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The effect of banking relationships on default likelihood 银行关系对违约可能性的影响
Accounting Theory and Practice Pub Date : 2026-01-01 Epub Date: 2026-03-20 DOI: 10.1016/j.accoth.2026.100009
V. Gopikumar , Smitha Nair , Srinivasan Rangan
{"title":"The effect of banking relationships on default likelihood","authors":"V. Gopikumar ,&nbsp;Smitha Nair ,&nbsp;Srinivasan Rangan","doi":"10.1016/j.accoth.2026.100009","DOIUrl":"10.1016/j.accoth.2026.100009","url":null,"abstract":"<div><div>We study how the number of banking relationships a borrower has influences defaults in India, where lending is dominated by public-sector banks and institutional reforms have reshaped creditor rights. Using a firm-level panel for 2002–2019, we find that each additional bank increases default likelihood by 6–8%, with the effect concentrated among public-sector banks. Sub-sample analyses show that reputation concerns do not offset this association, while greater bank-network connectedness mitigates it. The results remain robust to expanded controls, entropy balancing, and an instrumental variables approach using lagged bank financial characteristics. The relationship becomes more adverse after the 2016 Insolvency and Bankruptcy Code (IBC), with each additional bank increasing default likelihood by an additional 6%.</div></div>","PeriodicalId":100010,"journal":{"name":"Accounting Theory and Practice","volume":"3 ","pages":"Article 100009"},"PeriodicalIF":0.0,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147555333","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
In customer we trust: Supplier investment when customer misreports 我们信任客户：当客户报错时，供应商的投资
Accounting Theory and Practice Pub Date : 2025-01-01 Epub Date: 2025-11-08 DOI: 10.1016/j.accoth.2025.100008
Vivek Pandey , K.R. Subramanyam
{"title":"In customer we trust: Supplier investment when customer misreports","authors":"Vivek Pandey ,&nbsp;K.R. Subramanyam","doi":"10.1016/j.accoth.2025.100008","DOIUrl":"10.1016/j.accoth.2025.100008","url":null,"abstract":"<div><div>We hypothesize that suppliers use customers’ financial statement information when making capital investment decisions but are misled into overinvesting when a major customer misstates their financial statements. Consistent with our hypothesis, we find that suppliers make higher investments in PP&amp;E and inventory when a major customer misstates their financial statements than otherwise, compared to matched suppliers that do not experience customer misstatements over similar periods. The overinvestment is confined to suppliers that depend heavily on their misstating customer. We verify that suppliers are misled into overinvesting by showing that while customer earnings do not predict future customer orders when they are misstated, suppliers continue to weight customer earnings when making capital investments. To support the overinvestment claim, we show that suppliers with misstating customers impair a disproportionately higher share of their assets in the future.</div></div>","PeriodicalId":100010,"journal":{"name":"Accounting Theory and Practice","volume":"2 ","pages":"Article 100008"},"PeriodicalIF":0.0,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145579019","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Credit rating agencies’ assessments of related party transactions 信用评级机构对关联交易的评估
Accounting Theory and Practice Pub Date : 2025-01-01 Epub Date: 2024-12-08 DOI: 10.1016/j.accoth.2024.100005
Sonakshi Agrawal , Hariom Manchiraju , Sumeet Rajput
{"title":"Credit rating agencies’ assessments of related party transactions","authors":"Sonakshi Agrawal ,&nbsp;Hariom Manchiraju ,&nbsp;Sumeet Rajput","doi":"10.1016/j.accoth.2024.100005","DOIUrl":"10.1016/j.accoth.2024.100005","url":null,"abstract":"<div><div>This study examines the impact of Related Party Transactions (RPTs) on credit risk assessments by credit rating agencies (CRAs). Using a comprehensive dataset and a fixed effects regression model, we find that CRAs differentiate between financing and operating RPTs, generally assigning lower credit ratings to firms with financing RPTs while awarding higher ratings to those with operating RPTs. Further analysis reveals that CRAs distinguish between equity and debt-related financing RPTs, with firms engaging in debt-related RPTs receiving lower ratings, likely due to the potential risk that these transactions create by facilitating cash tunneling and strategic defaults. Conversely, equity-related RPTs do not significantly impact ratings. Additionally, CRAs assess RPTs within group-affiliated firms and material RPTs of firm with superior governance structures favorably. CRAs favorably view material RPTs by group firms in financial distress suggesting these RPTs reduce default risk. Overall, this study demonstrates that CRAs integrate RPT information into credit risk assessments and thus contributes to the understanding of CRA rating processes and the role of RPTs in credit risk assessments.</div></div>","PeriodicalId":100010,"journal":{"name":"Accounting Theory and Practice","volume":"2 ","pages":"Article 100005"},"PeriodicalIF":0.0,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143147218","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Bankruptcy law and equity capital: Evidence from India 破产法与股权资本：来自印度的证据
