Refinancing pressure and earnings management: Evidence from changes in short-term debt and discretionary accruals

被引：11

作者：

Fields, L. Paige ^{[1
]}

Gupta, Manu ^{[2
]}

Wilkins, Mike ^{[3
]}

Zhang, Shage ^{[4
]}

机构：

[1] Univ Kansas, Sch Business, Lawrence, KS 66045 USA

[2] Virginia Commonwealth Univ, Dept Finance Insurance & Real Estate, Richmond, VA 23284 USA

[3] Univ Kansas, Accounting & Informat Syst, Lawrence, KS 66045 USA

[4] Trinity Univ, Dept Finance & Decis Sci, San Antonio, TX 78212 USA

来源：

FINANCE RESEARCH LETTERS | 2018年 / 25卷

关键词：

EQUITY; COSTS; RISK;

D O I：

10.1016/j.frl.2017.10.011

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this paper, we investigate whether refinancing pressure leads managers to manipulate earnings. Our tests examine the relation between changes in short-term debt and discretionary accruals. We find that firms have higher discretionary accruals during periods of increasing short-term debt. We also find that this relationship is stronger for firms that ultimately obtain new loan financing. Finally, we show that the presence of investment grade debt attenuates the relationship between discretionary accruals and refinancing pressure.

引用

页码：62 / 68

页数：7

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