Antitakeover legislation and accounting conservatism: New evidence

被引：8
|
作者：
Cheng, Shijun [1 ]
Duru, Augustine [2 ]
Zhao, Yijiang [2 ]
机构：
[1] Univ Maryland, Robert H Smith Sch Business, College Pk, MD 20742 USA
[2] Amer Univ, Kogod Sch Business, Washington, DC 20016 USA
来源：
JOURNAL OF ACCOUNTING AND PUBLIC POLICY | 2017年 / 36卷 / 02期
基金：
美国国家科学基金会;
关键词：
State antitakeover laws; Accounting conservatism; Debtholder demand; Agency costs of debt; FOUNDING-FAMILY OWNERSHIP; CORPORATE GOVERNANCE; MANAGERIAL OWNERSHIP; EARNINGS MANAGEMENT; CAPITAL STRUCTURE; STATE LAWS; FIRMS; COST; COMPENSATION; INFORMATION;
D O I：
10.1016/j.jaccpubpol.2017.02.003
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine the effect of second-generation state antitakeover laws (ATLs) on accounting conservatism. We adopt a novel methodology that corrects for selection bias resulting from firms' endogenous incorporation decision. Focusing on the period from when these ATLs became constitutional, we find a negative association between ATLs and conservatism. Our results suggest that ATLs decrease debtholder demand for conservatism by reducing agency costs of debt. (c) 2017 Elsevier Inc. All rights reserved.
引用
收藏
页码：119 / 140
页数：22
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