Wygładzanie zysków w firmach rodzinnych notowanych na Giełdzie Papierów Wartościowych w Warszawie
Income Smoothing in Family Firms Listed on Warsaw Stock Exchange

Summary/Abstract: Purpose – The paper investigates whether family firms listed on WSE differ from non-family firms in terms of income smoothing. Design/methodology/approach – Multivariate regression analysis was applied to investigate relations between income smoothing and ownership structure of listed companies. We use two different proxies capturing a range of income smoothing: EM1 and EM2. Findings – Our research indicates that income smoothing is less likely among family firms which might be explained by both: agency theory and “stewardship” theory. Originality/value – Our paper ads to the literature on determinants of earnings management. To our knowledge it is the first study of relations between income smoothing and ownership structure of companies listed on WSE.

• Details
• Contents