Intellectual structure and evolution of accounting conservatism research: Past trends and future research suggestions

Bhutta, Umair Saeed et al. Article Intellectual structure and evolution of accounting conservatism research: Past trends and future research suggestions International Journal of Financial Studies Provided in Cooperation with: MDPI – Multidisciplinary Digital Publishing Institute, Basel Suggested Citation: Bhutta, Umair Saeed et al. (2021) : Intellectual structure and evolution of accounting conservatism research: Past trends and future research suggestions, International Journal of Financial Studies, ISSN 2227-7072, MDPI, Basel, Vol. 9, Iss. 3, pp. 1-13, https://doi.org/10.3390/ijfs9030035 This Version is available at: https://hdl.handle.net/10419/257780 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. 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If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence. https://creativecommons.org/licenses/by/4.0/ International Journal of Financial Studies Article Intellectual Structure and Evolution of Accounting Conservatism Research: Past Trends and Future Research Suggestions Umair Bhutta 1, Jéssica Nunes Martins 2,3, Mário Nuno Mata 4,5 , Ali Raza 6,* , Rui Miguel Dantas 5, Anabela Batista Correia 5and Muhammad Rafiq 7   Citation: Bhutta, Umair, Jéssica Nunes Martins, Mário Nuno Mata, Ali Raza, Rui Miguel Dantas, Anabela Batista Correia, and Muhammad Rafiq. 2021. Intellectual Structure and Evolution of Accounting Conservatism Research: Past Trends and Future Research Suggestions. International Journal of Financial Studies 9: 35. https://doi.org/ 10.3390/ijfs9030035 Academic Editor: Sorinel Capusneanu Received: 31 March 2021 Accepted: 23 June 2021 Published: 30 June 2021 Publisher’s Note: MDPI stays neutral with regard to jurisdictional claims in published maps and institutional affiliations. Copyright: © 2021 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https:// creativecommons.org/licenses/by/ 4.0/). 1Business Administration Department, University of Technology and Applied Sciences, Ibri 516, Oman; [email protected] 2NOVA Information Management School (NOVA IMS), Universidade Nova de Lisboa, 1099-085 Lisbon, Portugal; [email protected] 3BPI-Banco Portugês de Investimento-CaixaBank Group, Accounting Department, Largo Jean Monnet 1 9◦andar, 1269-067 Lisboa, Portugal 4School of Management and Technology (ESGTS-IPS), Polytechnic Institute of Santarém, 2001-904 Santarém, Portugal; [email protected] 5ISCAL-Instituto Superior de Contabilidade e Administração de Lisboa, Instituto Politécnico de Lisboa, 1069-035 Lisboa, Portugal; [email protected] (R.M.D.); [email protected] (A.B.C.) 6Knowledge Unit of Business, Economics, Accountancy and Commerce, University of Management and Technology, Sialkot, Pakistan 7Economics and Business Administration, Vehari Campus, University of Education, Lahore, Pakistan; [email protected] *Correspondence: [email protected] Abstract: Accounting conservatism (AC) is one of the components of financial reporting, and has been widely studied by academicians to identify its impact on information quality. Scholars in accounting have started to explore how AC is related to different fundamental functional areas of organizations. The interest of the scholars has resulted in an increasing number of publications in this field. In this study, we examined 408 indexed publications related to AC. This work’s objectives include analyzing the regional distribution, size, and evolution of this knowledge base by identifying key authors, documents, and journals while exploring current literature, scholarly structure, and highlighting contemporary trends. The findings of the study concluded that most of the studies are conducted in developed nations contexts. However, there are still areas that need further exploration to obtain more profound insights on the subject. This bibliometric review inspires a new generation of researchers on the topic by giving them an overview of the past studies related to AC. Keywords: accounting conservatism; bibliometric analysis; co-citation; bibliographic coupling; cooccurrence 1. Introduction Accounting conservatism (AC) is one of the components of financial reporting, and has been widely studied by academicians to identify its impact on information quality (Sterling 1982). It is defined as “accounting policies to show the net asset value of assets downward relative to the economic utility of the assets”. For tangible and intangible assets, accounting standards have conservatism principles, such as impairment accounting and lower cost or market (Kabir and Laswad 2014). In the last two decades, the topic has garnered academicians’ interest, and the results suggest that financial reporting is conservative (Basu 1997;Watts 2003). Still, the joint framework proposed by International Accounting Standards Board (IASB) and the Financial Accounting Standard Board (FASB) has not included conservatism as one of the characteristics of reporting principle (FASB 2010), even though conservatism plays a crucial role in financial reporting. There is still a debate among