Purpose – We examine whether managers switch from artificial income smoothing using discretionary accruals to real income smoothing around corporate governance reform in Egypt. Design/methodology/approach – Our sample comprises 61 non-financial companies listed on the Egyptian Stock Exchange for the years 2004-2011. We use discretionary accruals as a proxy for artificial income smoothing and income/loss from asset sales as a proxy for real income smoothing. Findings – We add to the literature in three crucial respects. First, we show that corporate governance reform did not mitigate real income smoothing. Second, we show that managers did not smooth earnings using discretionary accruals during the period of corporate governance reform. Third, we show that real income smoothing and discretionary accruals are not substitutes. Originality/value – We offer a significant contribution to accounting literature by providing new empirical evidence on the trade-off between real smoothing technique (e.g., income/loss from asset sales) and discretionary accruals around governance reform in a developing country.

中文翻译：

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公司治理改革带来的人为和实际收入增长：埃及的进一步证据

目的–我们研究了在埃及公司治理改革前后，管理者是否从使用酌处权计提法进行的人为收入平滑过渡到实际收入平滑。设计/方法/方法-我们的样本包括2004-2011年在埃及证券交易所上市的61家非金融公司。我们使用可自由支配的应计利润作为人为收入平滑的替代，并使用资产出售收入/亏损作为实际收入平滑的替代。调查结果–我们在三个关键方面增加了文献资料。首先，我们证明了公司治理改革并没有减轻实际收入的滑坡。其次，我们表明，在公司治理改革期间，经理们没有使用可自由支配的权责发生额来平滑收益。第三，我们证明，实际收入平滑和可自由支配的应计收入不能替代。