ (DUQLQJV
PDQDJHPHQW ,QFRPH VPRRWKLQJ DQG DJJUHVVLYH DFFRXQWLQJ
:KHQ WKHERDUGRIGLUHFWRUVFDQPDQDJHLWVSURILWVXSRUGRZQ
VNQRZOHGJHRI
E\UHGXFLQJWKHLQFRPHLILWLVKLJKRULQFUHDVLQJLWLILWLVORZ
WRUHGXFHWKHVKDUSIOXFWXDWLRQVLQWKHSURILWOHYHODQGVWDELOL]H
WKH SULFHV RI VKDUHV LQ WKH PDUNHW WKLV LV FDOOHG WKH income
smoothing practices
,QFRPHVPRRWKLQJFDQEHGHILQHGDVWKH PDQDJHUV¶DWWHPSWV
WR XVH WKHLU UHSRUWLQJ GLVFUHWLRQ WR LQWHQWLRQDOO\ GDPSHQ
IOXFWXDWLRQVRIWKHLUILUPV¶LQFRPHUHDOL]DWLRQV>@
,WFDQDOVREHFDOOHGLQFRPHHDVLQJ,WLVPHDQWWRWUDQVIHUWKH
QHW SURILW HDUQHG GXULQJ D JLYHQ DFFRXQWLQJ F\FOH IURP ORZ
LQFRPHWRKLJKLQFRPH\HDUVWRFUHDWHDVWDEOHVHULHVRILQFRPH
WR VKDUHKROGHUV DQG VWDNHKROGHUV LQ WKH FRPSDQ\ DQG LQ WKH
ILQDQFLDOPDUNHW
,QRWKHUZRUGVLQFRPHVPRRWKLQJLVHQJDJHGLQRUGHUWRKHOS
WKH PDQDJHPHQWWRLQFUHDVHWKHSHUFHLYHYDOXHRILWVVHUYLFHV
DQG XVXDOO\ LQYROYHV WKH VWHSV RI LQFRPH UHGXFWLRQ LQ KLJK
LQFRPH\HDUVIRUWUDQVIHUWRORZLQFRPH\HDUV
,QFRPHVPRRWKLQJDLPVWRSURGXFHDUHODWLYHO\VWDEOHVHULHV
RISURILWVLQRUGHUWRUHGXFHULVNDQGFRQVHTXHQWO\WRLQFUHDVH
WKHYDOXHRIWKHHQWHUSULVHLQWKHORQJUXQ
,QFRPHVPRRWKLQJFDQEHDVnaturalDVLWFDQEHartificial
WKHQDWXUDO,QFRPHVPRRWKLQJLVLQWHQGHGWRJHQHUDWHUHODWLYHO\
VWDEOH QDWXUDO LQFRPH WKURXJK WKH QDWXUH RI SODQW RSHUDWLRQV
SURGXFWLRQDQGRSHUDWLRQWKHDUWLILFLDO,QFRPHVPRRWKLQJWDNHV
WZRGLUHFWLRQV
7KH ILUVW WUHQG LV WKH UHDO LQWURGXFWLRQ RI LQFRPH WKURXJK
WUDQVDFWLRQVDQGUHDOWUDQVDFWLRQV7KLVLVGRQHE\PDNLQJVRPH
DGPLQLVWUDWLYH GHFLVLRQV WKDW PD\ DIIHFW WKH WLPLQJ RI WKH
ILQDQFLDO HYHQWV DQG WKXV UHIOHFWLQJ WKH LQIORZV DQG RXWIORZV
DQGWKHTXDOLW\RIWKHILQDQFLDOVWDWHPHQW)RU([DPSOH
 7KHDFWXDOVHOHFWLRQRIVSHFLILFSURMHFWVDQGWKHWLPLQJRI
RSHUDWLRQVGHFLVLRQV
 %XVLQHVVGHFLVLRQVVXFKDVFKRRVLQJDQDGYHUWLVLQJSODQRU
DUHVHDUFKDQGGHYHORSPHQWSURMHFW
 &KDQJHLQSODQWSURGXFWLRQRULQYHVWPHQWGHFLVLRQVDWWKH
HQGRIWKH\HDUEDVHGRQWKHPDQDJHPHQW
KRZWKHHQWLW\LVSHUIRUPLQJXQWLOWKLV\HDU
7KH VHFRQG W\SH RI DUWLILFLDO LQFRPH VPRRWKLQJ LV DQ
DFFRXQWLQJ PDQLSXODWLRQ E\ WKH PDQDJHPHQW LQ RUGHU WR
PLWLJDWH LQFRPH IOXFWXDWLRQV ZKHUHE\ PDQDJHPHQW FDQ
SUHSDUH WKH LQFRPH E\ DOORFDWLQJ WKH FRVW WR WKH DFFRXQWLQJ
SHULRGV RU E\ LQWHUQDO FODVVLILFDWLRQ RI LQFRPH VWDWHPHQWV
HOHPHQWV
,W VKRXOG EH QRWHG WKDW WKH VXEMHFW RI LQFRPH LQ ZKLFK
IOXFWXDWLRQVDUHPLWLJDWHGYDULHVDUH:
 1HWILQDOLQFRPH
 (DUQLQJVSHUVKDUH
 5DWHRIUHWXUQRQHTXLW\
 &RXSRQUHWXUQ
 5DWHRIUHWXUQRQDVVHWV
/DPEHUW>@  8QXVXDOLQFRPHSHUVKDUH
 2UGLQDU\LQFRPHSHUVKDUHEHIRUHH[WUDRUGLQDU\LWHPV

