메뉴 건너뛰기




Volumn 19, Issue 6, 2011, Pages 529-546

Income smoothing in family-controlled companies: Evidence from Italy

Author keywords

Corporate governance; Family companies; Income smoothing; Italian companies; Ownership structure

Indexed keywords


EID: 80054934477     PISSN: 09648410     EISSN: 14678683     Source Type: Journal    
DOI: 10.1111/j.1467-8683.2011.00856.x     Document Type: Article
Times cited : (87)

References (89)
  • 2
    • 0019610159 scopus 로고
    • Risk reduction as a managerial motive for conglomerate mergers
    • Amihud, Y. & Lev, B. 1981. Risk reduction as a managerial motive for conglomerate mergers. The Bell Journal of Economics, 12: 605-617.
    • (1981) The Bell Journal of Economics , vol.12 , pp. 605-617
    • Amihud, Y.1    Lev, B.2
  • 5
    • 0142219280 scopus 로고    scopus 로고
    • Founding-family ownership and firm performance: Evidence from the S&P 500
    • Anderson, R. C. & Reeb, D. M. 2003. Founding-family ownership and firm performance: Evidence from the S&P 500. Journal of Finance, 58: 1301-1328.
    • (2003) Journal of Finance , vol.58 , pp. 1301-1328
    • Anderson, R.C.1    Reeb, D.M.2
  • 6
    • 12744275057 scopus 로고    scopus 로고
    • Board composition: Balancing family influence in S&P 500 firms
    • Anderson, R. C. & Reeb, D. M. 2004. Board composition: Balancing family influence in S&P 500 firms. Administrative Science Quarterly, 49: 209-237.
    • (2004) Administrative Science Quarterly , vol.49 , pp. 209-237
    • Anderson, R.C.1    Reeb, D.M.2
  • 7
    • 33846092626 scopus 로고    scopus 로고
    • The development of organizational social capital: Attributes of family firms
    • Arregle, J., Hitt, M. A., Simon, D. G., & Very, P. 2007. The development of organizational social capital: Attributes of family firms. Journal of Management Studies, 44: 73-106.
    • (2007) Journal of Management Studies , vol.44 , pp. 73-106
    • Arregle, J.1    Hitt, M.A.2    Simon, D.G.3    Very, P.4
  • 8
    • 42149166975 scopus 로고    scopus 로고
    • International Accounting Standards and accounting quality
    • Barth, M., Landsman, W., & Lang, M. 2008. International Accounting Standards and accounting quality. Journal of Accounting Research, 46: 467-498.
    • (2008) Journal of Accounting Research , vol.46 , pp. 467-498
    • Barth, M.1    Landsman, W.2    Lang, M.3
  • 9
    • 0000920426 scopus 로고
    • Fair value accounting: Effects on banks' earning volatility, regulatory capital, and value of contractual cash flows
    • Barth, M. E., Landsman, W. R., & Wahlen, J. M. 1995. Fair value accounting: Effects on banks' earning volatility, regulatory capital, and value of contractual cash flows. Journal of Banking and Finance, 19(3-4): 577-605.
    • (1995) Journal of Banking and Finance , vol.19 , Issue.3-4 , pp. 577-605
    • Barth, M.E.1    Landsman, W.R.2    Wahlen, J.M.3
  • 15
    • 25144475604 scopus 로고    scopus 로고
    • Pyramidal groups and the separation between ownership and control in Italy
    • F. Barca & M. Becht (Eds.), Oxford: Oxford University Press.
    • Bianchi, M., Bianco, M., & Enriques, L. 2001. Pyramidal groups and the separation between ownership and control in Italy. In F. Barca & M. Becht (Eds.), The Control of Corporate Europe: 154-186. Oxford: Oxford University Press.
    • (2001) The Control of Corporate Europe , pp. 154-186
    • Bianchi, M.1    Bianco, M.2    Enriques, L.3
  • 18
    • 84937344128 scopus 로고    scopus 로고
    • Family as a source, user, and builder of social capital
    • Bubolz, M. 2001. Family as a source, user, and builder of social capital. Journal of Socio-Economics, 30: 129-131.
    • (2001) Journal of Socio-Economics , vol.30 , pp. 129-131
    • Bubolz, M.1
  • 21
    • 0002854809 scopus 로고
