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- Publisher
- Wiley
- Copyright
- © 1986 Accounting and Finance Association of Australia and New Zealand
- ISSN
- 0810-5391
- eISSN
- 1467-629X
- DOI
- 10.1111/j.1467-629X.1986.tb00078.x
- Publisher site
- See Article on Publisher Site
Abstract
Abstract: This paper surveys trust deeds supporting listed public debt issues by Australian industrial and commercial companies. It provides evidence on the restrictive covenants and the accounting rules negotiated therein. The survey indicates cross‐sectional variation in the covenants/rules which is related to the nature of the debt. The paper also compares the negotiated rules with mandated accounting standards. As in the U.S. the effect of the negotiated accounting rules is, generally, to reduce management's ability to relax constrictive covenants.
Journal
Accounting & Finance – Wiley
Published: Nov 1, 1986