)HGGDRXL $PLQD 'U LV ZLWK WKH -LMHO 8QLYHUVLW\ $OJHULD SKRQH
HPDLODPLQDI#OLYHIU

International Scholarly and Scientific Research & Innovation 12(10) 2018 1284 scholar.waset.org/1307-6892/10009612
 World Academy of Science, Engineering and Technology
International Journal of Economics and Management Engineering
Vol:12, No:10, 2018
 2SHUDWLQJLQFRPHSHUVKDUH
 (DUQLQJVSHUVKDUHGHFUHDVH
 2SHUDWLQJLQFRPH
 2UGLQDU\LQFRPH
 2UGLQDU\LQFRPHEHIRUHWD[DQGH[WUDRUGLQDU\LWHPV
 1HWLQFRPHIURPFRQWLQXLQJDFWLYLWLHV
 1HWLQFRPHDIWHUWD[HV
,QWKLVVWXG\ZHDLPWRDQVZHUWRWKHIROORZLQJTXHVWLRQ
How does “Eckel ” model can be used to measure income-
smoothing practices?
)RU WKLV SXUSRVH ZH IROORZHG DQ DQDO\WLFDO GHVFULSWLYH
DSSURDFKWRPHDVXUHWKHLQFRPHVPRRWKLQJSUDFWLFHVXVLQJWKH
³(FNHO´PRGHOLQDVDPSOHRI)UHQFKMRLQWVWRFNFRPSDQLHV
UHJLVWHUHGLQWKH6%)LQGH[GXULQJWKHSHULRG
International Science Index, Economics and Management Engineering Vol:12, No:10, 2018 waset.org/Publication/10009612
7KHK\SRWKHVHVRIRXUVWXG\ZHUHIRUPXODWHGDVIROORZV
x The nihilistic hypothesisH0): There are no significant
statistical indicators of income smoothing practices in
French companies during the period 2007-2009.
x The Alternative Hypothesis H1: There are significant
statistical indicators of income smoothing practices in
French companies during the period 2007-2009
,, '$7$$1'0(7+2'2/2*<
7KH (FNHO PRGHO RU WKH VRFDOOHG FRHIILFLHQW RI YDULDWLRQ
PRGHOVLQFHLVRQHRIWKHPRVWZLGHO\XVHGPRGHOVIRU
PHDVXULQJLQFRPHVPRRWKLQJSUDFWLFHV(FNHOGHYHORSHGWKLV
PRGHOIURPDVHWRIDVVXPSWLRQVWKDW
 ,QFRPHLVDOLQHDUIXQFWLRQRIVDOHV VDOHVIL[HGFRVWV
YDULDEOHFRVWV
 7KH UDWLR RI YDULDEOH FRVWV WR VDOHV LV LQ IL[HG FXUUHQF\
XQLWV
7KHFRPPXQLW\RIRXUVWXG\FRQVLVWVDOOMRLQWVWRFN)UHQFK
FRPSDQLHVUHJLVWHUHG LQWKH 6%) LQGH[ ZKLFKFRQVLVWV RI
FRPSDQLHVGXULQJWKHSHULRGIURPWRDVVXPLQJ
WKDWWKH\EHORQJWRWKHVDPHVHFWRU7KHVDPSOHVWXGLHGLQFOXGHV
)UHQFKFRPSDQLHVZKLFKPHHWWKHIROORZLQJFRQGLWLRQV
 7KH\KDYHDOOQHFHVVDU\GDWDIRUFRQGXFWLQJWKHVWXG\WHVWV
LQSDUWLFXODUILQDQFLDOVWDWHPHQWV
 7KH\KDYHQRWEHHQLQFRUSRUDWHGRUVWRSSHGWUDGLQJGXULQJ
WKHVWXG\SHULRG
 &RPSDQLHV RI D ILQDQFLDO QDWXUH VXFK DV LQVXUDQFH
FRPSDQLHVEDQNVVKRXOGEHH[FOXGHGIURPWKHVDPSOHGXH
WRWKHLURZQDFFRXQWLQJV\VWHP
,QRUGHUWRWHVWWKHK\SRWKHVLVRILQFRPHVPRRWKLQJSUDFWLFHV
LQ WKH VDPSOH RI )UHQFK FRPSDQLHV ZH DSSOLHG WKH PRGHO
(FNHOGXULQJWKHSHULRGXVLQJthe income
value before taxesDFFRUGLQJWRWKHIROORZLQJVWHSV
Step 1: The calculation of income smoothing index for the
two periods 2007-2008 and 2008-2009:
%\ GLYLGLQJ WKH DEVROXWH YDOXH RI YDULDQFH FRHIILFLHQW RI
FKDQJHLQLQFRPHEHIRUHWD[HVEHWZHHQyear tDQGyear t-1RQ
WKH DEVROXWH YDOXH RI YDULDQFH FRHIILFLHQW RI FKDQJH LQ VDOHV
EHWZHHQyear tDQGyear t-1LQWKHWZRSHULRGVDQG

