.

-





.

.



.
.


)Brown et al.,
.(1987
)
.(Atiase, 1985; Bhushan, 1989


.



.

.1

)Jensen
(&Meckling, 1976


.

. ) (Baiman, 1982
" )(
)( " )
.(P.155 :
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.(Mejia &Wiseman, 2007

.


.

.
) (Beaver, 1998

- :
.

.



.

.

.

.


/

 .


.

.


) .(Francis et al., 1996



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) (Schipper, 1989
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) (Pourciau, 1993
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.Management


.
.



).(Healy &Wahlen, 1999


) Graham et
.(al., 2005; Degeorge et al., 1999; Dye, 1988

)Graham et al., 2005; Dechow &shiner,
.(2000; DeFond &Jiambalvo, 1994


:
:Income Smoothing

/ )
.(Fudenberg &Tirole, 1995

.
)Burgstahler
.(&Dichev, 1997
Accelerating Revenue
:Recognition
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.(2005
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.



/ )Jordan &Clark, 2004; Walsh et al.,
.(1991
Discretion in
:Accounting Estimates

)

(
)
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Discretion in
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.(GAAP (Heflin et al., 2002

 .2

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(al., 2005
.
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(1986 /
.


(Technical Default (Defond &Jiambalvo, 1994

) .(DeAngelo et al., 1994 )Gu et al.,
(2005
.
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(1994
.

.
.

.
) (Gu et al., 2005
.
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. )Teoh
(et al., 1998



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.
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. ) (Barth et al., 1999

)(PE
) (PE
.
PE
.
) (DeAngelo et al., 1996

 %14 .
) (Burgstahler &Dichev, 1997

.

.
)Hayn, 1995; Burgstahler &Dichev,
(1997

.

.

. ) Bartov et
,(al., 2002

.


.
) (Burgstahler &Dichev, 1997

.



. Prospect Theory

.

.
) (Graham et al., 2005
400
.

 .
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.

.



.

)Graham et al.,
.(2005
5-1-3


)
.(Healy &Wahlen, 1999



.

);Guidry et al., 1999; Healy, 1985
.(Holthausen et al., 1995

)
.(Bartov &Mohanvam, 2004
)Gaver, 2003, p.
.(583 )Bartov
(&Mohanvam, 2004

.

. ,

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(Bergstresser &Philippon, 2006


.
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.
) (Dechow &Sloan, 1991


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) Healy &Palepu, 1990; DeAngelo et
.(al., 1994
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) (Heflin et al. 2002

 .
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.


.
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)Healy &Wahlen,
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(Navissi, 1999


1971 .1972 ) (Jones, 1991

.
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.

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.


.

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.



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) (Roychowdury, 2006

.
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) .(Roychowdury, 2006 )

 (Marquardt &Weidman, 2004

.
) (Burgstahler &Dichev, 1997


Cross-Sectional distributional
.Analysis


.


. )Burgstahler &Dichev,
(1997; Altamuro et al., 2005


.


.

5-3 Income Smoothing

. ) (Gordon et al., 1966

.

(1) : ) (2

) (3
) (4
. )Gordon et al.,
(1966

. ) (Barnes et al., 1975


.
) (Lambert, 1984


.



.
)(Trueman &Titman, 1988

.

.
.

. )
(Trueman &Titman, 1988



.
) (Beattie et al., 1994 163

.

.


.


.

 .




.

5-4 Earnings Manipulation

GAAP

.


. )Bruns &Merchant,
(1990
.



.

)
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.

GAAP

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)
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.



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) .(Amat et al., 1999


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.


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5-4-2 Financial Distress

) :

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:/
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.
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Technical Default
)
( .




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.


.
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.
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.


.


.
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.

400
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%79 %85
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5-5


:

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5-5-1
)Dechow
(&Sloan, 1991) (Petroni, 1992) (McNichols, 1998

.
Dechow & Sloan

.

GAAP

.
5-5-2 Distributional
Analysis
) (Burgstahler &Dichev, 1997

Cross-Sectional Distributional
.Method


.


.



.



.


:

Bins

.


.

.
5-5-3

:
(Healy (Healy, 1985 DeAngelo (DeAngelo,
(1986 (Jones (Jones, 1991 Jones )
.(Dechow, Sloan &Sweeney, 1995


.
(Healy (Healy, 1985
. Healy
:
,

 . Healy


.
Estimation Period
Event
.Period
)Dechow et al.,
.(1995 (DeAngelo (DeAngelo, 1986
.Healy DeAngelo
)
.(Dechow et al., 1995
Healy DeAngelo
Jones
.((Jones, 1991 Jones

.


