Open Daily: 10am - 10pm | Alley door pickup 10am - 7pm 3038 Hennepin Ave Minneapolis, MN
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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Capital Structure, Earnings Management, and Risk of Financial Distress: A Comparative Analysis of Family and Non-Family Firms

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

Gottardo, Pietro
Moisello, Anna Maria

Paperback

Series: SpringerBriefs in Business

AccountingInvesting & FinanceManagement

ISBN10: 3030003434
ISBN13: 9783030003432
Publisher: Springer
Published: Oct 2 2018
Pages: 99
Weight: 0.36
Height: 0.22 Width: 6.14 Depth: 9.21
Language: English
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.

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