This study introduces an enriched framework depicting the channels through which managers can mitigate sales shock impacts on firm net income and dividends. Employing variance decomposition, this study provides insights into the proportion of sales shocks absorbed through different firm-level net income smoothing channels. We control for the nature (positive vs. negative) and duration (persistent vs. transitory) of sales shocks. Our findings offer significant insights into income and dividend smoothing. Research implications for theory and practice are further explored.

中文翻译：

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公司净收入平滑：一种方差分解方法


本研究引入了一个丰富的框架，描述了管理人减轻销售冲击对公司净收入和股息影响的渠道。本研究采用方差分解，深入了解通过不同企业层面的净收入平滑渠道吸收的销售冲击的比例。我们控制销售冲击的性质（积极与消极）和持续时间（持续与暂时）。我们的研究结果为收入和股息平滑提供了重要的见解。进一步探讨了对理论和实践的研究意义。