Based on a panel of Italian SMEs over the period 2004–2012, we investigate the relationship between earnings quality and the cost of debt . We find a negative association between accruals quality and the cost of debt for SMEs . The results hold even when controlling for different measures of accruals quality, alternative determinants of bank debt and the potential endogeneity between leverage and earnings quality.
Earnings Quality and the Cost of Debt of SMEs
Federico Beltrame
;
2017-01-01
Abstract
Based on a panel of Italian SMEs over the period 2004–2012, we investigate the relationship between earnings quality and the cost of debt . We find a negative association between accruals quality and the cost of debt for SMEs . The results hold even when controlling for different measures of accruals quality, alternative determinants of bank debt and the potential endogeneity between leverage and earnings quality.
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