Ownership Differences and Firms' Income Smoothing Behavior
研究所有权结构差异如何影响企业收入平滑行为，发现内部持股、管理层激励和盈利能力是关键因素，且所有权与收入平滑存在非线性关系。
This paper examines the association between differences in ownership structure and income smoothing behavior in firms. The underlying constructs affecting this association include agency relationships, managerial incentives, information asymmetry, and firm profitability. A logistic regression model is used to test the association between income smoothing and variables related to inside ownership, institutional holdings, leverage, managerial compensation, profitability, and firm size. The evidence suggests that ownership differences, managers' incentive structures, and firm profitability are important in explaining income smoothing behavior in firms. By separating inside ownership and levels of debt into different levels, we are able to show the existence of a non‐monotonic relationship between ownership differences and firms' income smoothing behavior.