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Register a new userThe Impact of Earning Management By Income Smoothing Approach on Stock Returns for Companies Listed at Damascus Securities Exchange
أثر إدارة الأرباح من خلال ممارسة تمهيد الدخل في عوائد أسهم الشركات المدرجة في سوق دمشق للأوراق المالية
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Aِl-Baath University ورقة بحثية
Publication date
2016
fields
Business Management
and research's language is
العربية
Created by
Shamra Editor
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هدف البحث الحالي إلى تحديد فيما إذا كان هناك أثر لإدارة الأرباح بأسلوب تمهيد الدخل على العوائد السوقية لأسهم الشركات المدرجة في سوق دمشق للأوراق المالية. شملت عينة الدراسة ( 18 ) شركة مدرجة في سوق دمشق للأوراق المالية، و ذلك خلال الفترة الممتدة من الربع الأول لعام 2011 و لغاية الربع الرابع لعام 2015 . و لتحقيق هدف الدراسة، استخدام أسلوب Eckel لتصنيف الشركات ضمن مجموعتين: ممهدة للدخل و غير ممهدة للدخل.
The aim of current research is to determine whether the earnings management by income smoothing approach has impact on stock returns for companies listed at Damascus Securities Exchange. The sample includes (14) listed companies for the period from the first quarter of 2011 until the fourth quarter of 2015. Eckel method is used to classify companies into two groups: smoother and nonsmoother companies.
References used
AHMED, A. & McMARTIN, A. 2013- Income Smoothing, Investor Risk Perceptions, and Stock Price Performance in Financial Crises. areas.kenan-flagler.unc.edu, 1-45
ALBRECHT, W. & RICGARDSON F. 1990- Income Smoothing by Economy Sector, Journal of Business Finance & Accounting, Vol.17, No.5, 713-730
ALI, A.; HWANG, L. & TROMBLEY, M. A., 2000- Accruals and Future Stock Returns: Tests of the Naive Investor Hypothesis, Journal of Accounting, Auditing & Finance, Vol.15, No.2, 161-181
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This study aims to detect the existence and the extend of using the
income smoothing practice by the public joint stock companies
listed in Damascus Securities Exchange (DSE). The Study also
aims to find out and examine the relationship between in
come
smoothing practice and earnings per share (EPS).
To achieve the above objectives, the study examined the
hypotheses and the said relationships through the data of 18 public
companies listed in Damascus Securities Exchange (DSE).
And this test conducted through the period from 2010 to 2014.
This study aimed to examine the weak form efficiency of the
Damascus Securities Exchange (DSE). The study used the monthly
returns, adjusted for thin trading, of firms listed in the Damascus
Securities Exchange from 2009 until 2014 and applied var
ious tests
to examine the random walk behavior in returns: the unit root test,
the autocorrelation test, the runs test and the GARCH model. To
take the impact of the Syrian crisis into account when judging the
efficiency of the market, the study period was divided into three
periods, the pre-crisis period, the crisis period and the whole period.
The results revealed inability to reject the weak form efficient
market hypothesis for more than half of the studied firms. Also it
showed that the Syrian crisis, in general, has negatively affected the
efficiency of most of the studied firms.
This research aims to identify the possibility of using the information of accruals (Depreciation and Provision) basis in predicting stock market returns for companies listed at Damascus Security Exchange. The study is applied on (11) companies durin
g the period from the first quarter of 2010 until the second quarter of 2014. The hypotheses are tested using approach of simple and multiple linear regression. The research conclude that the information of accruals basis can’t predict stock market returns for next period for companies listed at Damascus Security Exchange, unless the control variables are entered, Book to Market ratio, Beta & Earning to Price ratio.
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