    • The effect of antitrust investigations on discretionary accruals: A refined test of the political-cost hypothesis
    • Cahan, S. F. 1992. The effect of antitrust investigations on discretionary accruals: A refined test of the political-cost hypothesis. The Accounting Review, 67: 77-95.
    • (1992) The Accounting Review , vol.67 , pp. 77-95
    • Cahan, S.F.1
  • 23
    • 33745292267 scopus 로고    scopus 로고
    • Audit partner tenure and audit quality
    • Carey, P. & Simnett, R. 2006. Audit partner tenure and audit quality. The Accounting Review, 81: 653-676.
    • (2006) The Accounting Review , vol.81 , pp. 653-676
    • Carey, P.1    Simnett, R.2
  • 26
    • 0000215188 scopus 로고
    • Earnings management and firm valuation under asymmetric information
    • Chaney, P. K. & Lewis, C. M. 1995. Earnings management and firm valuation under asymmetric information. Journal of Corporate Finance, 1(3-4): 319-345.
    • (1995) Journal of Corporate Finance , vol.1 , Issue.3-4 , pp. 319-345
    • Chaney, P.K.1    Lewis, C.M.2
  • 27
    • 80054890613 scopus 로고    scopus 로고
    • Board independence, ownership structure, audit quality, and income smoothing activities: A study on Malaysian market
    • Che-Ahmad, A. & Mansor, N. 2009. Board independence, ownership structure, audit quality, and income smoothing activities: A study on Malaysian market. Journal of Modern Accounting and Auditing, 5: 1-13.
    • (2009) Journal of Modern Accounting and Auditing , vol.5 , pp. 1-13
    • Che-Ahmad, A.1    Mansor, N.2
  • 28
    • 27844544646 scopus 로고    scopus 로고
    • Comparing the agency costs of family and non-family firms: Conceptual issues and exploratory evidence
    • Chrisman, J. J., Chua, J. H., & Litz, R. A. 2004. Comparing the agency costs of family and non-family firms: Conceptual issues and exploratory evidence. Entrepreneurship Theory and Practice, 28: 335-354.
    • (2004) Entrepreneurship Theory and Practice , vol.28 , pp. 335-354
    • Chrisman, J.J.1    Chua, J.H.2    Litz, R.A.3
  • 29
    • 0042829594 scopus 로고    scopus 로고
    • The separation of ownership and control in East Asian corporations
    • Claessens, S., Djankov, S., & Lang, L. 2000. The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58: 81-112.
    • (2000) Journal of Financial Economics , vol.58 , pp. 81-112
    • Claessens, S.1    Djankov, S.2    Lang, L.3
  • 31
    • 39449096792 scopus 로고    scopus 로고
    • Il governo delle imprese italiane quotate a controllo familiare: I risultati di una ricerca esplorativa
    • Corbetta, G. & Minichilli, A. 2005. Il governo delle imprese italiane quotate a controllo familiare: I risultati di una ricerca esplorativa. Economia and Management, 6: 59-77.
    • (2005) Economia and Management , vol.6 , pp. 59-77
    • Corbetta, G.1    Minichilli, A.2
  • 32
    • 0038722079 scopus 로고
    • II Governo dell'Impresa: II Ruolo dei C.d.A. nelle aziende Italiane
    • Crisci, G. & Tarizzo, G. 1995. II Governo dell'Impresa: II Ruolo dei C.d.A. nelle aziende Italiane. Le Società, 5: 607-616.
    • (1995) Le Società , vol.5 , pp. 607-616
    • Crisci, G.1    Tarizzo, G.2
  • 34
    • 0034178958 scopus 로고    scopus 로고
    • Controlling stockholders and the disciplinary role of corporate payout policy: A study of the Times Mirror Company
    • DeAngelo, H. & DeAngelo, L. 2000. Controlling stockholders and the disciplinary role of corporate payout policy: A study of the Times Mirror Company. Journal of Financial Economics, 56: 153-207.
    • (2000) Journal of Financial Economics , vol.56 , pp. 153-207
    • DeAngelo, H.1    DeAngelo, L.2
  • 35
    • 43949157969 scopus 로고
    • Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals
    • Dechow, P. M. 1994. Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals. Journal of Accounting and Economics, 18: 3-42.
