Family control, accounting misstatements, and market reactions to restatements: Evidence from China

被引：12

作者：

Ma, Liangbo ^{[1
]}

Ma, Shiguang ^{[1
]}

Tian, Gary ^{[2
]}

机构：

[1] Univ Wollongong, Sch Accounting Econ & Finance, Wollongong, NSW 2522, Australia

[2] Macquarie Univ, Dept Appl Finance & Actuarial Studies, N Ryde, NSW 2109, Australia

来源：

EMERGING MARKETS REVIEW | 2016年 / 28卷

关键词：

Family firm; Restatement; Financial reporting; Market reaction; CORPORATE GOVERNANCE; INVESTOR PROTECTION; INFORMATION-CONTENT; FINANCIAL RESTATEMENTS; EARNINGS MANAGEMENT; OWNERSHIP; QUALITY; FIRMS; REPUTATION; IMPACT;

D O I：

10.1016/j.ememar.2016.06.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the impact of family control on the likelihood of accounting misstatements and on market reactions to subsequent restatements. Using a matched-firm approach, we find that family control overall reduces the incidence of misstatements, consistent with the notion that controlling families have a greater concern for reputation than non family blockholders. However, compared to nonfamily firm restatements, restatements announced by family-controlled firms trigger significantly more negative market reactions. We attribute the more negative market reactions to the greater loss in reputation and higher investor scepticism of the credibility of corporate insiders for family firms than for nonfamily firms following restatements. (C) 2016 Elsevier B.V. All rights reserved.

引用

页码：1 / 27

页数：27

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