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La calidad de los ajustes por devengo no afecta al coste de la deuda de las PYMES españolas

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Author Info
Belén Gill de Albornoz Noguer (Universitat Jaume I)
Manuel Illueca Muñoz (Universitat Jaume I e Instituto Valenciano de Investigaciones Económicas (IVIE))

Additional information is available for the following registered author(s):

Abstract

Este trabajo examina la relación entre el coste de la deuda y la calidad de los ajustes por devengo en una amplia muestra de empresas españolas mayoritariamente no cotizadas. La relación inversa entre ambas variables obtenida por Francis et al. (2005) en un contexto de grandes compañías cotizadas no se aprecia al restringir la muestra a pequeñas y medianas empresas. Ya sea por una cuestión de confianza o debido a los costes fijos que conlleva el análisis de las cuentas anuales, las entidades financieras aplican habitualmente a las PYMES tecnologías de crédito en las que la información contenida en los accruals del prestatario queda relegada a un segundo plano.

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Publisher Info
Article provided by Fundación SEPI in its journal Investigaciones Económicas.

Volume (Year): 31 (2007)
Issue (Month): 1 (January)
Pages: 79-117
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Handle: RePEc:iec:inveco:v:31:y:2007:i:1:p:79-117

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Related research
Keywords: coste de la deuda; calidad de los ajustes por devengo; banca relacional; PYMES.;

Find related papers by JEL classification:
M41 - Business Administration and Business Economics; Marketing; Accounting - - Accounting - - - Accounting
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure

References listed on IDEAS
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  6. David Easley & Soeren Hvidkjaer & Maureen O'Hara, 2002. "Is Information Risk a Determinant of Asset Returns?," Journal of Finance, American Finance Association, vol. 57(5), pages 2185-2221, October. [Downloadable!] (restricted)
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    Other versions:
  14. Ball, Ray & Shivakumar, Lakshmanan, 2005. "Earnings quality in UK private firms: comparative loss recognition timeliness," Journal of Accounting and Economics, Elsevier, vol. 39(1), pages 83-128, February. [Downloadable!] (restricted)
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