haku: @indexterm dividend policy / yhteensä: 136
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| Tekijä: | Ahmed, A. S. |
| Otsikko: | The Role of Accounting Conservatism in Mitigating Bondholder-Shareholder Conflicts over Dividend Policy and in Reducing Debt Costs |
| Lehti: | Accounting Review
2002 : OCT, VOL. 77:4, p. 867-890 |
| Asiasana: | ACCOUNTING DIVIDEND POLICY COSTS DEBT |
| Kieli: | eng |
| Tiivistelmä: | Using both a market-based and an accrual-based measure of conservatism, the authors find that firms facing more severe conflicts over dividend policy tend to use more conservative accounting. The authors test these hypotheses using both "levels" and "changes" analyses based on data from two six-year periods: 1993-1998 and 1987-1992. Furthermore, the authors document that accounting conservatism is associated with a lower cost of debt after controlling for other determinants of firms' debt costs. The authors' collective evidence is consistent with the notion that accounting conservatism plays an important role in mitigating bondholder-shareholder conflicts over dividend policy, and in reducing firms' debt costs. |
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