ENGLISH

Capital Structure, Earnings Management, and Risk of Financial Distress: A Comparative Analysis of Family and Non-family Firms

By Pietro Gottardo , Anna Maria Moisello

Book information

Publisher
Springer International Publishing
Year
2019
ISBN
978-3-030-00343-2;978-3-030-00344-9
Language
english
Format
PDF
Filesize
2 MB (2309022 bytes)
Series
SpringerBriefs in Business
Edition
1st ed.
Pages
VI, 99\103
Time added
2019-01-12 07:30:46
Business and Management; Family Business; Accounti

Description

This book analyzes the impacts that family control of firms has on capital structure choices, leverage and the risk of financial distress, earnings management practices, and the relation between accounting choices and firm market value. For these purposes, longitudinal data on Italian family and non-family non-financial firms are closely analyzed. The Italian setting is of special interest in this context because family businesses account for 94% of GDP, families are particularly committed to maintaining control of firms, and the economy is bank based rather than market based. The analyses draw on the socioemotional wealth approach, which emphasizes the importance of the stock of emotional value in family firms, in combination with financial theories such as Pecking Order Theory, Trade-off Theory, and Agency Theory. The findings cast significant new light on differences between family and non-family firms and the effects of different forms of family influence. The book will have broad appeal for academics, managers, practitioners, and policymakers. Front Matter ....Pages i-vi Introduction (Pietro Gottardo, Anna Maria Moisello)....Pages 1-11 Family Control and Capital Structure Choices (Pietro Gottardo, Anna Maria Moisello)....Pages 13-40 Family Influence, Leverage and Probability of Financial Distress (Pietro Gottardo, Anna Maria Moisello)....Pages 41-55 Equity and Bond Issues and Earnings Management Practices (Pietro Gottardo, Anna Maria Moisello)....Pages 57-73 Earnings Management, Issues and Firm Market Value (Pietro Gottardo, Anna Maria Moisello)....Pages 75-92 Conclusions (Pietro Gottardo, Anna Maria Moisello)....Pages 93-99

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