Earnings Management And Corporate Governance In Family Controlled Companies

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Earnings Management and Corporate Governance in Family-Controlled Companies

Author : Sasson Bar-Yosef
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Earnings Management and Corporate Governance in Family-Controlled Companies by : Sasson Bar-Yosef

Download or read book Earnings Management and Corporate Governance in Family-Controlled Companies written by Sasson Bar-Yosef and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance literature advances the idea that certain aspects of board of directors' structure improve monitoring of managerial decisions. Among these is the managers' decision to manage earnings. Prior studies have shown that earnings management, in widely-held public companies, is less prevalent when there is a high level of board independence. However, there is less evidence on the effectiveness of board independence on earnings management in family-controlled companies. This issue is interesting in particular as such companies are susceptible to various types of agency concerns. It is the purpose of this study to shed light on the earnings management issue in family-controlled companies, characterized by a potentially low board independence environment. In this study, board independence is estimated by two parameters (i) proportion of independent directors on board, and (ii) lack of CEO/Board Chairman duality function, with special attention paid to the case where the CEO is a member of the controlling-family. Our empirical results provide evidence that, indeed, the impact of board independence on earnings management is weaker in family-controlled companies. The same effects are also found for the cases where the CEO is a member of the controlling-family, even though she is not also the Board Chairman.

Corporate Payout Policy

Author : Harry DeAngelo
Publisher : Now Publishers Inc
ISBN 13 : 1601982046
Total Pages : 215 pages
Book Rating : 4.6/5 (19 download)

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Book Synopsis Corporate Payout Policy by : Harry DeAngelo

Download or read book Corporate Payout Policy written by Harry DeAngelo and published by Now Publishers Inc. This book was released on 2009 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify "what we know" about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. The authors highlight four important "carry-away" points: the literature's focus on whether repurchases will (or should) drive out dividends is misplaced because it implicitly assumes that a single payout vehicle is optimal; extant empirical evidence is strongly incompatible with the notion that the primary purpose of dividends is to signal managers' views of future earnings to outside investors; over-confidence on the part of managers is potentially a first-order determinant of payout policy because it induces them to over-retain resources to invest in dubious projects and so behavioral biases may, in fact, turn out to be more important than agency costs in explaining why investors pressure firms to accelerate payouts; the influence of controlling stockholders on payout policy --- particularly in non-U.S. firms, where controlling stockholders are common --- is a promising area for future research. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.

Comparative Research on Earnings Management, Corporate Governance, and Economic Value

Author : Vieira, Elisabete S.
Publisher : IGI Global
ISBN 13 : 1799875989
Total Pages : 433 pages
Book Rating : 4.7/5 (998 download)

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Book Synopsis Comparative Research on Earnings Management, Corporate Governance, and Economic Value by : Vieira, Elisabete S.

Download or read book Comparative Research on Earnings Management, Corporate Governance, and Economic Value written by Vieira, Elisabete S. and published by IGI Global. This book was released on 2021-02-12 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: New trends are emerging regarding earnings management and corporate governance showing similarities and striking differences in the practices of different countries and economies. These new trends currently shape the field of modern corporate governance with crucial issues being looked at in governance law and practices, accounting systems, earnings quality and management, stakeholder involvement, and more. In order to advance these new avenues in corporate governance, research looks at accounting policies firms use in different opportunistic circumstances in order to manage earnings, the corporate governance practices in different countries, firm performance, and other dimensions of companies. The understanding of these topics is beneficial in understanding the current state of different types of firms and their practices in modern times. Comparative Research on Earnings Management, Corporate Governance, and Economic Value is focused on the investigation of key challenges and perspectives of corporate governance and earnings management and outlines possible scenarios of its development. The chapters explore this new avenue of research and cover theoretical, empirical, and experimental studies related to different themes in the global context of earnings management and corporate governance. This book is ideal for economists, businesses, managers, accountants, practitioners, stakeholders, researchers, academicians, and students who are interested in the current issues and advancements in corporate governance and earnings management.

