Conservatism and debt

被引：241

作者：

Beatty, Anne ^{[2
]}

Weber, Joseph ^{[1
]}

Yu, Jeff Jiewei ^{[1
]}

机构：

[1] MIT, Alfred P Sloan Sch Management, Cambridge, MA 02142 USA

[2] Ohio State Univ, Fisher Coll Business, Columbus, OH 43210 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2008年 / 45卷 / 2-3期

关键词：

conservatism; covenants; debt contracting;

D O I：

10.1016/j.jacceco.2008.04.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Despite the unquestionable influence of conservatism, disagreement remains about what economic demands lead to financial reporting conservatism. Research examining lenders' demands for reporting conservatism has been questioned for ignoring conservative contract modifications. We document that these modifications exist but are not ubiquitous. We find contract modifications are more likely when agency costs are higher and litigation, tax and equity demands for conservatism are lower. However, we find a positive association between unexplained reporting conservatism and contract modifications, suggesting contractual modifications alone do not fulfill lenders' demands for conservatism. (c) 2008 Elsevier B.V. All rights reserved.

引用

页码：154 / 174

页数：21

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