دانلود How does financial reporting quality relate to investment efficiency
عنوان انگليسي
:
How does financial reporting quality relate to investment efficiency
چکیده
Abstract
Prior evidence that higher-quality financial reporting improves capital investment efficiency leaves unaddressed whether it reduces over- or under-investment. This study provides evidence of both in documenting a conditional negative (positive) association between financial reporting quality and investment for firms operating in settings more prone to over-investment (under-investment). Firms with higher financial reporting quality also are found to deviate less from predicted investment levels and show less sensitivity to macro-economic conditions. These results suggest that one mechanism linking reporting quality and investment efficiency is a reduction of frictions such as moral hazard and adverse selection that hamper efficient investment.
Keywords:
Financial reporting quality Capital investment
سایر منابع حسابداری-حسابداری در زمینه گزارش گری مالی