Step 2: Determination of the percentage of companies that
practiced income smoothing during the two period 2007-2008
and 2008-2009:
$IWHUFDOFXODWLQJWKHLQFRPHVPRRWKLQJLQGH[LQWKHVDPSOH
VWXGLHGRIIUHQFKFRPSDQLHVGXULQJWKHSHULRGVDQG
 DSSO\LQJ WKH (FNHO PRGHO ZH FDQ GHWHUPLQH WKH
SHUFHQWDJHRIFRPSDQLHVWKDWSUDFWLFHGLQFRPHVPRRWKLQJ
,IWKHUDWLRRIWKHLQGH[is less than oneEHWZHHQWKHyear t
DQGWKHyear t-1WKHUHLVDVPRRWKHGLQFRPHDQGZHJLYHWRWKH
 )L[HGFRVWV DUHIL[HGRULQFUHDVLQJ IURPSHULRGWR SHULRG FRPSDQ\DQLPDJLQDU\YDULDEOHLIWKHUDWLRRIWKHLQGH[is
EXWDUHQRWOLNHO\WRGHFUHDVH equal to or greater than oneEHWZHHQWKHyear tDQGWKHyear t-
 7RWDOVDOHVYDOXHFDQRQO\EHSDYHGE\UHDOERRWDQGFDQQRW 1 WKH FRPSDQ\ LV FODVVLILHG DV QRQSUDFWLFHG IRU LQFRPH
EHSDYHGWKURXJKDUWLILFLDOERRW
7KH(FNHOPRGHOLVEDVHGRQFRPSDULQJWKHLQFRPH
YDULDQFHZLWKWKHVDOHVYDULDQFHWRGHWHUPLQHZKHWKHURUQRWWKH
FRPSDQ\VPRRWKHGLWVLQFRPH7KHLQFRPHEHKDYLRULQGH[LV
FDOFXODWHG E\ GLYLGLQJ WKH DEVROXWH YDOXH RI WKH YDULDEOH
YDULDQFHFRHIILFLHQWRILQFRPHEHWZHHQ\HDUWDQG\HDUWE\
WKHDEVROXWHYDOXHRIWKHFRHIILFLHQW9DULDQFHLQVDOHVFKDQJH
VPRRWKLQJDQGZHJLYHDQLPDJLQDU\YDULDEOH>@.
,,, (;3/$,1,1*5(68/76
A. Analysis
7KURXJKWKHUHVXOWVREWDLQHGZHIRXQGWKDWWKHSURSRUWLRQRI
)UHQFK FRPSDQLHV WKDW DUH VXEMHFW RI LQFRPH VPRRWKLQJ
EHWZHHQ\HDUWDQG\HDUWDFFRUGLQJWR SUDFWLFHV EHIRUH WD[HV GXULQJ WKH SHULRG  LV
 HVWLPDWHGDWE\RXWRIFRPSDQLHV
SB= |CV' S| /|CV' I_«««« $V IRU WKH SHULRG  LW LV FOHDU WR XV WKDW WKH
 SHUFHQWDJH RI )UHQFK FRPSDQLHV ZKRVH SUDFWLFHG  LQFRPH
|CV' I|:7KHDEVROXWHYDOXHRIYDULDQFHFRHIILFLHQWFKDQJHLQ VPRRWKLQJLVGHWHUPLQHGDFFRUGLQJWRWKHLQFRPHEHIRUHWD[HV
LQFRPHEHWZHHQyear tDQGyear t-1 LVHVWLPDWHGDWE\RXWRIFRPSDQLHV
|CV' S|:7KHDEVROXWHYDOXHRIYDULDQFHFRHIILFLHQWFKDQJH ,Q RUGHU WR WHVW WKH K\SRWKHVLV UHJDUGLQJ WKH H[LVWHQFH RI
LQVDOHVEHWZHHQyear tDQGyear t-1 VWDWLVWLFDOO\ VLJQLILFDQW LQGLFDWRUV RI LQFRPH VPRRWKLQJ
SB:VPRRWKLQJ EHKDYLRU  RU LQFRPH VPRRWKLQJLQGH[ SUDFWLFHV,QWKHVDPSOHVWXGLHGRI)UHQFKFRPSDQLHVGXULQJWKH
EHWZHHQyear tDQGyear t-1 SHULRGRIZHXVHGWKH%LQRPLDO7HVWWKURXJKWKLV
,IWKH6%LQGH[LVOHVVWKDQRQHEHWZHHQWKH\HDUWDQGWKH WHVW ZH FDQ VHH KRZ GLIIHUHQW GDWD IRU LQFRPH VPRRWKLQJ
\HDUWWKHFRPSDQ\SUDFWLFHGLQFRPHVPRRWKLQJ,IKRZHYHU SUDFWLFHV$QGZHKDYHJLYHQLWWZRLPDJLQDU\YDULDEOHV
WKH6%LQGH[LVHTXDOWRRUJUHDWHUWKDQRQHEHWZHHQWKH\HDUW IRUDGHIDXOWPHDQRI)LJ
DQG WKH \HDU W WKH FRPSDQ\ GLGQ¶W SUDFWLFH LQFRPH
VPRRWKLQJ

