Συντηρητικότητα στη λογιστική απεικόνιση και χρηματοοικονομική μόχλευση
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Keywords
Λογιστική συντηρητικότητα ; Χρηματοοικονομική μόχλευση ; Επενδύσεις ; Μη λειτουργικά δεδουλευμένα ; Ασυμμετρία πληροφοριώνAbstract
The purpose of this study is to present the relationship between accounting conservatism and financial leverage and how accounting conservatism affects financial leverage. The change in financial leverage and how it is affected by accounting conservatism will also be examined. According to the literature, as accounting conservatism increases, so does lending (Garcia Lara et al, 2016; Ahmed et al, 2007; Kang et al., 2015). We believe that accounting conservatism makes it easier for entities to access lending, while also protecting lenders (Garcia Lara et al, 2016; Zhang, 2008; Guay and Verrecchia, 2007; Watts, 2003; Ball and Shivakumar, 2005).
The results of the econometric analysis concern the companies of two countries which are Germany and the United Kingdom and cover the period from 2005 to 2019. These countries were accepted because they play an important role in the world economy so they are two strong countries. To calculate accounting conservatism we apply two different methods which are based on the research of Givoly and Hayan (2000). The purpose of this paper is to show what effect accounting conservatism has on leverage, as well as what effect it has on leverage change. So we concluded that accounting conservatism has a positive effect on leverage using the first accounting conservatism proxy and a negative effect when using the second proxy, proving it with the help of control variables. The sample is first tested for Germany then for the United Kingdom and finally both countries are tested together.