Int. J. Financial Stud. 2021,9, 35. https://doi.org/10.3390/ijfs9030035 https://www.mdpi.com/journal/ijfs Int. J. Financial Stud. 2021,9, 35 2 of 13 researchers and regulators on the extent that conservatism is beneficial or costly to users of financial reports. Researchers have conflicting views about the concept of AC, and some echoed the notion that conservatism biases financial statement figures downward (Gigler et al. 2009; Guay and Verrecchia 2006). On the other hand, some researchers believe conservatism naturally arises among different parties, and it helps maintain an efficient contracting mechanism (Basu 1997;Watts 2003). In this review, we will look at the studies focused on AC and see different aspects of the research conducted on the issue. The recent decade has seen the growing importance of accounting conservatism research. For instance, previous literature has suggested that the use of AC improved the investment efficiency of an organization (Lara et al. 2016) and enhanced stock value during the crisis period (Francis et al. 2013). It also helps in reducing the information asymmetries, which then improves IPO pricing (Boulton et al. 2017). Scholars also discussed the negative impact of AC on firms. For instance, Chang et al. (2013) argued that AC might hamper innovation performance, and managers might make less risky decisions due to market pressure. The studies also classified accounting conservatism into conditional and unconditional conservatism and discussed features of both (Khalilov and Osma 2020). In addition to these quantitative studies, several qualitative studies (Glover and Lin 2018) have also been conducted. Moreover, many researchers studied the antecedents of the AC and how it is affected by different factors (Ahmed and Duellman 2013;Ho et al. 2015;Li 2013). As a result, the study on AC has increased exponentially. This study reviews the different factors associated with accounting conservatism. Even though the AC concept has increasingly received attention from practitioners and researchers, this research area suffers from a lack of comprehensive bibliometric analysis. Hence, this research applies bibliometric techniques to explore how scholarly literature on AC is being developed. The bibliometric methodology makes it possible to give shape, structure, and direction to the research domain as it grows and advances. Bibliometric techniques also allow us to analyze articles and citations employed by scholars in their studies. This study aims to recognize and evaluate the main articles’ impact, relationships, and critical contributions regarding AC. As a result, the present study contributes to identifying the theoretical grounding, most relevant authors, the topics already covered, and new perspectives and lines for future investigation. Moreover, the present paper analyzes popular issues, research trends, chronological development, and key outcomes of AC. For accompanying this purpose, the present study employs the Scopus database, which contains 408 publications until 2019. This paper focuses exclusively on analyzing the publications on the topic of AC from 1994 to 2019 to evaluate their scholarly impact. These 408 publications are devoted to investigating AC during the period. The remainder of the current study is structured as follows: The next section discusses a comprehensive literature review regarding AC and its influence in accounting management. The third section describes the method adopted to conduct the bibliometric study, while the fourth section describes the findings of bibliometric analysis. In the final section, study implications, research limitations, and possible future research directions are given. 2. Methods Scientific Tools and Support Bibliometric studies (Björk et al. 2014;Bouyssou and Marchant 2011;Cadavid Higuita et al. 2012;Daim et al. 2006;De Bakker et al. 2005;Donthu et al. 2020;Duque-Oliva et al. 2006; Durieux and Gevenois 2010;Farrukh et al. 2021;Garfield 2006;Gu et al. 2021;Kessler 1963;Merigóet al. 2016;Nerur et al. 2008;Persson et al. 2009;Pilkington and Meredith 2009;Small 1973;Van Eck and Waltman 2010), also known as quantitative bibliographic analysis, aid in the exploration and organization of published work in a particular subject or domain of study (Farrukh et al. 2021;Gu et al. 2021). Bibliometric studies involve counting citations in existing literature articles and using those counts to create a statistical distribution Int. J. Financial Stud. 2021,9, 35 3 of 13 (Farrukh et al. 2021 ,Farrukh et al. 2020). The research makes use of published articles to look at the trends and patterns of what has been published in a particular topic (Gao et al. 2020;Wu et al. 2021). The bibliometric approach is an important component in evaluating published research articles. Reports, books, and a collection of other relevant sources may be analyzed using bibliometric methods (Farrukh et al. 2020;Nawaz et al. 2020). The primary goal of bibliometric analysis is to examine patterns and trends in current research (Ahmed et al. 2021; Nawaz et al. 2020). In this study we used bibliometric technique to analyze the publication structure of accounting conservatism research. To extract publications on accounting conservatism we run a search using query: (TITLE-ABS-KEY(“ACCOUNTING CONSERVATISM”) in the web of sciences and Scopus database, our search showed that there are 304 publications in web of sciences whereas Scopus record showed 408 publications, thus given this significant difference in number of publications we extracted bibliographic data from the Scopus database. VOSviewer software was used to construct the bibliographic coupling as well as co-authorship maps. VOSviewer software has been widely used in the previous bibliometric studies. 