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Capital Structure, Earnings Management, and Risk of Financial Distress

A Comparative Analysis of Family and Non-family Firms

  • Pietro Gottardo
  • Anna Maria Moisello

Part of the SpringerBriefs in Business book series (BRIEFSBUSINESS)

Table of contents

  1. Front Matter
    Pages i-vi
  2. Pietro Gottardo, Anna Maria Moisello
    Pages 1-11
  3. Pietro Gottardo, Anna Maria Moisello
    Pages 13-40
  4. Pietro Gottardo, Anna Maria Moisello
    Pages 41-55
  5. Pietro Gottardo, Anna Maria Moisello
    Pages 57-73
  6. Pietro Gottardo, Anna Maria Moisello
    Pages 75-92
  7. Pietro Gottardo, Anna Maria Moisello
    Pages 93-99

About this book

Introduction

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.

Keywords

family firms non-family firms socioemotional wealth earnings management financial distress earnings quality capital structure firm market value market performance

Authors and affiliations

  • Pietro Gottardo
    • 1
  • Anna Maria Moisello
    • 2
  1. 1.Department of Economics and ManagementUniversity of PaviaPaviaItaly
  2. 2.Department of Economics and ManagementUniversity of PaviaPaviaItaly

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-030-00344-9
  • Copyright Information The Author(s) 2019
  • Publisher Name Springer, Cham
  • eBook Packages Business and Management
  • Print ISBN 978-3-030-00343-2
  • Online ISBN 978-3-030-00344-9
  • Series Print ISSN 2191-5482
  • Series Online ISSN 2191-5490
  • Buy this book on publisher's site
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