Family firms' credit rating, idiosyncratic risk, and earnings management

被引：38
|
作者：
Lin, Yi-Mien [1 ]
Shen, Cheng-An [2 ]
机构：
[1] Natl Chung Hsing Univ, Dept Accounting, Taichung 40227, Taiwan
[2] Feng Chia Univ, Coll Business, Taichung 40724, Taiwan
来源：
JOURNAL OF BUSINESS RESEARCH | 2015年 / 68卷 / 04期
关键词：
Family firm; Credit risk; Idiosyncratic risk; Accrual-based earnings management; Real earnings management; OWNERSHIP STRUCTURE; CORPORATE; REAL;
D O I：
10.1016/j.jbusres.2014.11.044
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This study examines the effects of idiosyncratic risk of a family firm on its credit risk and tests the relationship between credit risk and accrual or real earnings management under the condition of idiosyncratic risk. Findings indicate that debt financing and equity financing activities negatively affect the credit risk of a family firm when market models or Fama-French three-factor model measure idiosyncratic risk. The higher the idiosyncratic risk, the higher the credit risk for a family firm. Controlling for idiosyncratic risk, accrual-based earnings management positively affects credit risk but real earnings management negatively affects credit risk. (C) 2014 Elsevier Inc. All rights reserved.
引用
收藏
页码：872 / 877
页数：6
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