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1、DOI:10.1111/j.1475-679x.2005.00170.xJournalofAccountingResearchVol.43No.2May2005PrintedinU.S.A.Firms’Off-BalanceSheetandHybridDebtFinancing:EvidencefromTheirBook-TaxReportingDifferencesLILLIANF.MILLS∗ANDKAYEJ.NEWBERRY∗Received5January2004;accepted27November2004ABSTRACTWematchlargeU.S.corpo
2、rations’taxreturnsduring1989–2001totheirfinancialstatementstoconstructafirm-levelproxyoffirms’useofoff-balancesheetandhybriddebtfinancing.Wefindthatfirmswithlessfavorableprior-periodStandard&Poor’s(S&P)bondratingsorhigherleverageratiosincomparisontotheirindustryreportgreateramountsofinterestexpe
3、nseontheirtaxreturnsthantoinvestorsandcreditorsontheirfinancialstatements.Thesebetween-firmresultsareconsistentwithcredit-constrainedfirmsusingmorestructuredfinancingarrangements.Ourwithin-firmtestsalsosuggestthatfirmsusemorestructuredfinancingarrangementswhentheyenterintocontractualloanagreement
4、sthatprovideincentivestomanagedebtratings.∗UniversityofArizona.WeappreciatehelpfulcommentsfromPhilBerger(editor),EdMaydew(discussant),ananonymousreferee,AshiqAli,AnneBeatty,LarryBrown,JulieCollins,BillGentry,BillMaxwell,RichardSansing,StacieKelley,GeorgePlesko,WilliamSchwartz,andworkshoppa
5、rticipantsattheUniversityofArizona,GeorgiaStateUniversity,UniversityofNorthCarolina2004TaxSymposium,JournalofAccountingResearch2004conference,andtheAmericanAccountingAssociation2004annualmeeting.TheInternalRevenueService(IRS)providedconfidentialtaxinformationtotheauthorspursuanttoprovisions
6、oftheInternalRevenueCodethatallowdisclosureofinformationtoacontractortotheextentnecessarytoperformaresearchcontractfortheIRS.NoneoftheconfidentialtaxinformationreceivedfromtheIRSisdisclosedinthistreatise.Statisticalaggregateswereusedsothataspecifictaxpayercannotbeidentifiedfrominformationsupp
7、liedbytheIRS.InformationinthistreatisethatidentifiesspecificcompanieswasnotprovidedbytheIRSandcamefrompublicsourcessuchasreportstoshareholders.251CopyrightC,UniversityofChicagoonbehalfoftheInstituteofProfessionalAccounting,2005252L.F.MILLSANDK.J.NEWBERRYSpecific
