Family ownership, family identity of CEO, and accounting conservatism: evidence from Taiwan

References

• Abdullah, M., Evans, L., Fraser, I., & Tsalavoutas, I. (2015). IFRS mandatory disclosures in Malaysia: The influence of family control and the value (ir)relevance of compliance levels. Accounting Forum, 39(4), 328–348. https://doi.org/10.1016/j.accfor.2015.05.003
   Web of Science ®Google Scholar
• Achleitner, A., Gunther, 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
   Web of Science ®Google Scholar
• Ahmed, A. S., Billings, B. K., Morton, R. M., & Stanford-Harris, M. (2002). The role of accounting conservatism in mitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs. The Accounting Review, 77(4), 867–890. https://doi.org/10.2308/accr.2002.77.4.867
   Web of Science ®Google Scholar
• Ahmed, A. S., & Duellman, S. (2007). Accounting conservatism and board of director characteristics: An empirical analysis. Journal of Accounting and Economics, 43(2-3), 411–437. https://doi.org/10.1016/j.jacceco.2007.01.005
   Web of Science ®Google Scholar
• Ali, K., 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
   Web of Science ®Google Scholar
• Anderson, R. C., & Reeb, D. M. (2003). Founding-family ownership and firm performance: Evidence from the S&P 500. Journal of Finance, 58(3), 1301–1328. https://doi.org/10.1111/1540-6261.00567
   Web of Science ®Google Scholar
• Ball, R., & Shivakumar, L. (2005). Earnings quality in UK private firms: Comparative loss recognition timeliness. Journal of Accounting and Economics, 39(1), 83–128. https://doi.org/10.1016/j.jacceco.2004.04.001
   Web of Science ®Google Scholar
• Basu, S. (1997). The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting and Economics, 24(1), 3–37. https://doi.org/10.1016/S0165-4101(97)00014-1
   Web of Science ®Google Scholar
• Basu, S., Huang, A. Y., Mitsudome, T., & Weintrop, J. (2005). Timeliness and conservatism of Taiwanese earnings. Asia-Pacific Journal of Accounting & Economics, 12(2), 113–134. https://doi.org/10.1080/16081625.2005.10510654
   Google Scholar
• Beatty, A., Weber, J., & Yu, J. J. (2008). Conservatism and debt. Journal of Accounting and Economics, 45(2-3), 154–174. https://doi.org/10.1016/j.jacceco.2008.04.005
   Web of Science ®Google Scholar
• Bennedsen, M., Nielsen, K., Perez-Gonzalez, F., & Wolfenzon, D. (2007). Inside the family firm: The role of families in succession decisions and performance. Quarterly Journal of Economics, 122(2), 647–691. https://doi.org/10.1162/qjec.122.2.647
   Web of Science ®Google Scholar
• Berrone, P., Cruz, C., & Gómez-Mejía, L. (2012). Socioemotional wealth in family firms: A review and a future research agenda. Family Business Review, 25(3), 258–279. https://doi.org/10.1177/0894486511435355
   Web of Science ®Google Scholar
• Biondi, Y., & Rebérioux, A. (2012). The governance of intangibles: Rethinking financial reporting and the board of directors. Accounting Forum, 36(4), 279–293. https://doi.org/10.1016/j.accfor.2012.03.003
   Google Scholar
• Boahen, E. O., & Mamatzakis, E. C. (2020). The impact of religion on classification shifting in the presence of corporate governance and BIG 4 audit. Accounting Forum, 44(2), 103–131. https://doi.org/10.1080/01559982.2019.1573404
   Web of Science ®Google Scholar
• Carney, M., Van Essen, M., Gedajlovic, E. R., & Heugens, P. (2015). What do we know about private family firms? A met-analytical review. Entrepreneurship Theory and Practice, 39(3), 513–544. https://doi.org/10.1111/etap.12054
   Web of Science ®Google Scholar
• Chan, A. L.-C., & Hsu, A. W.-H. (2013). Corporate pyramids, conservatism and cost of debt: Evidence from Taiwan. The International Journal of Accounting, 48(3), 390–413. https://doi.org/10.1016/j.intacc.2013.07.001
   Google Scholar
• Chen, S., Chen, X., & Cheng, Q. (2008). Do family firms provide more or less voluntary disclosure? Journal of Accounting Research, 46(3), 499–536. https://doi.org/10.1111/j.1475-679X.2008.00288.x
   Web of Science ®Google Scholar
• Chen, S., Chen, X., & Cheng, Q. (2014). Conservatism and equity ownership of the founding family. European Accounting Review, 23(3), 403–430. https://doi.org/10.1080/09638180.2013.814978
   Web of Science ®Google Scholar
• Chen, Y. L., & Cheng, H. Y. (2020). Public family businesses and corporate social responsibility assurance: The role of mimetic pressures. Journal of Accounting and Public Policy, 39(3), 1–22. https://doi.org/10.1016/j.jaccpubpol.2020.106734
   Web of Science ®Google Scholar
• Chi, W., & Wang, C. (2010). Accounting conservatism in a setting of information asymmetry between majority and minority shareholders. The International Journal of Accounting, 45(4), 465–489. https://doi.org/10.1016/j.intacc.2010.09.002
   Google Scholar
• Chin, C. L., Chen, Y. J., Kleinman, G., & Lee, P. (2009). Corporate ownership structure and innovation: Evidence from Taiwan's electronics industry. Journal of Accounting, Auditing & Finance, 24(1), 145–175. https://doi.org/10.1177/0148558X0902400108
   Google Scholar
• Chrisman, J. J., & Patel, P. (2012). Variations in R&D investment in family and nonfamily firms: Behavioral agency and myopic loss aversion perspectives. Academy of Management Journal, 55(4), 976–997. https://doi.org/10.5465/amj.2011.0211
   Web of Science ®Google Scholar
• Claessens, S., Djankov, S., Fan, J., & Lang, L. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance, 57(6), 2741–2771. https://doi.org/10.1111/1540-6261.00511
   Web of Science ®Google Scholar
• Claessens, S., Djankov, S., & Lang, L. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1-2), 81–112. https://doi.org/10.1016/S0304-405X(00)00067-2
   Web of Science ®Google Scholar
• Deephouse, D., & 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
   Web of Science ®Google Scholar
• Demsetz, H., & Villalonga, B. (2001). Ownership structure and corporate performance. Journal of Corporate Finance, 7(3), 209–233. https://doi.org/10.1016/S0929-1199(01)00020-7
   Web of Science ®Google Scholar
• Fan, J., Wei, J. C. J., & Xu, X. (2011). Corporate finance and governance in emerging markets: A selective review and an agenda for future reserch. Journal of Corporate Finance, 17(2), 207–214. https://doi.org/10.1016/j.jcorpfin.2010.12.001
   Web of Science ®Google Scholar
• Fan, J., & Wong, T. (2002). Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics, 33(3), 401–425. https://doi.org/10.1016/S0165-4101(02)00047-2
   Web of Science ®Google Scholar
• Ferramosca, S., & Ghio, A. (2018). Accounting choices in family firms. Springer.
   Google Scholar
• Francis, B., Hasan, I., & Wu, Q. (2013). The benefits of conservative accounting to shareholders: Evidence from the financial crisis. Accounting Horizons, 27(2), 319–346. https://doi.org/10.2308/acch-50431
   Web of Science ®Google Scholar
• Garcia Lara, J. M., Osma, B. G., & Penalva, F. (2009). Accounting conservatism and corporate governance. Review of Accounting Studies, 14(1), 161–201. https://doi.org/10.1007/s11142-007-9060-1
   Web of Science ®Google Scholar
• Givoly, D., & Harvey, C. (2000). The changing time-series properties of earnings, cash flows and accruals: Has financial reporting become more conservative? Journal of Accounting and Economics, 29(3), 287–320. https://doi.org/10.1016/S0165-4101(00)00024-0
   Web of Science ®Google Scholar
• Gómez-Mejía, L., Cruz, C., Berrone, P., & deCastro, 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
   Web of Science ®Google Scholar
• Gómez-Mejía, L., Cruz, C., & Imperatore, C. (2014). Financial reporting and the protection of socioemotinal wealth in family-controlled firms. European Accounting Review, 23(3), 387–402. https://doi.org/10.1080/09638180.2014.944420
   Web of Science ®Google Scholar
• Gómez-Mejía, L., Haynes, K., Núñez-Nickel, M., Jacobson, K., & 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
   Web of Science ®Google Scholar
• Guay, W. R. (2008). Conservative financial reporting, debt covenants, and the agency costs of debt. Journal of Accounting and Economics, 45(2-3), 175–180. https://doi.org/10.1016/j.jacceco.2008.05.001
   Web of Science ®Google Scholar
• Healy, P. M., & Palepu, K. G. (2001). Informatio asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1-3), 405–440. https://doi.org/10.1016/S0165-4101(01)00018-0
   Web of Science ®Google Scholar
• Hui, K. W., Klasa, S., & Yeung, P. E. (2012). Corporate suppliers and customers and accounting conservatism. Journal of Accounting and Economics, 53(1-2), 115–135. https://doi.org/10.1016/j.jacceco.2011.11.007
   Web of Science ®Google Scholar
• Jaggi, B., Leung, S., & Gul, F. (2009). Family control, board independence and earnings management: Evidence based on Hong Kong firms. Journal of Accounting and Public Policy, 28(4), 281–300. https://doi.org/10.1016/j.jaccpubpol.2009.06.002
   Web of Science ®Google Scholar
• Jiang, F., Cai, X., Nofsinger, J. R., & Zheng, X. (2020). Can reputation concern restrain bad news hoarding in family firms. Journal of Banking and Finance, 114, 1–17. https://doi.org/10.1016/j.jbankfin.2020.105808
   Web of Science ®Google Scholar
• Khan, M., & Watts, R. (2009). Estimation and empirical properties of a firm-year measure of accounting conservatism. Journal of Accounting and Economics, 48(2-3), 132–150. https://doi.org/10.1016/j.jacceco.2009.08.002
   Web of Science ®Google Scholar
• Kim, Y., Li, S., Pan, C., & Zuo, L. (2013). The role of accounting conservatism in the equity market: Evidence from seasoned equity offerings. The Accounting Review, 88(4), 1327–1356. https://doi.org/10.2308/accr-50420
   Web of Science ®Google Scholar
• La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54(2), 471–517. https://doi.org/10.1111/0022-1082.00115
   Web of Science ®Google Scholar
• LaFond, R., & Watts, R. L. (2008). The information role of conservatism. The Accounting Review, 83(2), 447–478. https://doi.org/10.2308/accr.2008.83.2.447
   Web of Science ®Google Scholar
• Li, F., & Srinivasan, S. (2011). Corporate governance when founders are directors. Journal of Financial Economics, 102(2), 454–469. https://doi.org/10.1016/j.jfineco.2010.11.006
   Web of Science ®Google Scholar
• Lobo, G., & Zhou, J. (2010). Changes in discretionary financial reporting behavior following the Sarbanes-Oxley Act. Journal of Accounting, Auditing & Finance, 25(1), 1–26. https://doi.org/10.1177/0148558X1002500101
   Google Scholar
• Micelotta, E., & Raynard, M. (2011). Concealing or revealing the family? Corporate brand identity strategies in family firms. Family Business Review, 24(3), 197–216. https://doi.org/10.1177/0894486511407321
   Web of Science ®Google Scholar
• Penman, S. H., & Zhang, X. (2002). Accounting conservatism, the quality of earnings, and stock returns. The Accounting Review, 77(2), 237–264. https://doi.org/10.2308/accr.2002.77.2.237
   Web of Science ®Google Scholar
• Prencipe, A., Bar-Yosef, S., & 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
   Web of Science ®Google Scholar
• Raithatha, M., & Shaw, T. S. (2019). Do family firms choose conservative accounting practices? The International Journal of Accounting, 54((04|4)), 1–44. https://doi.org/10.1142/S1094406019500148
   Web of Science ®Google Scholar
• Ramalingegowda, S., & Yu, Y. (2012). Institutional ownership and conservatism. Journal of Accounting and Economics, 53(1-2), 98–114. https://doi.org/10.1016/j.jacceco.2011.06.004
   Web of Science ®Google Scholar
• 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
   Web of Science ®Google Scholar
• Schulze, W. S., Lubatki, M. H., & Dino, R. N. (2003). Toward a theory of agency and altruism in family firms. Journal of Business Venturing, 18(4), 473–490. https://doi.org/10.1016/S0883-9026(03)00054-5
   Web of Science ®Google Scholar
• Sharma, P., & Manikuti, K. (2005). Strategic divestments in family firms: Role of family structure and community culture. Entrepreneurship Theory and Practice, 29(3), 293–311. https://doi.org/10.1111/j.1540-6520.2005.00084.x
   Web of Science ®Google Scholar
• Shleifer, A., & Vishny, R. (1986). Large shareholders and corporate control. Journal of Political Economy, 94(3, Part 1), 461–488. https://doi.org/10.1086/261385
   Web of Science ®Google Scholar
• Skinner, D. (1994). Why firms voluntarily disclose bad news. Journal of Accounting Research, 32(1), 38–60. https://doi.org/10.2307/2491386
   Web of Science ®Google Scholar
• 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
   Web of Science ®Google Scholar
• Sue, S.-H., Chin, C.-L., & Chan, A. L.-C. (2013). Exploring the causes of accounting restatements by family firms. Journal of Business Finance and Accounting, 40(9-10), 1068–1094. https://doi.org/10.1111/jbfa.12040
   Web of Science ®Google Scholar
• Tabachnick, B. G., & Fidell, L. S. (2007). Using multivariate statistics. Pearson/Allyn & Bacon.
   Google Scholar
• Villalonga, B., & Amit, R. (2006). How do family ownership, control and management affect firm value. Journal of Financial Economics, 80(2), 385–417. https://doi.org/10.1016/j.jfineco.2004.12.005
   Web of Science ®Google Scholar
• 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
   Web of Science ®Google Scholar
• Wasserman, N. (2006). Stewards, agents, and the founder discount: Executive compensation in new ventures. Academy of Management Journal, 49(5), 960–976. https://doi.org/10.5465/amj.2006.22798177
   Web of Science ®Google Scholar
• Watts, R. (2003). Conservatism in accounting part I: Explanations and implications. Accounting Horizons, 17(3), 207–221. https://doi.org/10.2308/acch.2003.17.3.207
   Google Scholar
• Watts, R., & Zimmerman, J. (1978). Towards a positive theory of the determination of accounting standards. The Accounting Review, 53(1), 112–134. http://www.jstor.org/stable/245729
   Web of Science ®Google Scholar
• Yeh, Y. H. (2005). Do controlling shareholders enhance corporate value? Corporate Governance: An International Review, 13(2), 313–325. https://doi.org/10.1111/j.1467-8683.2005.00425.x
   Web of Science ®Google Scholar
• Yeh, Y. H., Lee, T. S., & Woidtke, T. (2001). Family control and corporate governance: Evidence for Taiwan. International Review of Finance, 2(1-2), 21–48. https://doi.org/10.1111/1468-2443.00014
   Google Scholar
• Yeh, Y. H., & Woidtke, T. (2005). Commitment or entrenchment?: Controlling shareholders and board composition. Journal of Banking & Finance, 29(7), 1857–1885. https://doi.org/10.1016/j.jbankfin.2004.07.004
   Web of Science ®Google Scholar
• Yekini, K. C., Adelopo, I., Andrikopoulos, P., & Yekini, S. (2015). Impact of board independence on the quality of community disclosures in annual reports. Accounting Forum, 39(4), 249–267. https://doi.org/10.1016/j.accfor.2015.05.004
   Web of Science ®Google Scholar
• Young, M. N., Peng, M. W., Ahlstrom, D., Bruton, G. D., & Jiang, Y. (2008). Corporate governance in emerging economies: A review of the principal–principal perspective. Journal of Management Studies, 45(1), 196–220. https://doi.org/10.1111/j.1467-6486.2007.00752.x
   Web of Science ®Google Scholar
• Zaini, S. M., Sharma, U., Samkin, G., & Davey, H. (2020). Impact of ownership structure on the level of voluntary disclosure: A study of listed family-controlled companies in Malaysia. Accounting Forum, 44(1), 1–34. https://doi.org/10.1080/01559982.2019.1605874
   Web of Science ®Google Scholar