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Use of Debt Covenants in Small Firms [PDF]
The Journal of Entrepreneurial Finance, 2006 This paper examines the structure of debt covenants in small firms, with emphasis on privately owned firms. It is based on a survey of a large sample of firms drawn from the S&P Register of Corporations.
Chenchuramaiah T. Bathala +2 more
doaj +4 more sources
Debt Heterogeneity and Covenants
Management Science, 2020 Coordination failure among owners of heterogeneous debt types increases distress costs. Covenants reduce expected distress costs by lowering the probability of liquidity shortages, increasing liquidation values, and incentivizing creditor monitoring.
Clemens Otto, Yun Lou
exaly +5 more sources
Managerial Optimism and Debt Covenants [PDF]
Journal of Accounting Research, 2019 ABSTRACTThis paper studies the effects of managerial optimism on the optimal design of debt covenants. We find that managers who are more optimistic about the future success of their investment ideas provide lenders with greater control rights via tighter covenants.
Jakob Infuehr, Volker Laux
openaire +4 more sources
The market response to implied debt covenant violations
Journal of Business Finance and Accounting, 2018 AbstractPrevious research documents a negative stock price reaction to the announcement of a debt covenant violation (DCV). However, managers of firms that violate a covenant often obtain waivers and renegotiate debt contracts with lenders before the SEC requires them to disclose a violation. Firms therefore may not report some covenant violations, and
Derrald Stice
exaly +4 more sources
Corporate Tax Policy: Impact Tunnelling Incentive, Debt Covenant, And Transfer Pricing
Jurnal Akuntansi, 2023 Transfer pricing is considered one of the corporate policies for minimizing the tax burden. This study aims to analyze the role of transfer pricing in the influence of tunnelling incentives and debt covenants on corporate tax policy.
Deden Tarmidi +2 more
doaj +1 more source
A study of positive accounting practice
JPPI (Jurnal Penelitian Pendidikan Indonesia), 2023 Financial accounting, as a branch of science from social science, practically describes the behavior of the presenters of financial statements. This study is confirmatory descriptive research, data obtained from the annual reports of banking companies on
Hisar Pangaribuan +3 more
doaj +1 more source
Callable or Convertible Debt? The Role of Debt Overhang and Covenants [PDF]
SSRN Electronic Journal, 2020 Many U.S. corporate bonds are either callable or convertible. While callable bonds provide a higher coupon to bondholders in exchange for a firm's repurchase option of its claim, convertible bonds offer investors the option to exchange a firm's debt to equity. This paper analyzes the choice between these two debt contracts.
Christian Riis Flor +2 more
openaire +2 more sources
Assessment and mitigation of credit risks in project financing [PDF]
Banks and Bank Systems, 2020 Lending to long-term investment projects in fragile countries requires additional financial instruments to control the sustainability of project cash flows and to increase the borrower’s financial discipline in debt servicing.
Svitlana Naumenkova +4 more
doaj +1 more source
BBR: Brazilian Business Review, 2022 This article investigates whether the concentration of stock ownership affects the presence and intensity of covenants in the debt contracts of companies listed on the B3 stock exchange in the 2007-2018 period. We also present an overview of the presence
Tatiana Albanez, Rafael Felipe Schiozer
doaj +1 more source
Sustainability Covenants as a Financial Measure to Enhance the Efficiency of Companies
Eurasian Journal of Economic and Business Studies, 2023 This article aims to identify the status quo of sustainability covenants firstly, secondly analyze their possibilities in enhancing sustainability performance and thirdly present further research directions.
Stefan Noack +3 more
doaj +1 more source