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-0.081 -0.073 -0.065 -0.057 -0.049 -0.041 -0.032 -0.024 -0.016 -0.008 0.000 0.008 0.016 0.024 0.032 0.041 0.049 0.057 0.065 0.073 0.081 0.089 0.097 0.106 0.114 -0.161 -0.145 -0.129 -0.113 -0.097 -0.081 -0.065 -0.048 -0.032 -0.016 0.000 0.016 0.032 0.048 0.065 0.081 0.097 0.113 0.129 0.145 0.161 0.178 0.194 0.210 0.226 TOURISMOS: AN INTERNATIONAL MULTIDISCIPLINARY JOURNAL OF TOURISM Volume 6, Number 3, Winter 2011, pp. 13-36 UDC: 338.48+640(050) with higher leverage. The difference in two regions tested by Chi-square is statistically significant (p < 0.01). The evidence suggests that higher leverage firms achieve earnings benchmarks more frequently than lower leverage firms. Particularly, firms with higher leverage prefer to report small profits and increases in earnings against the opposite situation (small losses and small decreases in earnings). In the annex (Table 6) similar evidence is shown using interval widths of 0.01 for net income levels and 0.005 for changes in net income. Table 3 Frequency histograms (net income) constrained by leverage Panel A: Net Income distribution (NI/AT t-1 ) Debt ratio (q1) 16.0% Debt ratio (q3) 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 25
-0.076 -0.069 -0.061 -0.053 -0.046 -0.038 -0.031 -0.023 -0.015 -0.008 0.000 0.008 0.015 0.023 0.031 0.038 0.046 0.053 0.061 0.069 0.076 0.084 0.092 0.099 0.107 0.114 0.122 -0.077 -0.070 -0.062 -0.054 -0.046 -0.039 -0.031 -0.023 -0.015 -0.008 0.000 0.008 0.015 0.023 0.031 0.039 0.046 0.054 0.062 0.070 0.077 0.085 0.093 0.101 0.108 0.116 0.124 Laura Parte Esteban, María Jesús Such Devesa & Pilar Alberca Oliver Panel B: Changes in Net Income distribution (ΔNI/AT t-1 ) Debt ratio (q1) Debt ratio (q3) 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% The histograms are generated from 1,990 observations. Panel A shows net income distributions (NI/ATt-1). Panel B represents changes in net income distributions (ΔNI/ATt- 1). The frequency histogram on the left represents low leverage firms (Debt ratio < quartile 1) and the frequency histogram on the right represents high leverage firms (Debt ratio > quartile 3). The interval widths are calculated following the Degeorge et al.´s (1999) formula. In Panel A, the interval widths are 0.016 for NI and 0.008 for ΔNI. In Panel B, the interval widths are 0.008 for both NI and ΔNI. In a sensitivity analysis, frequency histograms are built using another two measures (mean and median) to discriminate between high and low leverage firms. Similar results are obtained. Table 4 reports the incidence of ownership structure in reaching the earnings benchmarks (levels and changes). As we explained, the database used in this study provides limited-information related to the owners of the firms. The introduction of this variable produces a sample-reduction (see Table 1, statistical descriptive). In Table 4, we can see that the discontinuity of earnings distribution in earnings level as well as in earnings changes is more accentuated in family structure than in others ownership structures. In the annex, Table 7 shows similar results using the alternative interval widths. This evidence must be interpreted with caution due the difficulties found when picking up the data. 26
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Page 13: -119.0 -108.2 -97.4 -86.5 -75.7 -64
Page 17 and 18: -0.086 -0.078 -0.070 -0.062 -0.054
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