Accounting Theory and Practice Pub Date : 2025-01-01 Epub Date: 2025-10-19 DOI: 10.1016/j.accoth.2025.100007
Bitan Chakraborty , Sanjay Kallapur , Sriniwas Mahapatro , Prasanna Tantri
{"title":"Bankruptcy law and equity capital: Evidence from India","authors":"Bitan Chakraborty ,&nbsp;Sanjay Kallapur ,&nbsp;Sriniwas Mahapatro ,&nbsp;Prasanna Tantri","doi":"10.1016/j.accoth.2025.100007","DOIUrl":"10.1016/j.accoth.2025.100007","url":null,"abstract":"<div><div>We examine the impact of a stringent creditor-in-control bankruptcy law on the equity capital of firms in India. Exploiting the within-country differences in court efficiency for identification using a differences-in-difference framework, we find that higher exposure to the bankruptcy law leads to a higher inflow of new equity investments into firms. Additional investments by non-controlling outside shareholders drive the increase. Reduction in agency costs due to the disciplining impact of the law seems to be the mechanism. The incremental equity flows lead to a higher level of investments and innovation.</div></div>","PeriodicalId":100010,"journal":{"name":"Accounting Theory and Practice","volume":"2 ","pages":"Article 100007"},"PeriodicalIF":0.0,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145424597","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Reflections on my service as the Chief Economist of the US securities and exchange commission and implications for India 对我担任美国证券交易委员会首席经济学家的反思以及对印度的影响
Accounting Theory and Practice Pub Date : 2024-01-01 Epub Date: 2024-10-10 DOI: 10.1016/j.accoth.2024.100002
S.P. Kothari
{"title":"Reflections on my service as the Chief Economist of the US securities and exchange commission and implications for India","authors":"S.P. Kothari","doi":"10.1016/j.accoth.2024.100002","DOIUrl":"10.1016/j.accoth.2024.100002","url":null,"abstract":"<div><div>This manuscript offers an insider's perspective on the role of the Chief Economist and the Division of Economic and Risk Analysis (DERA) at the US Securities and Exchange Commission (SEC) during the author's tenure from March 2019 to January 2021. It begins with a brief history of the SEC, highlighting its mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. The manuscript elaborates on the SEC's organizational structure, detailing the functions of its rulemaking divisions, enforcement division, and compliance division, with a special focus on DERA.</div></div>","PeriodicalId":100010,"journal":{"name":"Accounting Theory and Practice","volume":"1 ","pages":"Article 100002"},"PeriodicalIF":0.0,"publicationDate":"2024-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151454","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Rethinking innovation policy in India: Amplifying spillovers through contracting-out 反思印度的创新政策：通过外包扩大溢出效应
Accounting Theory and Practice Pub Date : 2024-01-01 Epub Date: 2024-12-09 DOI: 10.1016/j.accoth.2024.100004
R.A. Mashelkar , Ajay Shah , Susan Thomas
{"title":"Rethinking innovation policy in India: Amplifying spillovers through contracting-out","authors":"R.A. Mashelkar ,&nbsp;Ajay Shah ,&nbsp;Susan Thomas","doi":"10.1016/j.accoth.2024.100004","DOIUrl":"10.1016/j.accoth.2024.100004","url":null,"abstract":"<div><div>At independence, India committed itself fully to foster, promote and sustain the creation of science and scientific research in all aspects. In this paper, we present first principles reasoning on the case for state action, and the optimal mechanisms for using taxpayer resources, to fulfil this commitment. We argue in favour of a reorientation of public spending on innovation: away from building vertical government organizations, and in favour of a <em>contracting-out</em> strategy. Such a strategy would induce knowledge and capabilities in the society, and through this, induce greater gains for the people of India. We present a preliminary sketch of the path to implementation.</div></div>","PeriodicalId":100010,"journal":{"name":"Accounting Theory and Practice","volume":"1 ","pages":"Article 100004"},"PeriodicalIF":0.0,"publicationDate":"2024-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151455","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Principles of corporate governance and practices in India-an Appraisal 印度的公司治理原则和实践--评析
Accounting Theory and Practice Pub Date : 2024-01-01 Epub Date: 2024-10-30 DOI: 10.1016/j.accoth.2024.100001
U.K. Sinha
{"title":"Principles of corporate governance and practices in India-an Appraisal","authors":"U.K. Sinha","doi":"10.1016/j.accoth.2024.100001","DOIUrl":"10.1016/j.accoth.2024.100001","url":null,"abstract":"","PeriodicalId":100010,"journal":{"name":"Accounting Theory and Practice","volume":"1 ","pages":"Article 100001"},"PeriodicalIF":0.0,"publicationDate":"2024-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142540340","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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