Accounting disclosure tone and conservative debt policy : empirical study on the Egyptian companies listed in stock exchange
Other Title(s)
نغمة الإفصاح المحاسبي وسياسة التحفظ في الدين : دراسة اختبارية على الشركات المصرية المدرجة في البورصة
Author
Ibrahim, Asma Ibrahim Abd al-Rahim
Source
Scientific Journal for Financial and Commercial Studies and Researches
Issue
Vol. 2, Issue 2، ج. 1 (31 Jul. 2021), pp.155-190, 36 p.
Publisher
Damietta University Faculty of Commerce
Publication Date
2021-07-31
Country of Publication
Egypt
No. of Pages
36
Main Subjects
Financial and Accounting Sciences
Topics
Abstract EN
The research aims to study the relation between accounting disclosure tone (Positive tone – Negative tone – Net tone) and conservative debt policy (the low-leverage puzzle).
The study investigates hypotheses on a sample of 60 Egyptian firms listed in Stock Exchange in the period (2013-2019).
Using content analysis and logistic regression to analyze the formulation of news found in financial reports and periodic disclosures published on the Egyptian Stock Exchange.
The results indicate a negative and significant relation between positive disclosure tone and conservative debt policy, meaning that with an increase (decrease) in the disclosure tone, firms are less (more) conservative in debt policy.
This result is consistent with (Malmendier et al.
, 2011).
The results also indicate that there is a positive and significant relation between (Negative - net) disclosure tone and conservative debt policy.
This result can be explained that managers may retain more cash for future investment than their rational counterparts and are reluctant to use external financing.
This result is consistent with (Malmendier et al.
, 2011).
American Psychological Association (APA)
Ibrahim, Asma Ibrahim Abd al-Rahim. 2021. Accounting disclosure tone and conservative debt policy : empirical study on the Egyptian companies listed in stock exchange. Scientific Journal for Financial and Commercial Studies and Researches،Vol. 2, no. 2، ج. 1, pp.155-190.
https://search.emarefa.net/detail/BIM-1464391
Modern Language Association (MLA)
Ibrahim, Asma Ibrahim Abd al-Rahim. Accounting disclosure tone and conservative debt policy : empirical study on the Egyptian companies listed in stock exchange. Scientific Journal for Financial and Commercial Studies and Researches Vol. 2, no. 2, p. 1 (Jul. 2021), pp.155-190.
https://search.emarefa.net/detail/BIM-1464391
American Medical Association (AMA)
Ibrahim, Asma Ibrahim Abd al-Rahim. Accounting disclosure tone and conservative debt policy : empirical study on the Egyptian companies listed in stock exchange. Scientific Journal for Financial and Commercial Studies and Researches. 2021. Vol. 2, no. 2، ج. 1, pp.155-190.
https://search.emarefa.net/detail/BIM-1464391
Data Type
Journal Articles
Language
English
Notes
-
Record ID
BIM-1464391