A significant reduction in accounting-based debt covenants follows mandatory IFRS adoption, consistent with reduced contractibility of accounting information. We describe several properties of IFRS that could reduce contractibility, including increased flexibility given managers when selecting...

This paper reviews the literature on the effects of IFRS adoption. It aims to provide a cohesive picture of empirical archival literature on how IFRS adoption affects: financial reporting quality, capital markets, corporate decision making, stewardship and governance, debt contracting, and...

Prior studies on the relation between corporate taxes and future macroeconomic growth present contradictory evidence. We argue this mixed evidence is at least partly due to the use of statutory corporate tax rates which ignore the complexity of tax exemptions, tax deductions, tax enforcement and...