3. Results 3.1. Publication Trend The result (Figure 1) illustrates the evolution of a number of publications on AC from 1994 to 2019. This demonstrates that the early era from 1994 to 2010 saw a dearth of publications. From Table 1we can notice that between 2011 and 2020, the number of articles climbed dramatically. Between 2015 and 2019, the highest number of publications was recorded. Figure 1demonstrates an increase in the publishing of studies on AC. According to the statistics, the most prolific year was 2019, with 56 publications and 1624 citations. These statistics demonstrate that AC research is gaining traction, although at a slower pace than comparable areas in management and strategy. Due to the fact that AC is garnering the attention of policymakers and academics, we anticipate an increase in the number of studies conducted in this subject. Int. J. Financial Stud. 2021, 9, x FOR PEER REVIEW 3 of 13 Kessler 1963; Merigó et al. 2016; Nerur et al. 2008; Persson et al. 2009; Pilkington and Meredith 2009; Small 1973; Van Eck and Waltman 2010), also known as quantitative bibliographic analysis, aid in the exploration and organization of published work in a particular subject or domain of study (Farrukh et al. 2021; Gu et al. 2021). Bibliometric studies involve counting citations in existing literature articles and using those counts to create a statistical distribution (Farrukh et al. 2021, Farrukh et al. 2020).The research makes use of published articles to look at the trends and patterns of what has been published in a particular topic (Gao et al. 2020; Wu et al. 2021). The bibliometric approach is an important component in evaluating published research articles. Reports, books, and a collection of other relevant sources may be analyzed using bibliometric methods (Farrukh et al. 2020; Nawaz et al. 2020). The primary goal of bibliometric analysis is to examine patterns and trends in current research (Ahmed et al. 2021; Nawaz et al. 2020). In this study we used bibliometric technique to analyze the publication structure of accounting conservatism research. To extract publications on accounting conservatism we run a search using query : (TITLE-ABS-KEY(“ACCOUNTING CONSERVATISM”) in the web of sciences and Scopus database, our search showed that there are 304 publications in web of sciences whereas Scopus record showed 408 publications, thus given this significant difference in number of publications we extracted bibliographic data from the Scopus database. VOSviewer software was used to construct the bibliographic coupling as well as co-au- thorship maps. VOSviewer software has been widely used in the previous bibliometric studies. 3. Results 3.1. Publication Trend The result (Figure 1) illustrates the evolution of a number of publications on AC from 1994 to 2019. This demonstrates that the early era from 1994 to 2010 saw a dearth of publications. From Table 1 we can notice that between 2011 and 2020, the number of articles climbed dramatically. Between 2015 and 2019, the highest number of publications was recorded. Figure 1 demonstrates an increase in the publishing of studies on AC. According to the statistics, the most prolific year was 2019, with 56 publications and 1624 citations. These statistics demonstrate that AC research is gaining traction, although at a slower pace than comparable areas in management and strategy. Due to the fact that AC is garnering the attention of policymakers and academics, we anticipate an increase in the number of studies conducted in this subject. Figure 1. Documents by year. Figure 1. Documents by year. Int. J. Financial Stud. 2021,9, 35 4 of 13 Table 1. Trends of publication and citations. Year Publication Citations 2019 56 1624 2018 41 1240 2017 39 967 2016 31 955 2015 45 856 2014 33 627 2013 41 609 2012 25 409 2011 18 430 2010 19 297 2009 9 210 2008 10 154 2007 11 115 2006 9 82 2005 5 83 2004 5 47 2003 1 50 2002 3 36 2001 2 33 2000 2 29 1999 1 25 1998 0 14 1997 0 14 1996 0 14 1995 1 2 1994 1 0 Total 408 8922 3.2. Countries and Languages of Publications To get a sense of the most prolific countries, we studied the number of papers published by contributing countries. Although publications came from 41 nations across the globe, the majority of this scholarly contribution came from the USA, China, and the UK. Table 2presents the results of the top 10 contributing nations. Table 2. The most productive countries. Rank Country Total Publications 1 United States 156 2 China 71 3 United Kingdom 39 4 Canada 31 5 Australia 30 