Capital Structure, Earnings Management, and Risk of Financial Distress

Author : Pietro Gottardo
Publisher : Springer
ISBN 13 : 3030003442
Total Pages : 99 pages
Book Rating : 4.0/5 (3 download)

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Book Synopsis Capital Structure, Earnings Management, and Risk of Financial Distress by : Pietro Gottardo

Download or read book Capital Structure, Earnings Management, and Risk of Financial Distress written by Pietro Gottardo and published by Springer. This book was released on 2018-09-24 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Performance and Behavior of Family Firms

Author : Esra Memili
Publisher : MDPI
ISBN 13 : 3038427810
Total Pages : 174 pages
Book Rating : 4.0/5 (384 download)

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Book Synopsis Performance and Behavior of Family Firms by : Esra Memili

Download or read book Performance and Behavior of Family Firms written by Esra Memili and published by MDPI. This book was released on 2018-03-23 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a printed edition of the Special Issue "Performance and Behavior of Family Firms" that was published in IJFS

Research Anthology on Strategies for Maintaining Successful Family Firms

Author : Management Association, Information Resources
Publisher : IGI Global
ISBN 13 : 1668435519
Total Pages : 1146 pages
Book Rating : 4.6/5 (684 download)

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Book Synopsis Research Anthology on Strategies for Maintaining Successful Family Firms by : Management Association, Information Resources

Download or read book Research Anthology on Strategies for Maintaining Successful Family Firms written by Management Association, Information Resources and published by IGI Global. This book was released on 2021-08-27 with total page 1146 pages. Available in PDF, EPUB and Kindle. Book excerpt: Family-owned businesses account for many of the small and medium-sized enterprises that exist around the world in various industries. Due to their unique make up, these firms are often heavily influenced by family dynamics that must be reconciled by family and non-family workers alike in order to ensure the sustainability of the business. As smaller businesses competing against an increasingly globalized economy and more directly impacted by economic instability, especially in the wake of the COVID-19 pandemic, these businesses must continue to improve their practices and processes in order to not only survive but thrive. The Research Anthology on Strategies for Maintaining Successful Family Firms discusses the strategies, sustainability, and human aspects of family firms in order to understand what sets them apart from other businesses and how they can survive and compete in a globalized economy. This book discusses the unique dynamic brought by family firms that offers both opportunities and challenges for a growing business. Covering topics such as corporate venturing, the family unit, and business ethics, this text is an essential resource for family firms, entrepreneurs, managers, business students, business professors, researchers, and academicians.

The SAGE Handbook of Family Business

Author : Leif Melin
Publisher : SAGE
ISBN 13 : 1446265935
Total Pages : 697 pages
Book Rating : 4.4/5 (462 download)

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Book Synopsis The SAGE Handbook of Family Business by : Leif Melin

Download or read book The SAGE Handbook of Family Business written by Leif Melin and published by SAGE. This book was released on 2013-11-15 with total page 697 pages. Available in PDF, EPUB and Kindle. Book excerpt: The SAGE Handbook of Family Business captures the conceptual map and state-of-the-art thinking on family business - an area experiencing rapid global growth in research and education since the last three decades. Edited by the leading figures in family business studies, with contributions and editorial board support from the most prominent scholars in the field, this Handbook reflects on the development and current status of family enterprise research in terms of applied theories, methods, topics investigated, and perspectives on the field′s future. The SAGE Handbook of Family Business is divided into following six sections, allowing for ease of navigation while gaining a multi-dimensional perspective and understanding of the field. Part I: Theoretical perspectives in family business studies Part II: Major issues in family business studies Part III: Entrepreneurial and managerial aspects in family business studies Part IV: Behavioral and organizational aspects in family business studies Part V: Methods in use in family business studies Part VI: The future of the field of family business studies By including critical reflections and presenting possible alternative perspectives and theories, this Handbook contributes to the framing of future research on family enterprises around the world. It is an invaluable resource for current and future scholars interested in understanding the unique dynamics of family enterprises under the rubric of entrepreneurship, strategic management, organization theory, accounting, marketing or other related areas.

Buy-outs in Family Businesses

Author : Oliver Klöckner
Publisher : Springer
ISBN 13 : 3834994774
Total Pages : 389 pages
Book Rating : 4.8/5 (349 download)

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Book Synopsis Buy-outs in Family Businesses by : Oliver Klöckner

Download or read book Buy-outs in Family Businesses written by Oliver Klöckner and published by Springer. This book was released on 2009-08-10 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: Oliver Klöckner investigates the changes resulting from buy-outs in family businesses. He contrasts the characteristics of family businesses with those of non-family businesses after a buy-out. His theoretical discussion is complemented by an in-depth analysis of 17 bought-out family businesses in Germany.

