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Does earnings quality affect the cost of debt in a banking system? Evidence from French listed companies
Journal of General Management Pub Date : 2020-07-01 , DOI: 10.1177/0306307020916296
Asma Houcine 1 , Walid Houcine 2
Affiliation  

This study examines the effect of earnings quality on the cost of debt, for a sample of French listed firms from 2005 to 2015. Using accruals quality (AQ) as a proxy for the quality of financial reports, the results obtained confirm the research hypothesis formulated, showing that the quality of financial reports is negatively related to firms’ interest cost. The results also support that the innate component of AQ has a greater impact on the cost of debt than the discretionary component. The findings of this study may be of interest to managers by providing evidence on the economic consequences of improved earnings on the cost of debt and the factors that determine debt pricing in making decisions to minimize it. The results of this article are also important for creditors, that is, banks, showing that earnings are important in predicting firms’ reimbursement capacity (i.e. future cash flows) and that less estimation error in accruals improves the ability of earnings to predict future cash flows.

中文翻译:

盈利质量会影响银行系统的债务成本吗?来自法国上市公司的证据

本研究以 2005 年至 2015 年的法国上市公司为样本,检验了盈利质量对债务成本的影响。 使用应计质量 (AQ) 作为财务报告质量的代理,获得的结果证实了制定的研究假设,表明财务报告的质量与企业的利息成本呈负相关。结果还支持 AQ 的先天部分对债务成本的影响大于可自由支配的部分。本研究的结果可能会引起管理人员的兴趣,因为它提供了关于提高收益对债务成本的经济后果的证据,以及在做出将债务成本降至最低的决策时决定债务定价的因素。本文的结果对债权人也很重要,即银行,
更新日期:2020-07-01
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