International Scholarly and Scientific Research & Innovation 12(10) 2018 1285 scholar.waset.org/1307-6892/10009612
 World Academy of Science, Engineering and Technology
International Journal of Economics and Management Engineering
Vol:12, No:10, 2018

7$%/(,
,1&20(60227+,1*,1'(;%()25(7$;(6'85,1*7+(3(5,2'
20092008 20082007
French companies
IS practices IS Index IS practices IS Index
ACCOR 0 4.52 1 0.11
AIR FRANCE 1 0.78 0 13.26
AKKA TECNOLOGIES 0 21.29 0 1.98
ALCATEL 0 6.10 1 0.03
ALES GROUPE 1 0.39 0 2.24
ALSTOM 1 0.87 1 0.99
ALTEN 0 1.93 0 12.68
ALTRAN 1 0.64 0 9.16
ANOVO 0 9.21 0 133.18
AREVA 1 0.28 0 22.49
ASSYSTEM 0 1.29 0 1.09
International Science Index, Economics and Management Engineering Vol:12, No:10, 2018 waset.org/Publication/10009612

ATARI 0 3.98 1 0.30

AUDIKA 0 27.61 0 8.13
AVENIR TELECOM 0 1.55 1 0.33
BACOU-DALLOZ 0 34.50 1 0.23
BAINS DE MER MONACO 1 0.38 1 0.20
BENETEAU 1 0.91 1 0.37
BIOMERIEUX 1 0.36 0 3.62
BOIRON 0 1.10 0 5.13
BOUYGUES 1 0.48 0 51.69
BULL 0 2.27 1 0.04
CAMAIEU 0 14.40 0 5.80
CANAL+ 1 0.32 0 3.65
CARREFOUR 1 0.21 0 24.08
CEGEDIM 0 23.34 0 3.80
CHARGEURS 0 13.92 1 0.82
CIMENTS FRANCAIS 1 0.47 0 1.63
CNIM 1 0.35 1 0.44
DASSAULT SYSTEMES 0 1.80 0 2.27
DELACHAUX 1 0.01 0 44.02

7$%/(,, UHMHFWHG DQG WKH QLKLOLVWLF K\SRWKHVLV LV DFFHSWHG VR ZH FDQ
,1&20(60227+,1*35$&7,&(6,17+(6$03/(678',('2))5(1&+
&203$1,(6'85,1*7+(3(5,2'
FRQFOXGHWKDW
,QFRPHVPRRWKLQJSUDFWLFHV