Does Founding Family Control Affect Earnings Management? An Empirical Note

Author : Pornsit Jiraporn
Publisher :
ISBN 13 :
Total Pages : 18 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Does Founding Family Control Affect Earnings Management? An Empirical Note by : Pornsit Jiraporn

Download or read book Does Founding Family Control Affect Earnings Management? An Empirical Note written by Pornsit Jiraporn and published by . This book was released on 2009 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: Because of concentrated ownership stakes, board composition, and longer investment horizons, founding-family controlled firms provide an interesting setting for examining issues relating to governance and control. Anderson and Reeb (2003a, 2003b, 2004), find that the founding-family controlled structure results in superior stock market and accounting performance and lower cost of debt compared to their non-family controlled counterparts. We add to their findings by examining the relationships between founding family control and earnings management. The unique characteristics of family controlled firms could insulate these firms from pressures to manage earnings. Our results support this notion, and find that family firms are significantly less likely to manage earnings.

The Benefits and Costs of Group Affiliation

Author : Stijn Claessens
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (16 download)

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Book Synopsis The Benefits and Costs of Group Affiliation by : Stijn Claessens

Download or read book The Benefits and Costs of Group Affiliation written by Stijn Claessens and published by . This book was released on 2002 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the benefits and associated agency costs of using internal capital markets through affiliating with groups using data of two thousand firms from nine East Asian economies between 1994-96. We find that mature and slow-growing firms with ownership structures more likely to create agency problems gain more from group affiliation, while young and high-growth firms more likely lose. Agency problems are important explanatory factors of firm value in economies outside Japan, but less so in Japan. Consistent with the literature, financially-constrained firms benefit from group affiliation. Our results are robust to different time periods and estimation techniques.

Concentrated Corporate Ownership

Author : Randall K. Morck
Publisher : University of Chicago Press
ISBN 13 : 0226536823
Total Pages : 404 pages
Book Rating : 4.2/5 (265 download)

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Book Synopsis Concentrated Corporate Ownership by : Randall K. Morck

Download or read book Concentrated Corporate Ownership written by Randall K. Morck and published by University of Chicago Press. This book was released on 2007-12-01 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: Standard economic models assume that many small investors own firms. This is so in most large U.S. firms, but wealthy individuals or families generally hold controlling blocks in smaller U.S. firms and in all firms in most other countries. Given this, the lack of theoretical and empirical work on tightly held firms is surprising. What corporate governance problems arise in tightly held firms? How do these differ from corporate governance problems in widely held firms? How do control blocks arise and how are they maintained? How does concentrated ownership affect economic growth? How should we regulate tightly held firms? Drawing together leading scholars from law, economics, and finance, this volume examines the economic and legal issues of concentrated ownership and their impact on a shifting global economy.

How Strong are Fiscal Multipliers in the GCC?

Author : Mr.Raphael A. Espinoza
Publisher : International Monetary Fund
ISBN 13 : 1455221058
Total Pages : 22 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis How Strong are Fiscal Multipliers in the GCC? by : Mr.Raphael A. Espinoza

Download or read book How Strong are Fiscal Multipliers in the GCC? written by Mr.Raphael A. Espinoza and published by International Monetary Fund. This book was released on 2011-03-01 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: The effectiveness of fiscal policy in smoothing the impact of shocks depends critically on the size of fiscal multipliers. This is particularly relevant for the GCC countries given the need for fiscal policy to cushion the economy from large terms of trade shocks in the absence of an independent monetary policy and where fiscal multipliers could be weak dues to substantial leakages through remittances and imports. The paper provides estimates of the size of fiscal multipliers using a variety of models. The focus is on government spending since tax revenues are small. The long-run multiplier estimates vary in the 0.3-0.7 range for current expenditure and 0.6-1.1 for capital spending, depending on the particular specification and estimation method chosen. These estimates fall within the range of fiscal multiplier estimates in the literature for non-oil emerging markets.

International Corporate Governance

Author : Kose John
Publisher : Emerald Group Publishing
ISBN 13 : 0857249150
Total Pages : 210 pages
Book Rating : 4.8/5 (572 download)

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Book Synopsis International Corporate Governance by : Kose John

Download or read book International Corporate Governance written by Kose John and published by Emerald Group Publishing. This book was released on 2011-03-31 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents research on corporate governance from a number of countries across the world, including the United States, Spain, Malaysia, Israel and others. This title examines many important corporate governance mechanisms, such as board characteristics, ownership structure, legal protection of shareholders, and annual general meetings.

