Browse

Income Smoothing and Value of Corporate Cash Holdings

Cited 0 time in Web of Science Cited 0 time in Scopus
Authors
장영기
Advisor
황이석
Major
경영대학 경영학과
Issue Date
2013-08
Publisher
서울대학교 대학원
Keywords
Income smoothingcash holdingsinformation asymmetrycorporate governance
Description
학위논문 (석사)-- 서울대학교 대학원 : 경영학과, 2013. 8. 황이석.
Abstract
This study examines the effect of income smoothing on the market value of an additional dollar in cash holdings. I find that income smoothing negatively affects the marginal shareholder value of cash holdings. I also find that the effect of income smoothing on the value of cash holdings is more severe in firms with weak corporate governance. This result can be interpreted as that income smoothing garbles
information in earnings, so aggravated information asymmetry from income smoothing discounts liquid assets in the firm. The result is robust after controlling various
definitions of cash holdings and corporate governance.
Language
English
URI
https://hdl.handle.net/10371/124446
Files in This Item:
Appears in Collections:
College of Business Administration/Business School (경영대학/대학원)Dept. of Business Administration (경영학과)Theses (Master's Degree_경영학과)
  • mendeley

Items in S-Space are protected by copyright, with all rights reserved, unless otherwise indicated.

Browse