haku: @indexterm accounting principles / yhteensä: 291
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| Tekijä: | Beatty, A. Weber, J. Yu, J.J. |
| Otsikko: | Conservatism and debt |
| Lehti: | Journal of Accounting & Economics
2008 : AUG, VOL. 45:2-3, p. 154-174 |
| Asiasana: | debt contracts financial reporting loans accounting principles |
| Kieli: | eng |
| Tiivistelmä: | The influence of conservatism is unquestionable, but disagreement remains about what economic demands lead to financial reporting conservatism. Research that examines lenders' demands for reporting conservatism has been questioned for ignoring conservative contract modifications. This study documents that these modifications exist but they are not ubiquitous. It identifies a sample of syndicated loans listed on the Securities Data Corporation between 1994 and 2004 for which it could be obtained the necessary contracting and financial data, and investigate the types of adjustments made to the contract. Contract modifications are found to be more likely when agency costs are higher and litigation, tax and equity demands for conservatism are lower. Nonetheless, a positive association is found between unexplained reporting conservatism and contract modifications, which suggests that contractual modifications alone do not fulfill lenders' demands for conservatism. |
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