The Pecking Order and Financing Decisions: Evidence From Changes to Financial-Reporting Regulation
نویسندگان
چکیده
منابع مشابه
The Pecking Order and Financing Decisions: Evidence from Financial Reporting Regulation
We use the staggered introduction of a major financial reporting regulation worldwide as an exogenous shock to the information environment of individual companies and study whether treated firms change financing decisions consistent with the pecking-order theory. Exploiting within country-year variation in firms’ financing frictions, we document that financially constrained firms increase the i...
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We study the influence of a major reform in financial reporting regulation on financing decisions. Across a battery of tests, we document an increase in the issuance of external financing around the new regime. Further, firms make different financing decisions around the new regulation depending on their ex-ante debt capacity, allowing them to adjust their capital structure. Our results are acc...
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We study the influence of a major reform in financial reporting regulation – the adoption of the International Financial Reporting Standards (IFRS) – on financial decisions around the world. We find that post-IFRS: (i) firms are more likely to raise external financing and (ii) firms increase their use of equity capital if they experience a decrease in information asymmetry, operate in a high gr...
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This study empirically investigates the relationship between the timeliness of the financial reporting and the corporate governance proxies for companies listed on the Tunisian stock exchange during 2009.It investigates the role of the corporate governance mechanisms on the timeliness of corporate financial reporting besides; it investigates the relationship between the company size, leverage, ...
متن کاملThe Relation between Reporting Quality and Financing and Investment: Evidence from Changes in Financing Capacity
We use changes in the value of a firm’s real estate assets as an exogenous change in a firm’s financing capacity to examine (i) the relation between reporting quality and financing and investment conditional on this change, and (ii) firms’ reporting quality responses to the change in financing capacity. We find that financing and investment by firms with higher reporting quality is less affecte...
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ژورنال
عنوان ژورنال: Journal of Accounting, Auditing & Finance
سال: 2020
ISSN: 0148-558X,2160-4061
DOI: 10.1177/0148558x20945066