.



.
%25
Jones (Jones,
.(1991 Jones )(Dechow et al., 1995
Jones

.

).(Dechow et al., 1995
) (Healy &Wahlen, 1999

 / . )
(Healy, 1985
)
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Healy ) (

.
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(Healy, 1985
) ( ) (

.
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) (

. )(DeAngelo, 1986
) ( )
( ) (.
DeAngelo Healy
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. DeAngelo
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DeAngelo Healy

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DeAngelo
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Healy DeAngelo
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) (Jones, 1991
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. Jones


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Jones :
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Jones


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 :
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)Healy, 1985; Jones, 1991; Dechow et al.,
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5-6

) (
) (
) (Chou et al., 2006; Lee, 2006; Mir &Seboui, 2006
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. )Chou
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Jones . )& Tucker
(Zarowin, 2006 ) ( ) ROA
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) (Dechow &Dichev, 2002

.
)

 ( )(Dechow et al., 1995

. ) Chou et
(al., 2006; Lee, 2006; Mir &Seboui, 2006

. )(Chou et al., 2006


.


. )Visvanathan,
(2006
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.
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);Teoh et al., 1998a
.(1998b )Perry
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Healy, DeAngelo, Jones Jones
.

 . Jones
. )Aren,
(2007 Jones.
) (Han & Wang, 1998 Jones
.
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.

.
) (Xie et al., 2003

. )
(Das &Zhang, 2003

. )Albornoz
(&Illuecca, 2004

.

/

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/.

) (CFO
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. Miller Ratio
((MR .CFO/WC :
Jones
);Mitra, 2007
.(Lobo &Zhou, 2006; Kwon &Yin, 2006 )
(Miller, 2007 MR

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50
.2005 2004 2003 )(8


.
5-2-1 :
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.


Skewness
Kurtosis
.
Standard
Deviation );Dechow et al., 1995
;Mitra, 2007; Wright et al., 2006; Lobo & Zhou, 2006
.(Kwon & Yin, 2006

2005 :(3)

50

50

50

50

50

50

50

50

50

50

.82

5.1056

.04

1.00

.65

.04

.1880

671.407

.5445

5.0303

-.2823 Mean

.055

.63109

.028

.000

.068

.028

.04285

144.871

.03283

1.1916

.26572 Std. Error of Mean

1.00

3.4483

.00

1.00

1.00

.00

.1025

238.481

.5413

1.2085

9.72

.00(a)

3.94(a)

.388

4.46245

.198

.000

.479

.198

.30300

1024.39

.23214

8.4261

.151

19.913

.039

.000

.229

.039

.092 1049384.3

.054

71.000

3.530 Variance

-1.718

1.753

4.841

-.697

4.841

3.873

1.984

-.001

2.633

1.124 Skewness

.337

.337

.337

.337

.337

.337

.337

.337

.337

.989

3.246

22.331

-1.580

22.33

18.735

2.707

-.696

6.899

.662

.662

.662

.662

.662

.662

.662

.662

.662

.662

20.93

1.85

3517.22

.88

38.194

.50

.00

3.94

.07

.080

-3.54 Minimum

21.43

1.85

3521.16

.95

38.274

6.82 Maximum

41

255.28

50

33

9.40

33570.3

27.22

251.51

.337

.07(a) .080(a)

50 Valid N

.0552 Median
-3.54(a) Mode
1.8789 Std. Deviation

.337 Std. Error of Skewness

2.885 Kurtosis
.662 Std. Error of Kurtosis
10.36 Range

14.12 Sum

a Multiple modes exist. The smallest value is shown

2004 :(4)

50

50

50

50

50

50

50

50

50

50

.94

2.4628

.18

.94

.66

.06

.1279

803.3640

.5571

3.9637

.034

.51117

.055

.034

.068

.034

.02199 176.26287

.03266

.87400

1.00

1.6182

.00

1.00

1.00

.00

.0805

245.9598

.5495

.98750

.00(a)

.00(a)

18.55(a)

.240

3.61454

.388

.240

.479

.240

.15551 1246.3667

.23093

6.1801

.058

13.065

.151

.058

.229

.058

.024 1553429.9

.053

38.194

4.088 Variance

-3.821

4.316

1.718

-3.821

-.697

3.821

2.234

1.872

.092

2.384

.221 Skewness

.337

.337

.337

.337

.337

.337

.337

.337

.337

.337

13.124

21.001

.989

13.124

-1.580

13.124

5.598

2.385

-1.060

5.726

.662

.662

.662

.662

.662

.662

.662

.662

.662

.662

22.34

.74

4752.22

.79

27.910

.00

.00

18.55

.14

.067

-6.88 Minimum

22.34

.75

4770.77

.93

27.977

6.96 Maximum

47

123.14

47

33

6.39

40168.20

27.85

198.18

a Multiple modes exist. The smallest value is shown

.14(a) .067(a)

