Labor Unions and Income Smoothing
研究工会这一重要利益相关者如何影响企业的盈余平滑行为，发现工会力量越强，管理层越倾向于通过应计项目和研发支出管理来平滑盈余。
Abstract We study labor unions, an important stakeholder group that has not been a focus of the earnings smoothing literature. We posit that managers strike a balance between sheltering resources from employees’ profit sharing demands and catering to employees’ aversion to downside risk by smoothing earnings. We then hypothesize that a strong labor union would intensify managerial incentives to smooth earnings. Consistent with our hypothesis, we find that union strength is positively associated with earnings smoothing activities through management of both accruals and R&D expenditures.