Titlebook: Capital Structure, Earnings Management, and Risk of Financial Distress; A Comparative Analys Pietro Gottardo,Anna Maria Moisello Book 2019

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Book 2019l 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.

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Book 2019nagement 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%

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2191-5482 l data on family and non-family firms.Supplies a broad and uThis 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

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Introduction,or, in terms of financing and investment choices, performance, and disclosure, as a number of questions are still open. In this chapter we present the literature background and our research questions. Theoretical and methodological choices, structure of the book and target audience are illustrated a

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Family Control and Capital Structure Choices,es with the socioemotional wealth approach (SEW), linking the emotional endowment of firm governance and the financing behavior. Using a dataset of 2986 private and listed Italian medium-large firms over the period 2001–2010, we show that family control and influence, as key dimension of the SEW, sh

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Family Influence, Leverage and Probability of Financial Distress,siness. As family firms are a non-homogeneous group and their governance and management characteristics may impact on risk attitude and financial distress likelihood, we also take into account other measures of risk, board and CEO characteristics, accounting variables and macroeconomic indicators. W

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Equity and Bond Issues and Earnings Management Practices,rk we analyze firms’ behavior around equity and bonds issues, comparing family and non-family firms’ earnings management behavior. The data sample is represented by 226 non-financial listed firms for the period 2006–2015. We provide evidence that, in cases of equity emissions all firms significantly

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Earnings Management, Issues and Firm Market Value,2015 and drawing on the agency theory integrated with the socioemotional wealth framework we study the effect of earnings quality on a firm’s market value. Equity and bond issues are accounted for and we control also for the effect of corporate social responsibility (CSR) disclosure. The results sug