New Perspectives of Profit Smoothing Empirical Evidence from China
In a first approximation, profit may seem like a simple and intuitive concept, but the definition is not limited to a single conceptual category. Analysis of the definition and role of profit must be implemented with a study at the corporate level. This b
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New Perspectives of Profit Smoothing
Domitilla Magni
New Perspectives of Profit Smoothing Empirical Evidence from China
Domitilla Magni Roma Tre University Roma, Roma, Italy
ISBN 978-3-030-21285-8 ISBN 978-3-030-21286-5 (eBook) https://doi.org/10.1007/978-3-030-21286-5 © The Editor(s) (if applicable) and The Author(s), under exclusive licence to Springer Nature Switzerland AG 2019 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Preface
The current change in capitalism is marked by a return of forms of the rent that goes hand in hand with a more general overturning of the relationship between income, wages, and profits. This evolution has given rise to very different interpretations, both theoretical and political implications. In particular, according to a widespread approach in Marxist theories, which was rooted in the Ricardian political economy implications, the annuity is seen as a precapitalistic legacy and an obstacle to the progressive dynamics of capital accumulation. On this basis, it was considered that true and effective capitalism would be capitalism without an annuity. Such a vision, replacing the key role of the land’s rent with the financial one, is now proposed to interpret the crisis of the Fordism adjustment model and the growth of the European Union since the 1980s. According to this analysis, the sense of the current crisis would be in the conflict between the annuity of financial capitalism and the “good” productive capitalism, which is responsible for the accumulation favorable to the growth of production and employment. From this interpretation,
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