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 broadappeal for academics, managers, practitioners, and policymakers.
| ISBN: | 9783030003432 |
| Publication date: | 2nd October 2018 |
| Author: | Pietro Gottardo, Anna Maria Moisello |
| Publisher: | Springer an imprint of Springer International Publishing |
| Format: | Paperback |
| Pagination: | 99 pages |
| Series: | SpringerBriefs in Business |
| Genres: |
Entrepreneurship / Start-ups Corporate finance Accounting |
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 broadappeal for academics, managers, practitioners, and policymakers.
Capital Structure, Earnings Management, and Risk of Financial Distress features in the following genres: Entrepreneurship / Start-ups, Corporate finance, Accounting
Capital Structure, Earnings Management, and Risk of Financial Distress is available in Paperback
Capital Structure, Earnings Management, and Risk of Financial Distress was written by Pietro Gottardo, Anna Maria Moisello and published by Springer an imprint of Springer International Publishing
Capital Structure, Earnings Management, and Risk of Financial Distress has 99 pages
Yes it is part of SpringerBriefs in Business series