The Effect of Conditional Accounting Conservatism on the Debt Maturity and Growth through External Financing Considering Corporate Governance Mechanisms
The separation of management from ownership has led to information asymmetries between managers and owners of companies. Useful solutions for reducing information asymmetry between managers, owners and creditors can note to accounting conservatism, debt maturity shortening, and the establishment of a strong corporate governance. The purpose of this study is to investigate the effect of conditional conservatism on debt maturity and externally financed growth,and also the effect of the strength and weakness of the corporate governance on the amount of these impacts. To achieving the purposes, four hypotheses were developed. In order to test the hypotheses, using the method of systematic elimination, Sample consists of 159 companies listed in Tehran Stock Exchange during the years 2006 to 2015 were selected and linear regression model with the model of panel data were applied. The findings of the research show that conditional conservatism has a positive impact on the debt maturity, but unexpectedly, it has a negative effect on the externally financed growth. The results also indicate that there is a significant difference between the effect of conditional conservatism on debt maturity and the externally financed growth in firms with strong and weak corporate governance.
Journal of Financial Accounting Research, Volume:9 Issue:4, 2018
39 - 60
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