Adoption of the International Financial Reporting Standards (IFRS) on Companies’ Financing Structure in Emerging Economies

Título: Adoption of the International Financial Reporting Standards (IFRS) on Companies’ Financing Structure in Emerging Economies

Autores: Luiz Paulo Fávero, Marco Aurélio dos Santos e Luiz Fernando Distadio

Resumo: This paper aims to study the relationship between the adoption of the International Financial Reporting Standards ( IFRS ) and the companies’ financing structure in different emerging economies. A linear hierar- chical regression model is applied, considering firm, country and re- gion levels, in a database of 150,265 observations of companies from 145 countries between 2003 and 2014. The impact of the adoption of IFRS in financing decisions is heterogeneous among companies from different regions and countries. This effect is clearer when country controls are applied to monitor the legal enforcement and investor safety, such as the quality of the boards and accounting audits.

Data de publicação: 2016

Periódico/Editora: Finance Research Letters / Elsevier

Edição: 16

Palavras-chave: IFRS; Financing Structure; Multilevel Models; Emerging Market Firms.