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• W2600914594 abstract "RESEARCH OBJECTIVES This thesis analyzes the relation between accounting quality and terms of debt. The purpose is to examine whether firms with high accounting quality are able to obtain debt financing at better terms (i.e. with lower interest rate, less securitization and longer maturity) than firms with low accounting quality. DATA The empirical data is provided by a large, globally operating credit rating agency. It comprises both original (reported by firms) and adjusted (modified by the rating agency) financial statement figures. The research sample consists of 842 firm-year observations from years 2005-2007. It includes data from 61 industries and 47 countries. All sample firms report under the International Financial Reporting Standards (IFRS). RESULTS I find evidence supporting the hypothesis that accounting quality is incorporated into debt contracts. The information risk from lower accounting quality is, however, mainly reflected in the interest rate: the lower the accounting quality, the higher the interest rate. The evidence on the association between accounting quality and securitization and maturity is weaker and somewhat mixed. I also find that financial statement adjustments made by the rating agency, in general, make the sample firms look more risky. For a majority of firms, the adjustments increase leverage and decrease profitability ratios. Overall, the results indicate that (1) lenders consider borrowers’ accounting quality when they determine the terms of debt contract and (2) the financial statement adjustments made by the rating agency provide information that is useful to lenders." @default.
• W2600914594 created "2017-04-07" @default.
• W2600914594 creator A5055983784 @default.
• W2600914594 date "2012-01-01" @default.
• W2600914594 modified "2023-09-27" @default.
• W2600914594 title "Accounting quality and terms of debt: Evidence from IFRS firms" @default.
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• W2600914594 hasPublicationYear "2012" @default.
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