Deviation from Target Leverage and Leverage Adjustment Speed in Firms with Small Positive Earnings

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AFLATOONI ABBAS; KHAZAEI MAHDI

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Journal Paper

Paper Information

Journal: INTERNATIONAL JOURNAL OF FINANCE AND MANAGERIAL ACCOUNTING Year:2019 | Volume:4 | Issue:13 Page(s): 51-67

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Title

Deviation from Target Leverage and Leverage Adjustment Speed in Firms with Small Positive Earnings

Author(s)

AFLATOONI ABBAS | KHAZAEI MAHDI | Issue Writer Certificate

Keywords

Real activities manipulation

capital structure

leverage deviation

leverage adjustment speed

SPOS firms

Abstract

This study investigates whether deviation from target leverage (leverage adjustment speed) in firms with small positive earnings (i. e., SPOS) is higher (slower) than that of other firms. We find evidence suggesting that managers of SPOS manipulate sales, production processes, and discretionary expenses to avoid reporting losses. Our results show that deviation from target leverage in SPOS is higher than that of other firms. In particular, we find that the negative (positive) deviation from target leverage in SPOS is lower (higher) than that of other firms. Furthermore, the results indicate that compared with the other firms, SPOS have slower leverage adjustment speed. After conducting robustness tests, our main conclusions remain valid.

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APA: Copy

AFLATOONI, ABBAS, & KHAZAEI, MAHDI. (2019). Deviation from Target Leverage and Leverage Adjustment Speed in Firms with Small Positive Earnings. INTERNATIONAL JOURNAL OF FINANCE AND MANAGERIAL ACCOUNTING, 4(13), 51-67. SID. https://sid.ir/paper/662965/en

Vancouver: Copy

AFLATOONI ABBAS, KHAZAEI MAHDI. Deviation from Target Leverage and Leverage Adjustment Speed in Firms with Small Positive Earnings. INTERNATIONAL JOURNAL OF FINANCE AND MANAGERIAL ACCOUNTING[Internet]. 2019;4(13):51-67. Available from: https://sid.ir/paper/662965/en

IEEE: Copy

ABBAS AFLATOONI, and MAHDI KHAZAEI, “Deviation from Target Leverage and Leverage Adjustment Speed in Firms with Small Positive Earnings,” INTERNATIONAL JOURNAL OF FINANCE AND MANAGERIAL ACCOUNTING, vol. 4, no. 13, pp. 51–67, 2019, [Online]. Available: https://sid.ir/paper/662965/en

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