There are no significant statistical indicators of income
6PRRWKHGLQFRPH 1RQVPRRWKHGLQFRPH smoothing practices in French companies during the period
7KHSHULRG 2007-2009.
IUHTXHQF\ SHUFHQWDJH IUHTXHQF\ SHUFHQWDJH
    
     ,9&21&/86,21
 ,QOLJKWRIWKHWKHRUHWLFDODQGSUDFWLFDODQDO\VLVRIWKLVVWXG\
%LQRPLDO7HVW WKHIROORZLQJUHVXOWVFDQEHREWDLQHG
2EVHUYHG $V\PS6LJ  ,QFRPH VPRRWKLQJ SUDFWLFHV LV D IRUP RI DFFRXQWLQJ
&DWHJRU\ 7HVW3URS

1 3URS WDLOHG PDQLSXODWLRQ SUDFWLFHG ZLWKRXW EUHDNLQJ ODZV DQG

,6 *URXS     
  D

*URXS     DFFRXQWLQJVWDQGDUGV


7RWDO    7KHDFFRXQWDQWSUHSDUHVLQFRPHE\XVLQJKLVNQRZOHGJHRI
D%DVHGRQ=$SSUR[LPDWLRQ  DFFRXQWLQJ UXOHV DQG VWDQGDUGV DV ZHOO DV JDSV LQ

LQWHUQDWLRQDO DFFRXQWLQJ VWDQGDUGV IRU WKH WUDQVIHU RI
)LJ%LQRPLDO7HVW LQFRPHIURPKLJKLQFRPH\HDUVWRORZLQFRPH\HDUVDQG

WKHUHE\UHGXFLQJYRODWLOLW\IURPRQH\HDUWRDQRWKHU
7KHUHVXOWVRIWKHELQRPLDOWHVWVKRZWKDWWKHVDPSOHVWXGLHG  ,QFRPH VPRRWKLQJ LV RIWHQ LQWHQGHG WR FRYHU GHILFLW DQG
RI)UHQFKFRPSDQLHVKDYHSUDFWLFHGLQFRPHVPRRWKLQJGXULQJ PLVLQIRUPDWLRQ RI ILQDQFLDO GDWD 7KHUHIRUH LW LV QRW
WKHSHULRGE\ZLWKDWRWDORIRXWRIYLHZV SRVVLEOH WR HOLPLQDWH VXFK SUDFWLFHV DVVRFLDWHG ZLWK WKH
ZKLOHWKHSHUFHQWDJHRIQRQSUDFWLFHLVZLWKDWRWDORIRI RSSRUWXQLVWLF PRWLYH RI WKH DGPLQLVWUDWLRQ 5DWKHU LW LV
YLHZV)RUWKHDGYDQWDJHVRIWKLVWHVWWKHYDOXHRIVLJ  QHFHVVDU\ WR GHILQH D OLQH RI GHIHQVH JRYHUQHG E\ WKH
 LV PRUH WKDQ  7KXV WKH DOWHUQDWLYH K\SRWKHVLV ZDV HIIHFWLYHFRQWUROPHFKDQLVPVWROLPLWWKHVHSUDFWLFHVWRWKH

