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Accounting conservatism and firm investment efficiency

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dc.affiliation.dptoUC3M. Departamento de Economía de la Empresaes
dc.contributor.authorGarcía-Lara, Juan M.
dc.contributor.authorGarcía Osma, Beatriz
dc.contributor.authorPenalva, Fernando
dc.date.accessioned2017-01-18T09:49:56Z
dc.date.available2018-02-01T23:00:06Z
dc.date.issued2016-02-01
dc.description.abstractWe argue that conservatism improves investment efficiency. In particular, we predict that it resolves debt-equity conflicts, facilitating a firm's access to debt financing and limiting under investment. This permits the financing of prudent investments that otherwise might not be pursued. Our empirical results confirm these predictions. We find that more conservative firms invest more and issue more debt in settings prone to underinvestment and that these effects are more pronounced in firms characterized by greater information asymmetries. We also find that conservatism is associated with reduced overinvestment, even for opaque investments such as research and development.en
dc.format.extent18
dc.format.mimetypeapplication/pdf
dc.identifier.bibliographicCitationJournal of Accounting and Economics, (2016), 61 (1), pp. 221-238.en
dc.identifier.doi10.1016/j.jacceco.2015.07.003
dc.identifier.issn0165-4101
dc.identifier.publicationfirstpage221
dc.identifier.publicationissue1
dc.identifier.publicationlastpage238
dc.identifier.publicationtitleJournal of accounting & economicsen
dc.identifier.publicationvolume61
dc.identifier.urihttps://hdl.handle.net/10016/24030
dc.identifier.uxxiAR/0000017849
dc.language.isoengen
dc.publisherElsevier
dc.relation.publisherversionhttp://dx.doi.org/10.1016/j.jacceco.2015.07.003
dc.rights© Elsevier, 2016
dc.rightsAtribución-NoComercial-SinDerivadas 3.0 España*
dc.rights.accessRightsopen access
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.subject.ecienciaEconomíaes
dc.subject.otherConservatismes
dc.subject.otherEarnings asymmetric timelinesses
dc.subject.otherInvestment efficiencyes
dc.subject.otherUnder-investmentes
dc.subject.otherOver-investmentes
dc.titleAccounting conservatism and firm investment efficiencyes
dc.typeresearch article*
dc.type.hasVersionAM*
dspace.entity.typePublication
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