Does the Tone of Management Discussion and Analysis Associate with Corporate Debt Expansion? Evidence from A-share Listed Companies

被引：0
|
作者：
Wu, Qingyuan [1 ]
Zheng, Ke [2 ]
Wang, Xue [3 ,4 ]
机构：
[1] Hanshan Normal Univ, Sch Econ & Management, Chaozhou, Peoples R China
[2] Hanshan Normal Univ, Chaozhou, Peoples R China
[3] Emory Univ, Dept Econ, Atlanta, GA 30322 USA
[4] Southwestern Univ Finance & Econ, Inst Chinese Financial Studies, Chengdu, Peoples R China
来源：
ANNALS OF ECONOMICS AND FINANCE | 2024年 / 25卷 / 02期
关键词：
MD&A tone; Corporate debt expansion; Text information; Earnings management; DISCLOSURE; COST;
D O I：
暂无
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Analyzing panel data from China's A-share non-financial firms, this study detects a robust correlation between the affirmative tone in annual MD&A sections and corporate debt growth from 2007 to 2021. The positive tone's influence on debt is both immediate and moderated by profitability, operational risk, and internal controls, without apparent collusion with earnings management. Firms with superior resources exhibit reduced reliance on MD&A tone for debt financing, yet those with moderate resources strategically employ it to augment their debt appeal, providing strategic debt financing insights.
引用
收藏
页码：705 / 739
页数：35
相关论文
共 50 条
  • [31] Does the limelight foster the green transition of listed industrial companies? An empirical analysis from Chinese A-share market
    Yin, Wei
    Su, Yang
    Zhu, Zheyi
    HELIYON, 2024, 10 (11)
  • [32] How smart city building improved corporate performance: empirical evidence of China's a-share listed companies
    Jiang, Xiaoli
    Han, Xue
    Xue, Li
    Yu, Zhuo
    Wei, Shuo
    Xu, Hejun
    HUMANITIES & SOCIAL SCIENCES COMMUNICATIONS, 2023, 10 (01):
  • [33] How smart city building improved corporate performance: empirical evidence of China’s a-share listed companies
    Xiaoli Jiang
    Xue Han
    Li Xue
    Zhuo Yu
    Shuo Wei
    Hejun Xu
    Humanities and Social Sciences Communications, 10
  • [34] Climate change, corporate risk-taking, and financialization: evidence from Chinese A-share non-financial listed companies
    Zheng, Lin
    An, Qiguang
    Yang, Mu
    ENVIRONMENT DEVELOPMENT AND SUSTAINABILITY, 2024,
  • [35] Assessing the Impact of Digital Trade on Enterprise Competitiveness: Evidence from Chinese A-Share Listed Companies
    Wu, Qinqin
    Bi, Mengjie
    Siddiqui, Faiza
    Tang, Yao
    JOURNAL OF INDUSTRY COMPETITION & TRADE, 2023, 23 (3-4): : 329 - 362
  • [36] Assessing the Impact of Digital Trade on Enterprise Competitiveness: Evidence from Chinese A-Share Listed Companies
    Qinqin Wu
    Mengjie Bi
    Faiza Siddiqui
    Yao Tang
    Journal of Industry, Competition and Trade, 2023, 23 : 329 - 362
  • [37] The impact of digital finance development on vertical specialization: evidence from A-share listed companies in China
    Jia, Xiaofang
    Wang, Xingan
    KYBERNETES, 2024, 53 (01) : 384 - 409
  • [38] Auditor switching, earnings manipulation and auditor independence: Evidence from A-share listed companies in China
    Liu Wei
    Liu Xing
    FRONTIERS OF BUSINESS RESEARCH IN CHINA, 2008, 2 (02) : 283 - 302
  • [39] Corporate social responsibility report, debt capital cost-Evidence from Chinese A-share listed firms in the environmental sensitive industries
    Wang, Manyu
    He, Guozhu
    Lin, Dongchuan
    PROCEEDINGS OF THE 2019 4TH INTERNATIONAL CONFERENCE ON SOCIAL SCIENCES AND ECONOMIC DEVELOPMENT (ICSSED 2019), 2019, 314 : 569 - 573
  • [40] Does voluntary environmental regulation stimulate corporate green innovation efficiency? An empirical study from China's A-share listed companies
    Yuan, Shuang
    Zhou, Di
    Wang, Xueqin
    JOURNAL OF ENVIRONMENTAL PLANNING AND MANAGEMENT, 2024,
12345