资源描述：
《founding family ownership and earnings quality》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。
1、DOI:10.1111/j.1475-679X.2006.00213.xJournalofAccountingResearchVol.44No.3June2006PrintedinU.S.A.FoundingFamilyOwnershipandEarningsQualityDECHUNWANG∗Received1January2005;accepted18November2005ABSTRACTThisstudyinvestigatestherelationbetweenfoundingfamilyownershipand
2、earningsqualityusingdatafromtheStandard&Poor’s500companies.Ex-istingliteraturehasdocumentedthatfinancialreportingisofhigherqualitywhenfirmshavestrongercorporategovernancemechanismsandwhenthereisgreaterdemandforqualityfinancialreporting.Iprovidetwocompetingtheoriesoft
3、heeffectoffoundingfamilyownershiponthedemandandsup-plyofearningsquality:theentrenchmenteffectandthealignmenteffect.Theempiricalresultsshowthat,onaverage,foundingfamilyownershipisassoci-atedwithhigherearningsquality.Inparticular,Ifindconsistentevidencethatfoundingfa
4、milyownershipisassociatedwithlowerabnormalaccruals,greaterearningsinformativeness,andlesspersistenceoftransitorylosscomponentsinearnings.Inaddition,theresultssuggestanonlinearrelationbetweenfamilyownershipandearningsquality.1.IntroductionThisstudyinvestigateswheth
5、erfoundingfamilyownershipaffectsthequalityoffinancialreporting.Foundingfamilyownershipisanimportant∗UniversityofNebraska–Lincoln.ThispaperispartlybasedonmydissertationcompletedattheUniversityofMissouri–Columbia.Ithankmydissertationcommitteeco-chairs,JereFrancisandI
6、nderKhurana,fortheirgenerousandconsistentguidanceandencouragementincom-pletingthispaper.Ialsothankothercommitteemembers—RaynoldePereira,KennethShaw,andJohnHowe—fortheirhelpfulcomments.ThispaperhasbenefitedfromthecommentsofworkshopparticipantsattheUniversityofMissou
7、ri–Columbia,theUniversityofNebraska–Lincoln,GeorgiaStateUniversity,andtheUniversityofFlorida.SpecialthankstoArthurAllen,KenReichelt,SugataRoychowdhury(thediscussantatthe2004AAAannualmeeting),andRayBall(theeditor)fortheirvaluablesuggestions.Finally,Igreatlyapprecia
8、tethecommentsandsuggestionsfromananonymousreviewer.Allerrorsaremyown.619CopyrightC,UniversityofChicagoonbehalfoftheInstituteofProfessionalAccounting,20