International Scholarly and Scientific Research & Innovation 12(10) 2018 1286 scholar.waset.org/1307-6892/10009612
 World Academy of Science, Engineering and Technology
International Journal of Economics and Management Engineering
Vol:12, No:10, 2018

ORZHVWSRVVLEOHOHYHOLQFOXGLQJWKHDFWLYDWLRQRIFRUSRUDWH
JRYHUQDQFHDVDFRQWUROV\VWHPDQGEXVLQHVVHWKLFV
 8VLQJ (FNHO PRGHO ZH FRQFOXGHG WKDW WKHUH DUH QR
VLJQLILFDQW VWDWLVWLFDO LQGLFDWRUV RI LQFRPH VPRRWKLQJ
SUDFWLFHVLQWKHVDPSOHVWXGLHGRI)UHQFKFRPSDQLHVGXULQJ
WKHSHULRG
 7KHPDMRULW\RILQFRPHVHULHVLQWKHVDPHVDPSOHVWXGLHG
RI)UHQFKFRPSDQLHVLVFKDUDFWHUL]HGE\VWDELOLW\DQGQRQ
YRODWLOLW\ZLWKRXWDQ\LQWHUYHQWLRQRIPDQDJHPHQWWKURXJK
DFFRXQWLQJPDQLSXODWLRQLQWKHLQFRPHVHULHV
)LQDOO\ZHKRSHWKDWIXWXUHVWXGLHVZLOOGHHSHQWKLVVXEMHFW
DQGWU\WRPRYHIURPPHDVXULQJLQFRPHVPRRWKLQJSUDFWLFHVWR
VHDUFKLQJ WKH HIIHFWLYH VROXWLRQV WR UHGXFH DQG OLPLW WKHVH
GDQJHURXVPDQLSXODWLRQSUDFWLFHVLQDFFRXQWLQJSURIHVVLRQ
International Science Index, Economics and Management Engineering Vol:12, No:10, 2018 waset.org/Publication/10009612

5()(5(1&(6
>@ +RVVHLQ (WHPDGL 6DKDU 6HSDVL $ 5HODWLRQVKLS EHWZHHQ ,QFRPH
6PRRWKLQJ3UDFWLFHVDQG)LUPV9DOXHLQ,UDQ,UDQLDQ(FRQRPLF5HYLHZ
9RO 1R )DOO  :LQWHU  S  :HE VRXUFH
IWSIWSUHSHFRUJRSW5H',)5H3(FHXWMRXUQOSGI
>@ -HQQLIHU 7XFNHU 3DXO =DURZLQ ³Does Income Smoothing Improve
Earnings Informativeness” 7KH DFFRXQWLQJ UHYLHZ 9ROXPH  1ƒ
 S  :HE VRXUFH
KWWSVZDUULQJWRQXIOHGXDFFRXQWLQJGRFV7$5BLQFRPHBVPRRWKLQJSGI
>@ 5RVODLQD +DML <XVRII Empirical study on the relationship between
income smoothing and shareholders wealth among Malaysian listed
companiesSXEOLVKHGPDVWHU7KHVLV0DQDJHPHQWDQGEXVLQHVVIDFXOW\
8QLYHUVLWLWHFKQRORJL0DUD6HODQJRU'DUXO(KVDQ0DOD\VLDS
>@ &KDUOHV 0XOIRUG (XJHQH &RPLVNH\ The financial numbers game,
detecting creative accounting practices -RKQ :LOH\ 6RQV,QF 1HZ
-HUVH\&DQDGDS
>@ )HGGDRXL $PLQD ³The role of the pillars of corporate governance in
reducing creative accounting practices Study of a sample of French
companies registered with the index SBF250´3K'WKHVLV%DGMLPRNKWDU
XQLYHUVLW\DQQDED$OJHULDSS

International Scholarly and Scientific Research & Innovation 12(10) 2018 1287 scholar.waset.org/1307-6892/10009612