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New perspectives of profit smoothing : empirical evidence from China

Author: Domitilla Magni
Publisher: Cham, Switzerland : Palgrave Macmillan, [2019]
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
In a first approximation, profit may seem like a simple and intuitive concept, but the definition is not limited to a single conceptual category. Analysis of the definition and role of profit must be implemented with a study at the corporate level. This book discusses the phenomenon of profit smoothing, implemented by management, which aims to maintain a constant flow of profit over time. On an operational level,  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Magni, Domitilla.
New perspectives of profit smoothing.
Cham, Switzerland : Palgrave Macmillan, [2019]
(OCoLC)1099530260
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Domitilla Magni
ISBN: 9783030212865 3030212866
OCLC Number: 1110670036
Description: 1 online resource
Contents: Intro; Preface; Acknowledgments; Contents; List of Tables; Chapter 1: Theory of Profit; 1.1 Profit in Traditional Argumentation Way; 1.1.1 Classical Economist's Thinking; 1.1.2 Arguments of the Neoclassical Economic View; 1.1.2.1 Alfred Marshall: Short and Long Term; 1.1.2.2 Equilibrium Characteristics; 1.2 Economic Governance of the Firm; 1.2.1 Productive and Distributive Logic; 1.2.2 Governance Structure and Transaction Cost; 1.2.3 Definition Model of the Governance Structure: Williamson's View; 1.2.4 Rediscussing Williamson's Model; 1.2.5 Markets Served 1.2.6 Interdependence Between Production and Commercialization StrategiesReferences; Chapter 2: Profit Impact in Business Vision; 2.1 The Concept of Profit in Business Vision; 2.1.1 Profit and Profitability; 2.1.2 Profit as a Business Objective; 2.1.3 Problems in Maximizing Profit as a Business Goal; 2.1.4 Theoretical Settings for the Purpose of the Enterprise; 2.2 Profit as a Negotiable Income; 2.2.1 Ricardian Return, Paretian Rent, and Monopolistic Annuities; 2.2.2 Entrepreneurial Rents Theory; 2.2.3 Managerial Rent Model; 2.2.4 Rent Appropriation Theory 2.3 From Profit to Value Creation and Sharing2.3.1 Stakeholder Views; 2.3.2 Shareholder Views; References; Chapter 3: Smoothing and Earnings Management Policies; 3.1 Smoothing; 3.1.1 Capital Market; 3.1.1.1 Stock Market; 3.1.1.2 The Banking System; 3.1.2 Governance; 3.2 Real Earnings Management Policies; 3.2.1 Earnings Management Policies Based on End-of-Period Valuations; 3.2.2 Income Smoothing Policies; 3.2.3 Big Bath Earnings Management; 3.2.4 Income Minimization and Income Maximization Policies; 3.2.5 Underlying Reasons for the Implementation of Financial Statement Policies; References Chapter 4: Toward a Definition of Profit Smoothing4.1 Income Smoothing; 4.1.1 Approaches to the Study of Income Smoothing; 4.1.1.1 The Classical Approach; 4.1.1.2 The Income Variability Approach; 4.1.1.3 The Dual Economy Approach; 4.1.2 When Insiders Know More than Outsiders; 4.1.3 Income Smoothing Attributes; 4.1.4 Classification of Firms into Smoothers Categories; 4.1.5 Accounting Techniques for Smoothing; 4.1.5.1 Motivation of Income Smoothing; 4.1.5.2 Gross Revenue Manipulation; 4.1.5.3 Inventory Accounting; 4.2 Profit Smoothing and Corporate Finance 4.2.1 Profit's Strategic Reasons4.2.2 Gordon's Model Related to Managerial Goals; 4.2.3 Culture of Extra Profit as a Threat to the Shareholder Value; References; Chapter 5: Why China?; 5.1 Introduction; 5.2 China's Development: A Powerful Imperialist Pole Emerges; 5.2.1 Chinese Development; 5.2.2 Development's Reasons; 5.2.3 China in the World Market; 5.2.4 Economic and Global Issues; 5.2.5 Political Implications of Chinese Development; 5.3 Chinese Financial System; 5.3.1 Importance of the Financial Structure; 5.3.2 Gradual Reform of Chinese Financial System
Responsibility: Domitilla Magni.

Abstract:

In a first approximation, profit may seem like a simple and intuitive concept, but the definition is not limited to a single conceptual category. Analysis of the definition and role of profit must be implemented with a study at the corporate level. This book discusses the phenomenon of profit smoothing, implemented by management, which aims to maintain a constant flow of profit over time. On an operational level, the phenomenon of profit smoothing analyses and determines the correlation existing between a shock to a variable at the corporate level and the relationship between this shock and profit. This book discusses the main reasons, at the strategic level, of the phenomenon of profit smoothing and summarizes this into three groups: Firstly, the functionality of this phenomenon for corporate management is to transmit to the external environment, and especially to external investors, a business reality devoid of crisis and imbalances. Secondly, this initial motivation engages basically the second. In fact, levelling the trend of profit from year to year, top management can reduce the risk perceived from the outsiders and as from the company's insiders. Thirdly, this justification is related to the stability of the flow of dividends. Profit smoothing places great emphasis on the phenomenon of dividends. It should be note how in fact the profit smoothing is used to keep the expectations of shareholders profit from one period to another. This book is focused on the profit smoothing and, in particular, how this phenomenon is established in developing-economies like the Chinese one, and will be of interest to academics, researchers, and students of corporate finance.

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