6 South Korea 23 7 Hong Kong 20 8 Spain 20 9 Iran 17 10 Taiwan 15 We established a bibliometric coupling to better understand the networking across the nations publishing in AC. It happens when two documents both reference a third research. When a document from two distinct nations references the third document in their publications, this is known as bibliometric coupling. It demonstrates how researchers from various nations and writers use comparable literature in their studies. The bibliometric coupling findings are shown in Figure 2; each circle represents a nation, and the size of the circle denotes the contribution. The more the input, the larger the size. Figure 2depicts three groupings based on the papers’ bibliographic coupling. The Int. J. Financial Stud. 2021,9, 35 5 of 13 United Kingdom leads the green cluster, while the United States, Australia, and China dominate the red cluster. France and Tunisia are part of the blue color cluster. Another fascinating topic is how authors from other countries have collaborated with authors from other countries. We do a co-authorship analysis with nations. Int. J. Financial Stud. 2021, 9, x FOR PEER REVIEW 5 of 13 We established a bibliometric coupling to better understand the networking across the nations publishing in AC. It happens when two documents both reference a third research. When a document from two distinct nations references the third document in their publications, this is known as bibliometric coupling. It demonstrates how researchers from various nations and writers use comparable literature in their studies. The bibliometric coupling findings are shown in Figure 2; each circle represents a nation, and the size of the circle denotes the contribution. The more the input, the larger the size. Figure 2 depicts three groupings based on the papers’ bibliographic coupling. The United Kingdom leads the green cluster, while the United States, Australia, and China dominate the red cluster. France and Tunisia are part of the blue color cluster. Another fascinating topic is how authors from other countries have collaborated with authors from other countries. We do a co-authorship analysis with nations. Figure 2. BC of countries. In the case of nations, Figure 3 illustrates the co-authorship arrangement. Remember that by examining co-authorship, we can determine a country’s total number of publications and the key ties it has with other nations. Figure 3 illustrates the co-authorship network in a different color. China has significant ties to Australia and Taiwan (China), whereas the UK has significant ties to Spain and Tanzania. Similarly, the United States of America has a strong co-authorship relationship with South Korea and Singapore. These findings are based on a country’s five mandatory papers. Figure 2. BC of countries. In the case of nations, Figure 3illustrates the co-authorship arrangement. Remember that by examining co-authorship, we can determine a country’s total number of publications and the key ties it has with other nations. Figure 3illustrates the co-authorship network in a different color. China has significant ties to Australia and Taiwan (China), whereas the UK has significant ties to Spain and Tanzania. Similarly, the United States of America has a strong co-authorship relationship with South Korea and Singapore. These findings are based on a country’s five mandatory papers. Int. J. Financial Stud. 2021, 9, x FOR PEER REVIEW 6 of 13 Figure 3. Co-authorship among countries. 3.3. The Most Productive Universities The critical aspect of the bibliometric analysis is to see which are the most productive institutes or universities are involved in researching a topic. Table 3 shows that National Taiwan University the most productive university with seven document publications. The University of Houston is ranked 2nd with seven publications, while the University of Missouri Terengganu shares the 3rd rank with seven documents each. Based on the citation, National Taiwan University ranked 1st as its seven documents obtain more citations than other universities with the same publications. Table 3. Five the most productive Universities. Rank Name of Institute No. of Documents 1. National Taiwan University 7 2. University of Houston 7 3. University of Missouri 7 4. The University of Texas at Austin 7 5. MIT Sloan School of Management 7 6. Islamic Azad University 7 7. Universidad Carlos III de Madrid 6 8. University of Valencia 6 9. Korea University 6 10. Hong Kong University of Science and Technology 6 3.4. Leading Journals The research papers are an excellent source for readers to obtain information regarding discoveries, innovations, new trends and learn about opportunities to research a specific topic. The published researches in the peer review journals are reviewed and endorsed by the experts of the field. The rigorous review process makes these peer-reviewed papers a reliable source of information for scholars, policymakers, and all other concerned people. The studies in these journals are sources of vast scientific information that help researchers extend the study on the particular field. The scientific