Resumen de Accruals Quality and Debt Maturity Structure
Pedro Juan García Teruel, Pedro Martínez Solano, Juan Pedro Sánchez Ballesta
In this paper we use panel data and GMM estimation to examine the effect of accounting quality on debt maturity structure in a bank-based financial system and show that, even after controlling for unobservable heterogeneity, endogeneity, variables reflecting operating volatility and the cost of debt, firms with poor accounting quality face a shorter debt term than firms with higher accounting quality. This association between accounting quality and debt maturity is consistent with accounting quality as a means of reducing information asymmetry problems and improving the monitoring of managers.
