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30
TomaszBerent,SebastianJasinowski
Thefactthattheissueofinterestvs.non-interestbearingliabilityisexplicitly
raisedonlyinfewarticles2mayresultfromtreatingdebtasinterestbearingliability
bydefault.
Whatmaycomeasasurpriseincomparisonwiththebooksscreenedisthatinno
paperatallDFLisusedasameasureoffinancialleverage.
3.2.Accountingjournals
Despitethefactthat5accountingjournalsthatfeatureintheFinancialTimes45Top
Journals:i.e.AccountingReview,ContemporaryAccountingResearch,Journalof
AccountingandEconomics,JournalofAccountingResearch,ReviewofAccounting
Studies,havebeenscreenedforthepresenceofleverage,only30leveragepapers
publishedsince2000havebeenfound.Astheaccountingsampleischosenforcom-
parisononly,thesamplesizeisregardedassufficient.
Intermsofthewayleverageismeasured,accountingpapersare,justlikein
thecaseoffinancearticles,dominatedbycapitalstructureratioswithdebtratioD/
(D+E)presentin70%ofallaccountingarticles.AD/Eratio(27%)andadummy
variableapproach(10%)areslightlymorepopularthaninthecaseofthefinance
papers,withothermeasureshardlypresent.Moreimportantly,evenintheaccoun-
tingarticles,DFL,clearlyanaccountingbasedleveragemeasure,isnotusedbyany
singleresearcher.
Table4.Leveragemeasuresinaccountingpapers
D/(D+E)
(70%)
D/E
(27%)
(D+E)/E
(3%)
E/D
(3%)
dummy
(10%)
long
and
short-term
(57%)
Measure
1
Rajgopal,Venkatachalam[2011],Amir,Guan,Oswald[2010],Lisowsky[2010],Dechow,Sha-
kespeare[2009],Hughes,JingLiu,JunLiu[2009],Johnston,Markov,Ramnath[2009],Ahmed,
Duellman[2007],Demersand,Joos[2007],Hong,Sarkar[2007],Ortiz-Molina[2007],Dhali-
wal,Heitzman,Zhenli[2006],Hay,Knechel,Wong[2006],Ball,Shivakumar[2005],Barton
[2005],Millsand,Newberry[2005],Gordon,Joos[2004],Dichev,Skinner[2002]Gramlich,
McAnally,Thomasi[2001],Wong,Wong[2001],Calegari[2000],D’Souza[2000].
Lui,Markov,Tamayo[2007],Penman,Richardson,Tuna[2007],Dhaliwal,Heitzman,Zhenli
[2006],Ball,Shivakumar[2005],Hribar,Jenkins[2004],Nissim,Penman[2003],Rosett[2001],
Calegari[2000].
Rosett[2001].
Hay,Knechel,Wong[2006].
Cassar,Gerakos[2010],Ortiz-Molina[2007],Millsand,Newberry[2005].
Dechow,Shakespeare[2009],Hughes,JingLiu,JunLiu[2009],Johnston,Markov,Ramnath
[2009],Demersand,Joos[2007],Hong,Sarkar[2007],Lui,Markov,Tamayo[2007],Ortiz-
Molina[2007],Penman,Richardson,Tuna[2007],Hay,Knechel,Wong[2006],Ball,Shiva-
kumar[2005],Barton[2005],Gordon,Joos[2004],Hribar,Jenkins[2004],Nissim,Penman
[2003],Dichev,Skinner[2002],Wong,Wong[2001],Calegari[2000].
Paper
2
2See[Kisgen2009;LaeveniNicodeme2008;Flannery,Rangan2006;Huizinga,Giannetti2003;
Morellec2001].