journal provides a platform to researchers to share ideas and generate new ideas in the field of study. They also help to sequence studies on the particular topic with the help of these journal publications. The researchers are looking for recognition for their work, and these journal publications recognize the researcher’s contribution to the field. The researchers can increase prospects of development in their careers by publishing their work in top-quality journals. As there is a revolution in information technology, it also impacts the field of education and research. The revolution in technology facilitates the launch of new journals, and Figure 3. Co-authorship among countries. Int. J. Financial Stud. 2021,9, 35 6 of 13 3.3. The Most Productive Universities The critical aspect of the bibliometric analysis is to see which are the most productive institutes or universities are involved in researching a topic. Table 3shows that National Taiwan University the most productive university with seven document publications. The University of Houston is ranked 2nd with seven publications, while the University of Missouri Terengganu shares the 3rd rank with seven documents each. Based on the citation, National Taiwan University ranked 1st as its seven documents obtain more citations than other universities with the same publications. Table 3. Five the most productive Universities. Rank Name of Institute No. of Documents 1. National Taiwan University 7 2. University of Houston 7 3. University of Missouri 7 4. The University of Texas at Austin 7 5. MIT Sloan School of Management 7 6. Islamic Azad University 7 7. Universidad Carlos III de Madrid 6 8. University of Valencia 6 9. Korea University 6 10. Hong Kong University of Science and Technology 6 3.4. Leading Journals The research papers are an excellent source for readers to obtain information regarding discoveries, innovations, new trends and learn about opportunities to research a specific topic. The published researches in the peer review journals are reviewed and endorsed by the experts of the field. The rigorous review process makes these peer-reviewed papers a reliable source of information for scholars, policymakers, and all other concerned people. The studies in these journals are sources of vast scientific information that help researchers extend the study on the particular field. The scientific journal provides a platform to researchers to share ideas and generate new ideas in the field of study. They also help to sequence studies on the particular topic with the help of these journal publications. The researchers are looking for recognition for their work, and these journal publications recognize the researcher’s contribution to the field. The researchers can increase prospects of development in their careers by publishing their work in top-quality journals. As there is a revolution in information technology, it also impacts the field of education and research. The revolution in technology facilitates the launch of new journals, and in the last two decades, there is an exponential rise in the number of new journals. This growth in the number of journals challenges the researchers to locate and classify the most relevant journals in the particular study area. Additionally, due to multidisciplinary journals, those accept papers from multiple fields, make it more challenging to search for the relevant research paper for specific purposes. This section lists the most active and relevant journals publishing and contributing on the topic of accounting conservatism. The articles included in this study are published in 91 journals and conferences, although most of these publications came from only 17 journals. Table 4presents the journals list that published AC research. Contemporary Accounting Research is the top journal with 23 publications, followed by the Journal of Accounting and Economics with 20 papers on AC between 2000 to 2019. The Journal of Business Finance and Accounting ranked 3rd with 18 publications. Accounting Review and Review of Accounting Studies come at 4th and 5th, having 17 and 16 publications, respectively. Int. J. Financial Stud. 2021,9, 35 7 of 13 Table 4. Top productive journals that publish AC research. Rank Title NP 1Contemporary Accounting Research 23 2Journal Of Accounting And Economics 20 3Journal Of Business Finance And Accounting 18 4Accounting Review 17 5Review Of Accounting Studies 16 6European Accounting Review 13 7Journal Of Accounting Research 11 8Journal Of Applied Business Research 11 9Accounting And Finance 10 10 Journal Of Accounting And Public Policy 8 11 Journal Of Accounting Auditing And Finance 8 12 Review Of Quantitative Finance And Accounting 8 13 Accounting Horizons 7 14 Journal Of International Accounting Auditing And Taxation 6 15 Asian Review Of Accounting 5 16 International Journal Of Accounting And Information Management 5 17 Revista Espanola De Financiacion Y Contabilidad 5 3.5. The Most Productive Authors in AC To see who publishes most frequently in AC, we present results in Table 5. Lobo, G.J. tops the list with six publications and 172 citations to these publications. It is