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The Effect of Conservative Accounting on the Bondholder-Shareholder Conflict and Cost of Debt
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
2013 (English)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

Prior research on conservative accounting and bondholder-shareholder conflict show that firms with higher degree of conservatism experience less austere conflict and lower cost of debt. However, since the implementation of IFRS in 2005, conservatism has been widely reduced in favor of fair value principles. This study sets out to examine if accounting conservatism still mitigates the conflict and reduces cost of debt. We regress two measures of conservatism on three conflict proxies and debt cost, respectively, for firms on the Norwegian market. Our results support the conclusion that conservative accounting mitigates the bondholder-shareholder conflict even after the introduction of IFRS, but we find no significant evidence that bondholders reward high level of conservatism with lower cost of debt.

Place, publisher, year, edition, pages
2013. , 39 p.
Keyword [en]
Conservative Accounting, Bondholder-Shareholder Conflict, Corporate Debt, Bond Spread, Dividend Policy, Norway
National Category
Business Administration
Identifiers
URN: urn:nbn:se:uu:diva-194343OAI: oai:DiVA.org:uu-194343DiVA: diva2:605006
Presentation
2013-02-12, 17:55 (English)
Uppsok
Social and Behavioural Science, Law
Supervisors
Available from: 2013-02-13 Created: 2013-02-12 Last updated: 2013-02-26Bibliographically approved

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf