1,001
Views
0
CrossRef citations to date
0
Altmetric
Articles

Family identification and earnings management in listed firms

ORCID Icon, &
Pages 339-369 | Received 18 Jul 2022, Accepted 28 Jun 2023, Published online: 13 Jul 2023

References

  • Achleitner, A. K., Günther, N., Kaserer, C., & Siciliano, G. (2014). Real earnings management and accrual-based earnings management in family firms. European Accounting Review, 23(3), 431–461. https://doi.org/10.1080/09638180.2014.895620
  • Adams, J. S., Taschian, A., & Shore, T. H. (1996). Ethics in family and Non-family owned firms: An exploratory study. Family Business Review, 9(2), 157–170. https://doi.org/10.1111/j.1741-6248.1996.00157.x
  • Albert, S., & Whetten, D. A. (1985). Organizational identity. Research in Organizational Behavior, 7, 263–295.
  • Ali, A., Chen, T. Y., & Radhakrishnan, S. (2007). Corporate disclosures by family firms. Journal of Accounting and Economics, 44(1-2), 238–286. https://doi.org/10.1016/j.jacceco.2007.01.006
  • Amore, M. D., Bennedsen, M., Le Breton-Miller, I., & Miller, D. (2021). Back to the future: The effect of returning family successions on firm performance. Strategic Management Journal, 42(8), 1432–1458. https://doi.org/10.1002/smj.3273
  • Arena, C., & Michelon, G. (2018). A matter of control or identity? Family firms’ environmental reporting decisions along the corporate life cycle. Business Strategy and the Environment, 27(8), 1596–1608. https://doi.org/10.1002/bse.2225
  • Baber, W. R., Kang, S.-H., & Ying, L. (2011). Modeling discretionary accrual reversal and the balance sheet as an earnings management constraint. The Accounting Review, 86(4), 1189–1212. https://doi.org/10.2308/accr-10037
  • Bach, L., & Serrano-Velarde, N. (2015). CEO identity and labor contracts: Evidence from CEO transitions. Journal of Corporate Finance, 33, 227–242. https://doi.org/10.1016/j.jcorpfin.2015.01.009
  • Bar-Yosef, S., D’Augusta, C., & Prencipe, A. (2019). Accounting research on private firms: State of the art and future directions. The International Journal of Accounting, 54(2), 1950007. https://doi.org/10.1142/S1094406019500070
  • Belenzon, S., Chatterji, A. K., & Daley, B. (2017). Eponymous entrepreneurs. American Economic Review, 107(6), 1638–1655. https://doi.org/10.1257/aer.20141524
  • Belot, F., & Waxin, T. (2017). Labor conflicts in French workplaces: Does (the type of) family control matter? Journal of Business Ethics, 146(3), 591–617. https://doi.org/10.1007/s10551-015-2937-1
  • Bennedsen, M., Nielsen, K. M., Pérez-González, F., & Wolfenzon, D. (2007). Inside the family firm: The role of families in succession decisions and performance. The Quarterly Journal of Economics, 122(2), 647–691. https://doi.org/10.1162/qjec.122.2.647
  • Berrone, P., Cruz, C., & Gomez-Mejia, L. R. (2012). Socioemotional wealth in family firms. Family Business Review, 25(3), 258–279. https://doi.org/10.1177/0894486511435355
  • Berrone, P., Cruz, C., Gomez-Mejia, L. R., & Larraza-Kintana, M. (2010). Socioemotional wealth and corporate responses to institutional pressures: Do family-controlled firms pollute less? Administrative Science Quarterly, 55(1), 82–113. https://doi.org/10.2189/asqu.2010.55.1.82
  • Beuselinck, C., Cascino, S., Deloof, M., & Vanstraelen, A. (2019). Earnings management within multinational corporations. The Accounting Review, 94(4), 45–76. https://doi.org/10.2308/accr-52274
  • Beuselinck, C., Deloof, M., & Vanstraelen, A. (2015). Cross-jurisdictional income shifting and tax enforcement: evidence from public versus private multinationals. Review of Accounting Studies, 20(2), 710–746. https://doi.org/10.1007/s11142-014-9310-y
  • Beuselinck, C., Elfers, F., Gassen, J., & Pierk, J. (2023). Private firm accounting: The European reporting environment, data and research perspectives. Accounting and Business Research, 53(1), 38–82. https://doi.org/10.1080/00014788.2021.1982670
  • Bhandari, A., Golden, J., & Thevenot, M. (2020). CEO political ideologies and auditor-client contracting. Journal of Accounting and Public Policy, 39(5), 106755. https://doi.org/10.1016/j.jaccpubpol.2020.106755
  • Blaylock, B., Gaertner, F., & Shevlin, T. (2015). The association between book-tax conformity and earnings management. Review of Accounting Studies, 20(1), 141–172. https://doi.org/10.1007/s11142-014-9291-x
  • Burgstahler, D. C., Hail, L., & Leuz, C. (2006). The importance of reporting incentives: Earnings management in European private and public firms. The Accounting Review, 81(5), 983–1016. https://doi.org/10.2308/accr.2006.81.5.983
  • Burke, J. J. (2022). Do boards take environmental, social, and governance issues seriously? Evidence from media coverage and CEO dismissals. Journal of Business Ethics, 176(4), 647–671. https://doi.org/10.1007/s10551-020-04715-x
  • Cascino, S., Pugliese, A., Mussolino, D., & Sansone, C. (2010). The influence of family ownership on the quality of accounting information. Family Business Review, 23(3), 246–265. https://doi.org/10.1177/0894486510374302
  • Cennamo, C., Berrone, P., Cruz, C., & Gomez-Mejia, L. R. (2012). Socioemotional wealth and proactive stakeholder engagement: Why family-controlled firms care more about their stakeholders. Entrepreneurship Theory and Practice, 36(6), 1153–1173. https://doi.org/10.1111/j.1540-6520.2012.00543.x
  • Center for Family Business, & EY. (2022). Family Business Index. https://familybusinessindex.com/.
  • Certo, S. T., Busenbark, J. R., Woo, H., & Semadeni, M. (2016). Sample selection bias and Heckman models in strategic management research. Strategic Management Journal, 37(13), 2639–2657. https://doi.org/10.1002/smj.2475
  • Chen, W., Hribar, P., & Melessa, S. (2018). Incorrect inferences when using residuals as dependent variables. Journal of Accounting Research, 56(3), 751–796. https://doi.org/10.1111/1475-679X.12195
  • Christensen, H. B., Lee, E., Walker, M., & Zeng, C. (2015). Incentives or standards: What determines accounting quality changes around IFRS adoption? European Accounting Review, 24(1), 31–61. https://doi.org/10.1080/09638180.2015.1009144
  • Crédit Suisse. (2017). The Swiss family business model. https://www.credit-suisse.com/media/assets/corporate/docs/about-us/research/publications/the-cs-family-1000.pdf.
  • Cui, V., Ding, S., Liu, M., & Wu, Z. (2018). Revisiting the effect of family involvement on corporate social responsibility: A behavioral agency perspective. Journal of Business Ethics, 152(1), 291–309. https://doi.org/10.1007/s10551-016-3309-1
  • Das, S., Kim, K., & Patro, S. (2011). An analysis of managerial use and market consequences of earnings management and expectation management. The Accounting Review, 86(6), 1935–1967. https://doi.org/10.2308/accr-10128
  • Daske, H., Hail, L., Leuz, C., & Verdi, R. (2013). Adopting a label: Heterogeneity in the economic consequences around IAS/IFRS adoptions. Journal of Accounting Research, 51(3), 495–547. https://doi.org/10.1111/1475-679X.12005
  • Dechow, P. M., & Dichev, I. D. (2002). The quality of accruals and earnings: The role of accrual estimation errors. The Accounting Review, 77(s-1), 35–59. https://doi.org/10.2308/accr.2002.77.s-1.35
  • Dechow, P. M., Ge, W., & Schrand, C. (2010). Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of Accounting and Economics, 50(2-3), 344–401. https://doi.org/10.1016/j.jacceco.2010.09.001
  • Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. The Accounting Review, 70(20), 193–225.
  • Deephouse, D. L., & Jaskiewicz, P. (2013). Do family firms have better reputations than non-family firms? An integration of socioemotional wealth and social identity theories. Journal of Management Studies, 50(3), 337–360. https://doi.org/10.1111/joms.12015
  • DeFond, M. L., & Park, C. W. (2001). The reversal of abnormal accruals and the market valuation of earnings surprises. The Accounting Review, 76(3), 375–404. https://doi.org/10.2308/accr.2001.76.3.375
  • De Massis, A., Kotlar, J., Chua, J. H., & Chrisman, J. J. (2014). Ability and willingness as sufficiency conditions for family-oriented particularistic behavior: Implications for theory and empirical studies. Journal of Small Business Management, 52(2), 344–364. https://doi.org/10.1111/jsbm.12102
  • de Vries, M. F. R. K. (1993). The dynamics of family controlled firms: The good and the bad news. Organizational Dynamics, 21(3), 59–71. https://doi.org/10.1016/0090-2616(93)90071-8
  • Docimo, W. M., Gunn, J. L., Li, C., & Michas, P. N. (2021). Do foreign component auditors harm financial reporting quality? A subsidiary-level analysis of foreign component auditor Use*. Contemporary Accounting Research, 38(4), 3113–3145. https://doi.org/10.1111/1911-3846.12699
  • Dou, Y., Khan, M., & Zou, Y. (2016). Labor unemployment insurance and earnings management. Journal of Accounting and Economics, 61(1), 166–184. https://doi.org/10.1016/j.jacceco.2015.06.001
  • Dyer, W. G., & Whetten, D. A. (2006). Family firms and social responsibility: Preliminary evidence from the S&P 500. Entrepreneurship Theory and Practice, 30(6), 785–802. https://doi.org/10.1111/j.1540-6520.2006.00151.x
  • Ecker, F., Francis, J., Olsson, P., & Schipper, K. (2013). Estimation sample selection for discretionary accruals models. Journal of Accounting and Economics, 56(2-3), 190–211. https://doi.org/10.1016/j.jacceco.2013.07.001
  • Eddleston, K. A., & Mulki, J. P. (2021). Differences in family-owned SMEs’ ethical behavior: A mixed gamble perspective of family firm tax evasion. Entrepreneurship Theory and Practice, 45(4), 767–791. https://doi.org/10.1177/1042258720964187
  • Eugster, N., & Isakov, D. (2019). Founding family ownership, stock market returns, and agency problems. Journal of Banking & Finance, 107, 105600. https://doi.org/10.1016/j.jbankfin.2019.07.020
  • Evert, R. E., Sears, J. B., Martin, J. A., & Payne, G. T. (2018). Family ownership and family involvement as antecedents of strategic action: A longitudinal study of initial international entry. Journal of Business Research, 84, 301–311. https://doi.org/10.1016/j.jbusres.2017.07.019
  • Fauver, L., Hung, M., Li, X., & Taboada, A. G. (2017). Board reforms and firm value: Worldwide evidence. Journal of Financial Economics, 125(1), 120–142. https://doi.org/10.1016/j.jfineco.2017.04.010
  • Ferramosca, S., & Allegrini, M. (2018). The complex role of family involvement in earnings management. Journal of Family Business Strategy, 9(2), 128–141. https://doi.org/10.1016/j.jfbs.2018.01.001
  • Fiechter, P., Halberkann, J., & Meyer, C. (2018). Determinants and consequences of a voluntary turn away from IFRS to local GAAP: Evidence from Switzerland. European Accounting Review, 27(5), 955–989. https://doi.org/10.1080/09638180.2017.1375418
  • France Info. (2019). Spanghero, un nom sali par le scandale. https://www.francetvinfo.fr/faits-divers/affaire/viande-de-cheval/spanghero-un-nom-sali-par-le-scandale_3187519.html.
  • Francis, J. R., Michas, P. N., & Seavey, S. E. (2013). Does audit market concentration harm the quality of audited earnings? Evidence from audit markets in 42 countries*. Contemporary Accounting Research, 30(1), 325–355. https://doi.org/10.1111/j.1911-3846.2012.01156.x
  • Frii, P., & Hamberg, M. (2021). What motives shape the initial accounting for goodwill under IFRS 3 in a setting dominated by controlling owners? Accounting in Europe, 18(2), 218–248. https://doi.org/10.1080/17449480.2021.1912369
  • Giroud, X. (2013). Proximity and investment: Evidence from plant-level data*. The Quarterly Journal of Economics, 128(2), 861–915. https://doi.org/10.1093/qje/qjs073
  • Gomez-Mejia, L. R., Cruz, C., Berrone, P., & de Castro, J. (2011). The bind that ties: Socioemotional wealth preservation in family firms. Academy of Management Annals, 5(1), 653–707. https://doi.org/10.5465/19416520.2011.593320
  • Gomez-Mejia, L. R., Cruz, C., & Imperatore, C. (2014). Financial reporting and the protection of socioemotional wealth in family-controlled firms. European Accounting Review, 23(3), 387–402. https://doi.org/10.1080/09638180.2014.944420
  • Gomez-Mejia, L. R., Haynes, K. T., Nunez-Nickel, M., Jacobson, K. J. L., & Moyano-Fuentes, J. (2007). Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills. Administrative Science Quarterly, 52(1), 106–137. https://doi.org/10.2189/asqu.52.1.106
  • Gomez-Mejia, L. R., Welbourne, T. M., & Wiseman, R. M. (2000). The role of risk sharing and risk taking under gainsharing. The Academy of Management Review, 25(3), 492–507. https://doi.org/10.2307/259306
  • Gordon, E. A., Gotti, G., Ho, J. H., Mora, A., & Morris, R. D. (2019). Commentary: Where is international accounting research going? Issues needing further investigation. Journal of International Accounting, Auditing and Taxation, 37, 100286. https://doi.org/10.1016/j.intaccaudtax.2019.100286
  • Hail, L., Leuz, C., & Wysocki, P. (2010). Global accounting convergence and the potential adoption of IFRS by the U.S. (part I): conceptual underpinnings and economic analysis. Accounting Horizons, 24(3), 355–394. https://doi.org/10.2308/acch.2010.24.3.355
  • Hainmueller, J. (2012). Entropy balancing for causal effects: A multivariate reweighting method to produce balanced samples in observational studies. Political Analysis, 20(1), 25–46. https://doi.org/10.1093/pan/mpr025
  • He, W., & Yu, X. (2019). Paving the way for children: Family firm succession and corporate philanthropy in China. Journal of Business Finance & Accounting, 46(9–10), 1237–1262. https://doi.org/10.1111/jbfa.12402
  • Heckman, J. J. (1979). Sample selection bias as a specification error. Econometrica, 47(1), 153–161. https://doi.org/10.2307/1912352
  • Hoopes, J. L., Robinson, L., & Slemrod, J. (2018). Public tax-return disclosure. Journal of Accounting and Economics, 66(1), 142–162. https://doi.org/10.1016/j.jacceco.2018.04.001
  • Hope, O.-K., Thomas, W. B., & Vyas, D. (2013). Financial reporting quality of U.S. private and public firms. The Accounting Review, 88(5), 1715–1742. https://doi.org/10.2308/accr-50494
  • Isakov, D., & Weisskopf, J. P. (2014). Are founding families special blockholders? An investigation of controlling shareholder influence on firm performance. Journal of Banking & Finance, 41(1), 1–16. https://doi.org/10.1016/j.jbankfin.2013.12.012
  • Jiang, J., Wang, I. Y., & Wang, K. P. (2019). Big N auditors and audit quality: New evidence from quasi-experiments. The Accounting Review, 94(1), 205–227. https://doi.org/10.2308/accr-52106
  • Jiraporn, P., & DaDalt, P. J. (2009). Does founding family control affect earnings management? Applied Economics Letters, 16(2), 113–119. https://doi.org/10.1080/17446540701720592
  • Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193–228. https://doi.org/10.2307/2491047
  • Kausar, A., Shroff, N., & White, H. (2016). Real effects of the audit choice. Journal of Accounting and Economics, 62(1), 157–181. https://doi.org/10.1016/j.jacceco.2015.10.001
  • Kim, J., Kim, Y., & Zhou, J. (2017). Languages and earnings management. Journal of Accounting and Economics, 63(2-3), 288–306. https://doi.org/10.1016/j.jacceco.2017.04.001
  • Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39(1), 163–197. https://doi.org/10.1016/j.jacceco.2004.11.002
  • Kumeto, G. (2015). Behavioural agency theory and the family business. In M. Nordqvist, L. Melin, M. Waldkirch, & G. Kumeto (Eds.), Theoretical perspectives on family businesses (Edward Elg) (pp. 78–98.
  • Lemos, R., & Scur, R. (2019). The ties that bind: family CEOs, management practices and firing costs. http://economia.uc.cl/wp-content/uploads/2019/03/PAPER-DScur.pdf.
  • Leuz, C., Triantis, A., & Wang, T. Y. (2008). Why do firms go dark? Causes and economic consequences of voluntary SEC deregistrations. Journal of Accounting and Economics, 45(2-3), 181–208. https://doi.org/10.1016/j.jacceco.2008.01.001
  • Lim, E. N. K., Lubatkin, M. H., & Wiseman, R. M. (2010). A family firm variant of the behavioral agency theory. Strategic Entrepreneurship Journal, 4(3), 197–211. https://doi.org/10.1002/sej.91
  • Mandle, I. (2008). Overview of family business relevant issues Contract No. 30-CE-0164021 / 00-51 Final report (Issue 30). https://ec.europa.eu/docsroom/documents/10389/attachments/1/translations/en/renditions/pdf.
  • Martin, G., Campbell, J. T., & Gomez-Mejia, L. (2016). Family control, socioemotional wealth and earnings management in publicly traded firms. Journal of Business Ethics, 133(3), 453–469. https://doi.org/10.1007/s10551-014-2403-5
  • McMullin, J. L., & Schonberger, B. (2020). Entropy-balanced accruals. Review of Accounting Studies, 25(1), 84–119. https://doi.org/10.1007/s11142-019-09525-9
  • Mills, L. F., & Newberry, K. J. (2001). The influence of tax and nontax costs on book-tax reporting differences: Public and private firms. Journal of the American Taxation Association, 23(1), 1–19. https://doi.org/10.2308/jata.2001.23.1.1
  • Minichilli, A., Prencipe, A., Radhakrishnan, S., & Siciliano, G. (2022). What’s in a name? Eponymous private firms and financial reporting quality. Management Science, 68(3), 2330–2348. https://doi.org/10.1287/mnsc.2021.3974
  • Pazzaglia, F., Mengoli, S., & Sapienza, E. (2013). Earnings quality in acquired and nonacquired family firms. Family Business Review, 26(4), 374–386. https://doi.org/10.1177/0894486513486343
  • Peek, E., Cuijpers, R., & Buijin, W. (2010). Creditors’ and shareholders’ reporting demands in public versus private firms: Evidence from Europe*. Contemporary Accounting Research, 27(1), 49–91. https://doi.org/10.1111/j.1911-3846.2010.01001.x
  • Pérez-González, F. (2006). Inherited control and firm performance. American Economic Review, 96(5), 1559–1588. https://doi.org/10.1257/aer.96.5.1559
  • Petersen, M. A. (2009). Estimating standard errors in finance panel data sets: Comparing approaches. Review of Financial Studies, 22(1), 435–480. https://doi.org/10.1093/rfs/hhn053
  • Prencipe, A., & Bar-Yosef, S. (2011). Corporate governance and earnings management in family-controlled companies. Journal of Accounting, Auditing & Finance, 26(2), 199–227. https://doi.org/10.1177/0148558X11401212
  • Prencipe, A., Bar-Yosef, S., Dekker, H. C., & Dekker, H. C. (2014). Accounting research in family firms: Theoretical and empirical challenges. European Accounting Review, 23(3), 361–385. https://doi.org/10.1080/09638180.2014.895621
  • Prencipe, A., Bar-Yosef, S., Mazzola, P., & Pozza, L. (2011). Income smoothing in family-controlled companies: Evidence from Italy. Corporate Governance: An International Review, 19(6), 529–546. https://doi.org/10.1111/j.1467-8683.2011.00856.x
  • Prencipe, A., Markarian, G., & Pozza, L. (2008). Earnings management in family firms: Evidence from R&D cost capitalization in Italy. Family Business Review, 21(1), 71–88. https://doi.org/10.1111/j.1741-6248.2007.00112.x
  • Qi, Z., Zhou, Y., & Chen, J. (2021). Corporate site visits and earnings management. Journal of Accounting and Public Policy, 40(4), 106823. https://doi.org/10.1016/j.jaccpubpol.2021.106823
  • Raffournier, B. (2017). The role and current status of IFRS in the completion of national accounting rules – Evidence from Switzerland. Accounting in Europe, 14(1-2), 217–225. https://doi.org/10.1080/17449480.2017.1302594
  • Raffournier, B., & Schatt, A. (2018). The impact of International Financial Reporting Standards (IFRS) adoption and IFRS renouncement on audit fees: The case of Switzerland. International Journal of Auditing, 22(3), 345–359. https://doi.org/10.1111/ijau.12139
  • Rousseau, M. B., Kellermanns, F., Zellweger, T., & Beck, T. E. (2018). Relationship conflict, family name congruence, and socioemotional wealth in family firms. Family Business Review, 31(4), 397–416. https://doi.org/10.1177/0894486518790425
  • Salvato, C., & Moores, K. (2010). Research on accounting in family firms: Past accomplishments and future challenges. Family Business Review, 23(3), 193–215. https://doi.org/10.1177/0894486510375069
  • Statista. (2023). Estimated population of selected European countries in 2022. https://www.statista.com.
  • Stockmans, A., Lybaert, N., & Voordeckers, W. (2010). Socioemotional wealth and earnings management in private family firms. Family Business Review, 23(3), 280–294. https://doi.org/10.1177/0894486510374457
  • Sundaramurthy, C., & Kreiner, G. E. (2008). Governing by managing identity boundaries: The case of family businesses. Entrepreneurship Theory and Practice, 32(3), 415–436. https://doi.org/10.1111/j.1540-6520.2008.00234.x
  • Sundkvist, C. H., & Stenheim, T. (2022). Does family identity matter for earnings management? Evidence from private family firms. Journal of Applied Accounting Research, Ahead-of-print.
  • The Guardian. (2010). Toyota president Akio Toyoda’s statement to Congress. https://www.theguardian.com/business/2010/feb/24/akio-toyoda-statement-to-congress.
  • Villalonga, B., & Amit, R. (2020). Family ownership. Oxford Review of Economic Policy, 36(2), 241–257. https://doi.org/10.1093/oxrep/graa007
  • Visintin, F., Pittino, D., & Minichilli, A. (2017). Financial performance and non-family CEO turnover in private family firms under different conditions of ownership and governance. Corporate Governance: An International Review, 25(5), 312–337. https://doi.org/10.1111/corg.12201
  • Vural, D. (2018). Disclosure practices by family firms: Evidence from Swedish publicly listed firms. Accounting in Europe, 15(3), 347–373. https://doi.org/10.1080/17449480.2018.1479531
  • Wang, D. (2006). Founding family ownership and earnings quality. Journal of Accounting Research, 44(3), 619–656. https://doi.org/10.1111/j.1475-679X.2006.00213.x
  • Westhead, P., & Howorth, C. (2007). ‘Types’ of private family firms: An exploratory conceptual and empirical analysis. Entrepreneurship & Regional Development, 19(5), 405–431. https://doi.org/10.1080/08985620701552405
  • Windisch, D. (2021). Enforcement, managerial discretion, and the informativeness of accruals. European Accounting Review, 30(4), 705–732. https://doi.org/10.1080/09638180.2020.1771393
  • Wiseman, R. M., & Gomez-Μejia, L. R. (1998). A behavioral agency model of managerial risk taking. The Academy of Management Review, 23(1), 133–153. https://doi.org/10.2307/259103
  • Zang, A. Y. (2012). Evidence on the trade-off between real activities manipulation and accrual-based earnings management. The Accounting Review, 87(2), 675–703. https://doi.org/10.2308/accr-10196
  • Zellweger, T. M., Eddleston, K. A., & Kellermanns, F. W. (2010). Exploring the concept of familiness: Introducing family firm identity. Journal of Family Business Strategy, 1(1), 54–63. https://doi.org/10.1016/j.jfbs.2009.12.003
  • Zellweger, T. M., Meister, R., & Fueglistaller, U. (2007). The outperformance of family firms: The role of variance in earnings per share and analyst forecast dispersion on the Swiss market. Financial Markets and Portfolio Management, 21(2), 203–220. https://doi.org/10.1007/s11408-007-0045-7
  • Zellweger, T. M., Nason, R. S., Nordqvist, M., & Brush, C. G. (2013). Why do family firms strive for nonfinancial goals? An organizational identity perspective. Entrepreneurship Theory and Practice, 37(2), 229–248. doi:10.1111/j.1540-6520.2011.00466.x