Accounting-based constraints in public and private debt agreements: Their association with leverage and impact on accounting choice
Accounting-based constraints in public and private debt agreements: Their association with leverage and impact on accounting choice
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公共和私人债务协议中基于会计的约束：它们与杠杆的关联以及对会计选择的影响
DOI：
10.1016/0165-4101(90)90042-3
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发表时间：
1990
影响因子：
5.9
通讯作者：
J. Weintrop
中科院分区：
文献类型：
--
作者：
Eric Press;J. Weintrop
对于83家公司的随机样本，我们表明，在SEC提交的公共和私人债务协议产生了一套更全面的会计约束比年度报告或穆迪。对于有会计约束的公司，接近杠杆、净资产和营运资本约束的度量与杠杆显著相关。我们将约束相关的数据到Zmienski和Hagerman（1981）的收入策略模型。杠杆约束指标和杠杆率都与会计选择显著相关。这表明，除了存在基于会计的约束外，杠杆还受到其他因素的影响。
For a random sample of 83 firms, we show that public and private debt agreements filed at the SEC yield a more comprehensive set of accounting constraints than annual reports orMoody's. For firms with accounting constraints, measures of proximity to leverage, net worth, and working capital constraints are significantly correlated to leverage. We incorporate constraint-related data into Zmijewski and Hagerman's (1981) income strategy model. Both a leverage constraint indicator and leverage are significantly associated with accounting choice. This suggests that leverage is proxying for factors in addition to the existence of accounting-based constraints.
影响因子：
1
作者：
MCKELVEY, RD;ZAVOINA, W
通讯作者：
ZAVOINA, W