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Do IFRS support debt issue for European private companies?

Jérémie Bertrand (), Hélène de Brebisson () and Aurore Burietz
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Jérémie Bertrand: IESEG School of Management
Hélène de Brebisson: IESEG School of Management

No 2020-ACF-04, Working Papers from IESEG School of Management

Abstract: This paper studies the impact of International Financial Reporting Standards (IFRS) adoption on debt issue. It uses empirical analysis to investigate whether European privately held firms can raise debt better by reporting their consolidated financial information according to IFRS rather than local accounting practices. Using fixed-effect regressions on 8,391 firms in 22 countries from 2005 to 2018, the authors show that IFRS adoption leads to better private debt issue for non-listed firms, especially if the firms are opaque or are located in common law countries. The results remain the same regardless of specification and are robust to several alternative tests.

Keywords: IFRS; bank debt; non-listed entities (search for similar items in EconPapers)
JEL-codes: G32 M41 M48 (search for similar items in EconPapers)
Pages: 45 pages
Date: 2020-05
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