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کاربرد نوع شرط:
- جایگاه : پژوهشی
- مجله: International Journal of Finance and Managerial Accounting
- نوع مقاله: Journal Article
- کلمات کلیدی: Capital Structure,Real activities manipulation,leverage deviation,leverage adjustment speed,SPOS firms
- چکیده:
- چکیده انگلیسی: This study investigates whether deviation from target leverage (leverage adjustment speed) in firms with small positive earnings (i.e., SPOS) is higher (slower) than that of other firms. We find evidence suggesting that managers of SPOS manipulate sales, production processes, and discretionary expenses to avoid reporting losses. Our results show that deviation from target leverage in SPOS is higher than that of other firms. In particular, we find that the negative (positive) deviation from target leverage in SPOS is lower (higher) than that of other firms. Furthermore, the results indicate that compared with the other firms, SPOS have slower leverage adjustment speed. After conducting robustness tests, our main conclusions remain valid.
- انتشار مقاله: 10-12-1397
- نویسندگان: Abbas Aflatooni,Mahdi Khazaei
- مشاهده
- جایگاه : پژوهشی
- مجله: Advances in Mathematical Finance and Application
- نوع مقاله: Journal Article
- کلمات کلیدی: Opaque information,Deviation from target leverage,Speed of adjustment
- چکیده:
- چکیده انگلیسی: Information opacity leads to information asymmetry. In this situation, in providing their own financial needs, firms face limitations and inevitably provide their financial needs from the debt market by signalling private information to it. In addition, information opacity affects the leverage adjustment speed. This research investigates the effect of information opacity on deviation from target leverage and its’ adjustment speed during 2003 - 2017 in 131 firms listed in Tehran Stock Exchange. To estimate the research models, we use the regression analysis with panel data approach, the approach to control the effects of years and industries and the generalized method of moments with system estimator (system GMM). The research results show that the increase in information opacity increases (decreases) the positive (negative) deviation from target leverage. Also, research findings indicate that the increase in information opacity decreases the adjustment speed.
- انتشار مقاله: 04-12-1397
- نویسندگان: Abbas Aflatooni,Kefsan Mansouri
- مشاهده