The second measure of GR used in the study also had a higher ratio of profit and
operating cash flow in the pre-convergence period. According to Barth, Landsman and Lang
(2008) and Iatridis (2010), this fact may indicate the practice of smoothing in post
convergence periods. It means that companies used accruals after convergence, causing the
variability of income ( ∆
NI) in relation to cash flow was lower than that observed in the pre
convergence period.