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The Cost of Debt Implications of Financial Reporting Quality Among Privately Owned Swedish SMEs
Business School University of Exeter, Exter, United Kingdom.
Halmstad University, School of Business, Engineering and Science, Centre for Innovation, Entrepreneurship and Learning Research (CIEL), Knowledge Entrepreneurship and Enterprise Research (KEEN).
2013 (English)In: FR abstracts, 2013, 72-72 p.Conference paper, Abstract (Refereed)
Abstract [en]

Using unique data where SMEs choose between standard sets we document standard choices, accounting quality, and cost of debt among 1,787 SMEs. We find that 99% use Swedish GAAP, and comparing Gazelles to Non-Gazelles; we find Gazelles are more prone to pick individual SFASC/IFRS standards. We investigate accounting quality and find little difference between the groups. We find that creditors able to assess credit risks regardless of financial reporting quality resulting in lower cost of debt for Gazelles. We show that accounting regulation is less important to SMEs who manage to provide creditors with information to assess the credit risk regardless. The reluctance to switch accounting standards suggests that financial reporting would not improve if “better” standards were enforced. This supports efforts to ease regulatory requirements for small firms such as the European Commission’s publication of the report “Less regulatory burden for small businesses” and raise the question whether the IASB’s project IFRS for SMEs is worthwhile.

Place, publisher, year, edition, pages
2013. 72-72 p.
Keyword [en]
Private firms, SMEs, Gazelles, fast growing firms, accounting regulation, accounting quality, financial reporting, cost of capital, IAS/IFRS, endogeneity
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:hh:diva-24263OAI: oai:DiVA.org:hh-24263DiVA: diva2:683000
Conference
European Accounting Association 36th Annual Congress, Paris, France, 6-8th May, 2013
Available from: 2014-01-01 Created: 2014-01-01 Last updated: 2017-04-19Bibliographically approved

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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf