Earnings Quality and the Cost of Debt of SMEs

Federico Beltrame (), Josanco Floreani and Alex Sclip
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Federico Beltrame: University of Udine
Josanco Floreani: University of Udine
Alex Sclip: University of Udine

Chapter Chapter 3 in Financial Markets, SME Financing and Emerging Economies, 2017, pp 21-39 from Palgrave Macmillan

Abstract: Abstract Based on a panelPanel of Italian SMEs over the period 2004–2012, we investigate the relationship between earnings qualityEarnings quality and the cost of debtCost of debt . We find a negative association between accrualsAccruals quality and the cost of debtDebt for SMEsSmall and medium sized enterprises (SMEs) . The results hold even when controlling for different measures of accruals quality, alternative determinants of bank debt and the potential endogeneity between leverageLeverage and earnings quality.

Keywords: Accruals quality; Earnings quality; SMEs; Cost of debt (search for similar items in EconPapers)
JEL-codes: G31 G32 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-3-319-54891-3_3

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DOI: 10.1007/978-3-319-54891-3_3

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