50 Valid N
.2472 Mean
.28593 Std. Error of Mean
.0726 Median
-6.88(a) Mode
2.02186 Std. Deviation

.337 Std. Error of Skewness

4.853 Kurtosis
.662 Std. Error of Kurtosis
13.84 Range

-12.36 Sum



Skewness Kurtosis
.
) (
.
Kurtosis

Kurtosis
.

Skewness Kurtosis 3 5
Standard
errors
.
Kurtosis 4,853
2,885 2004 2005 5
1,42965 1,3286
) 5 28593,0 .(0,26572
Kurtosis .
Skewness 0,221
1,124 2004 2005 5
1,42965 1,3286
) 5 028593 (0,26572
.

Parametric
.Tests
.
5-2-2 :
) (3) (4
. ) (5

.

 :5

3,96376 5,03034
0,2472 0,2823- 2004 2005

.

+
+
+
+
+
+

+
+
+
+
+
+
+

0,5571 0,5445 2004

2005
.
803,3640
671,4079 2004 2005

.
0,06 0,04 2004 2005

.
0,66 2004 2005
) (6) (8
.
0,94
1,00 2004 2005

.
0,94 0,82 2004
2005

 .
7
.

0,1279 0,1880 2004
2005

.
0,18 0,04 2004 2005

.
/ 2,4628
0,1056 2004 2005
/
.
3
.

5-4 :

) (2
.

.
%90 .
) (6 .
) :(6

Model

.
241

Adjusted
R
R Square Square
.058

-.047

Std.
Error of
the
Estimate

Change Statistics
R
Square
Change

2.00597

ANOVA

.058

Sig. F
F
Change df2 df1 Change
.551

10

89

.849

Mean
F
Square
df
Sum of Squares
Change
Statistics
Adjusted
R
R
.551
2.218
10
22.179
R
Square
Square
89
358.127
Sig. F
F
R4.024
Square
99
380.306
Change Change Change

Sig.
.849

Model
Regression
Residual
Total

.683
.705
.537
.423
.312
.606
.257
.252
.493
.400

.467
.497
.288
.179
.098
.367
.066
.063
.243
.160

.467
.497
.288
.179
.098
.367
.066
.063
.243
.160

.414
.447
.217
.097
.007
.304
-.027
-.030
.168
.076

.000
.000
.000
.031
.384
.000
.702
.729
.002
.060

8.759
9.886
4.051
2.178
1.082
5.808
.706
.676
3.217
1.909

Coefficients
Unstandardized
Coefficients
B
)(Constant

Standardized
Coefficients

-.686
-.008
.265
3.83E-005
-.847
.927
.173
-.046
.101
.038

Std. Error
1.590
.037
1.234
.000
.921
.969
.532
1.217
.662
.055

-.031
.031
.022
-.104
.104
.042
-.004
.016
.083

.685

.674

.114

Sig.

Beta
-.432
-.218
-.215
-.182
.919
-.956
.325
-.038
.152
.700
1.01
7

.667
.828
.830
.856
.360
.341
.746
.970
.880
.486
.312

.
F 0,551
.
) :(7




. R-Square
0,160 0,497 Adjusted R-Square
0,007 0,447 ) .(7
Adjusted R-Squre
0,047 ) (6

) (.

.
) (8
.
) (8
0,512 .

 ) :(8

 .6:

Pearson Correla
Sig. (2-tailed
Pearson Correla
Sig. (2-tailed
Pearson Correla
Sig. (2-tailed
Pearson Correla
Sig. (2-tailed
Pearson Correla
Sig. (2-tailed
Pearson Correla
Sig. (2-tailed
Pearson Correla
Sig. (2-tailed
Pearson Correla
Sig. (2-tailed
Pearson Correla
Sig. (2-tailed
Pearson Correla
Sig. (2-tailed
Pearson Correla
Sig. (2-tailed

1
-.113
.264
.090
.372
.087
.388
-.145
.150
.110
.274
.087
.388
-.012
.902
.007
.947
.088
.382
.110
.274

1
)**(.512
.000
)**(.259
.009
-.145
.151
-.121
.231
)**(-.488
.000
.063
.534
-.079
.437
.037
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