Accounting Choices in Family Firms

Author : Silvia Ferramosca
Publisher : Springer
ISBN 13 : 3319735888
Total Pages : 276 pages
Book Rating : 4.3/5 (197 download)

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Book Synopsis Accounting Choices in Family Firms by : Silvia Ferramosca

Download or read book Accounting Choices in Family Firms written by Silvia Ferramosca and published by Springer. This book was released on 2018-03-13 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a critical analysis of the current state of knowledge on the relationship between family firms and a wide range of accounting choices, including earnings management, accounting conservatism, and financial and non-financial disclosure. In examining the choices made in family firms, the authors explore and elucidate the relevance of agency, socioemotional wealth, stewardship, and resource-based theories. Readers will also find close consideration of the impacts of a country’s culture and societal values on accounting choices. In particular, further evidence is provided on the impact of different cultures on accounting conservatism in family businesses. Finally, avenues for future accounting research on family firms are discussed, highlighting theoretical and empirical challenges. In addition to offering a revealing analysis of the influence of ownership types and cultures on accounting choices within family firms, the book identifies significant practical implications for the management of family firms and policy implications for regulators and standard setters.

A History of Corporate Governance around the World

Author : Randall K. Morck
Publisher : University of Chicago Press
ISBN 13 : 0226536831
Total Pages : 700 pages
Book Rating : 4.2/5 (265 download)

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Book Synopsis A History of Corporate Governance around the World by : Randall K. Morck

Download or read book A History of Corporate Governance around the World written by Randall K. Morck and published by University of Chicago Press. This book was released on 2007-11-01 with total page 700 pages. Available in PDF, EPUB and Kindle. Book excerpt: For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families. A History of Corporate Governance around the World provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden.

Corporate Governance and Its Implications on Accounting and Finance

Author : Alqatan, Ahmad
Publisher : IGI Global
ISBN 13 : 1799848531
Total Pages : 425 pages
Book Rating : 4.7/5 (998 download)

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Book Synopsis Corporate Governance and Its Implications on Accounting and Finance by : Alqatan, Ahmad

Download or read book Corporate Governance and Its Implications on Accounting and Finance written by Alqatan, Ahmad and published by IGI Global. This book was released on 2020-09-25 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the global financial crisis, the topic of corporate governance has been gaining momentum in accounting and finance literature since it may influence firm and bank management in many countries. Corporate Governance and Its Implications on Accounting and Finance provides emerging research exploring the implications of a good corporate governance system after global financial crises. Corporate governance mechanisms may include board and audit committee characteristics, ownership structure, and internal and external auditing. This book is devoted to all topics dealing with corporate governance including corporate governance characteristics, board diversity, CSR, big data governance, bitcoin governance, IT governance, and governance disclosure, and is ideally designed for executives, BODs, financial analysts, government officials, researchers, policymakers, academicians, and students.

Family Business Governance

Author : Keanon J. Alderson
Publisher : Business Expert Press
ISBN 13 : 1949991318
Total Pages : 205 pages
Book Rating : 4.9/5 (499 download)

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Book Synopsis Family Business Governance by : Keanon J. Alderson

Download or read book Family Business Governance written by Keanon J. Alderson and published by Business Expert Press. This book was released on 2019-04-15 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents research-based information to provide the reader a deeper understanding of the complex nature of family owned businesses, their problems and challenges, and the unique governance structures and mechanisms that have been developed to properly guide a family business to greater effectiveness. Family business is the most prevalent form of business organization in the world. Much of the existing literature on family and corporate governance focuses on the larger and often publicly owned corporations instead of the unique and special issues of the much more prevalent privately held (usually smaller) family businesses. This book presents research-based information to provide the reader a deeper understanding of the complex nature of family owned businesses, their problems and challenges, and the unique governance structures and mechanisms that have been developed to properly guide a family business to greater effectiveness. For the family, such structures include having family meetings, a family council, and a family constitution. For the business, the board of directors provides experienced and knowledgeable advice and recommendations, as well as oversight and monitoring activities. For the owners, a shareholder’s council and an annual shareholder meeting allows increased communication and voting on decisions. These family governance mechanisms have been shown to increase communication, reduce conflict, and improve decision making and professionalism. Each governance tool will be explored in depth. The audience for this book is family business owners, consultants, practitioners, and family business scholars. Cases will provide readers an opportunity to apply their learning to real business problems.