followed by Pae, J.and Ahmed, A.S. with six publications and five publications each. In terms of citations, Ahmed, A.S. takes the lead with 842 citations in 5 publications. Table 5. The most productive authors in AC. Rank Authors Affiliation No. Papers TC 1. Lobo, G.J. C. T. Bauer College of Business, Department of Accountancy and Taxation, Houston, United States 6 172 2. Pae, J. Korea University, Seoul, South Korea 6 127 3. Ahmed, A.S. Texas AandM University, College Station, United States 5 842 4. Zhang, F. The University of Queensland, Brisbane, Australia 5 89 3.6. The Most Cited Publication Table 6shows the most cited source or reference on the topic. It is another important aspect of judging the performance of authors or journal. In this section, we identified the most cited publications. For this, we depended upon the data collected from the Scopus database. We followed the same protocol, as stated in the method section. This provided us with a list of all those publications which have AC in their title, abstract, or in keywords. We selected all publications with 50 or more citations. The Feltham and Ohlson (1995) paper “Valuation and Clean Surplus Accounting for Operating and Financial Activities” got the highest citation number. This paper investigated the relationship between a firm’s market value and accounting data linking operating and financial activities. They asserted that due to conservative accounting practices, the organization was not altering the future cash flow. Consequently, it did not affect the market value of equity. The authors of the study also developed a model to measure accounting conservatism. Int. J. Financial Stud. 2021,9, 35 8 of 13 Table 6. The most cited publication. Authors Title Year Source Title Cited by FELTHAM G.A., OHLSON J.A. Valuation and Clean Surplus Accounting for Operating and Financial Activities 1995 Contemporary Accounting Research 853 Barth M.E., Beaver W.H., Landsman W.R. The relevance of the value relevance literature for financial accounting standard setting: Another view 2001 Journal of Accounting and Economics 578 Francis J.R., Wang D. The joint effect of investor protection and big 4 audits on earnings quality around the world 2008 Contemporary Accounting Research 394 Khan M., Watts R.L. Estimation and empirical properties of a firm-year measure of accounting conservatism 2009 Journal of Accounting and Economics 383 Penman S.H., Zhang X.-J. Accounting conservatism, the quality of earnings, and stock returns 2002 Accounting Review 334 Ahmed A.S., Billings B.K., Morton R.M., Stanford-Harris M. The role of accounting conservatism in mitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs 2002 Accounting Review 315 Zhang J. The contracting benefits of accounting conservatism to lenders and borrowers 2008 Journal of Accounting and Economics 299 Ahmed A.S., Duellman S. Accounting conservatism and board of director characteristics: An empirical analysis 2007 Journal of Accounting and Economics 297 Lafond R., Roychowdhury S. Managerial ownership and accounting conservatism 2008 Journal of Accounting Research 225 Roychowdhury S., Watts R.L. Asymmetric timeliness of earnings, market-to-book and conservatism in financial reporting 2007 Journal of Accounting and Economics 220 Krishnan G.V., Visvanathan G. Does the SOX definition of an accounting expert matter? The association between Audit committee directors’ accounting expertise and accounting conservatism 2008 Contemporary Accounting Research 212 García Lara J.M., García Osma B., Penalva F. Accounting conservatism and corporate governance 2009 Review of Accounting Studies 174 Wittenberg-Moerman R. The role of information asymmetry and financial reporting quality in debt trading: Evidence from the secondary loan market 2008 Journal of Accounting and Economics 151 Kim J.-B., Zhang L. Accounting Conservatism and Stock Price Crash Risk: Firm-level Evidence 2016 Contemporary Accounting Research 148 Nikolaev V.V. Debt covenants and accounting conservatism 2010 Journal of Accounting Research 145 Dietrich J.R., Muller III K.A., Riedl E.J. Asymmetric timeliness tests of accounting conservatism 2007 Review of Accounting Studies 138 Altamuro J., Beatty A. How does internal control regulation affect financial reporting? 2010 Journal of Accounting and Economics 135 Ahmed A.S., Duellman S. Managerial Overconfidence and Accounting Conservatism 2013 Journal of Accounting Research 127 Francis J.R., Martin X. Acquisition profitability and timely loss recognition 2010 Journal of Accounting and Economics 127 Ramalingegowda S., Yu Y. Institutional ownership and conservatism 2012 Journal of Accounting and Economics 121 Gigler F., Kanodia C., Sapra H., Venugopalan R. Accounting conservatism and the efficiency of debt contracts 2009 Journal of Accounting Research 115 García Lara J.M., García Osma B., Penalva F. Accounting conservatism and firm investment efficiency 2016 Journal of Accounting and Economics 106 Qiang X. The effects of contracting, litigation, regulation, and tax costs on conditional and unconditional conservatism: Cross-sectional evidence at the firm level 2007 Accounting Review 103