Financial reporting quality, debt maturity and investment efficiency

被引：251

作者：

Cutillas Gomariz, Ma Fuensanta ^{[1
]}

Sanchez Ballesta, Juan Pedro ^{[1
]}

机构：

[1] Univ Murcia, Fac Econ & Empresa, E-30100 Murcia, Spain

来源：

JOURNAL OF BANKING & FINANCE | 2014年 / 40卷

关键词：

Investment efficiency; Overinvestment; Underinvestment; Financial reporting quality; Debt maturity; EARNINGS MANAGEMENT; ACCOUNTING QUALITY; PRIVATE FIRMS; AGENCY COSTS; INFORMATION; DISCLOSURE; ACCRUALS; MARKETS; DETERMINANTS; OWNERSHIP;

D O I：

10.1016/j.jbankfin.2013.07.013

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study, conducted with a sample of Spanish listed companies during the period 1998-2008, examines the role of financial reporting quality and debt maturity in investment efficiency. The results show that financial reporting quality mitigates the overinvestment problem. Likewise, lower debt maturity can improve investment efficiency, reducing both overinvestment and underinvestment problems. We further find that financial reporting quality and debt maturity are mechanisms with some degree of substitution in enhancing investment efficiency: firms with lower (higher) use of short-term debt, exhibit higher (lower) financial reporting quality effect on investment efficiency. (C) 2013 Elsevier B.V. All rights reserved.

引用

页码：494 / 506

页数：13

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