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The role of bank monitoring in borrowers׳ discretionary disclosure: Evidence from covenant violations

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  • Vashishtha, Rahul

Abstract

This study uses covenant violations to provide evidence on how firms make disclosure decisions in the presence of enhanced bank monitoring. Using a regression discontinuity design, I find that firms reduce disclosure following covenant violations. A series of analyses suggest that part of this decline in disclosure reflects a delegation of monitoring to banks by shareholders who consequently demand less disclosure.

Suggested Citation

  • Vashishtha, Rahul, 2014. "The role of bank monitoring in borrowers׳ discretionary disclosure: Evidence from covenant violations," Journal of Accounting and Economics, Elsevier, vol. 57(2), pages 176-195.
    • Handle: RePEc:eee:jaecon:v:57:y:2014:i:2:p:176-195
    DOI: 10.1016/j.jacceco.2014.04.002
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    12. Jae B. Kim & Pervin Shroff & Dushyantkumar Vyas & Regina Wittenberg‐Moerman, 2018. "Credit Default Swaps and Managers’ Voluntary Disclosure," Journal of Accounting Research, Wiley Blackwell, vol. 56(3), pages 953-988, June.
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    More about this item

    Keywords

    Disclosure; Banks; Corporate governance; Covenant violation; Control rights;
    All these keywords.

    JEL classification:

    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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