    • (1994) Journal of Accounting and Economics , vol.18 , pp. 3-42
    • Dechow, P.M.1
  • 38
    • 84935941592 scopus 로고
    • The structure of corporate ownership: Causes and consequences
    • Demsetz, H. & Lehn, K. 1985. The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93: 1155-1177.
    • (1985) Journal of Political Economy , vol.93 , pp. 1155-1177
    • Demsetz, H.1    Lehn, K.2
  • 39
    • 84964127697 scopus 로고
    • Stewardship theory or agency theory: CEO governance and shareholder returns
    • Donaldson, L. & Davis, J. H. 1991. Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of Management, 16: 49-64.
    • (1991) Australian Journal of Management , vol.16 , pp. 49-64
    • Donaldson, L.1    Davis, J.H.2
  • 40
    • 0011511196 scopus 로고
    • The income smoothing hypothesis revisited
    • Eckel, N. 1981. The income smoothing hypothesis revisited. Abacus, 17: 28-40.
    • (1981) Abacus , vol.17 , pp. 28-40
    • Eckel, N.1
  • 41
    • 0036334425 scopus 로고    scopus 로고
    • The ultimate ownership of Western European corporations
    • Faccio, M. & Lang, L. 2002. The ultimate ownership of Western European corporations. Journal of Financial Economics, 65: 365-395.
    • (2002) Journal of Financial Economics , vol.65 , pp. 365-395
    • Faccio, M.1    Lang, L.2
  • 42
  • 44
    • 84937291540 scopus 로고
    • A theory of income and dividend smoothing based on incumbency rents
    • Fudenberg, D. & Tirole, J. 1995. A theory of income and dividend smoothing based on incumbency rents. Journal of Political Economy, 103: 75-93.
    • (1995) Journal of Political Economy , vol.103 , pp. 75-93
    • Fudenberg, D.1    Tirole, J.2
  • 45
    • 37049030989 scopus 로고    scopus 로고
    • International differences in conditional conservatism: The role of unconditional conservatism and income smoothing
    • Gassen, J., Fülbier, R. U., & Sellhorn, T. 2006. International differences in conditional conservatism: The role of unconditional conservatism and income smoothing. European Accounting Review, 15: 527-564.
    • (2006) European Accounting Review , vol.15 , pp. 527-564
    • Gassen, J.1    Fülbier, R.U.2    Sellhorn, T.3
  • 47
    • 0007011526 scopus 로고    scopus 로고
    • Political cost influences on income smoothing via extraordinary item classification
    • Godfrey, J. M. & Jones, K. L. 1999. Political cost influences on income smoothing via extraordinary item classification. Accounting and Finance, 39: 229-254.
    • (1999) Accounting and Finance , vol.39 , pp. 229-254
    • Godfrey, J.M.1    Jones, K.L.2
  • 49
    • 16144366433 scopus 로고    scopus 로고
    • Managing interactive accounting measures to meet multiple objectives: A study of LIFO firms
    • Hunt, A., Moyer, S. E., & Shevlin, T. 1996. Managing interactive accounting measures to meet multiple objectives: A study of LIFO firms. Journal of Accounting and Economics, 21: 339-374.
    • (1996) Journal of Accounting and Economics , vol.21 , pp. 339-374
    • Hunt, A.1    Moyer, S.E.2    Shevlin, T.3
  • 50
    • 78751685373 scopus 로고    scopus 로고
    • IASB (International Accounting Standard Board). London: IASCF.
    • IASB (International Accounting Standard Board) 2008. Consolidated and Separate Financial Statements. London: IASCF.
    • (2008) Consolidated and Separate Financial Statements
  • 53
    • 84990334226 scopus 로고    scopus 로고
    • Earnings management response to debt covenant violations and debt restructuring
    • Jaggi, B. & Lee, P. 2002. Earnings management response to debt covenant violations and debt restructuring. Journal of Accounting, Auditing and Finance, 17: 295-324.
    • (2002) Journal of Accounting, Auditing and Finance , vol.17 , pp. 295-324
    • Jaggi, B.1    Lee, P.2
  • 54
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs, and ownership structure
    • Jensen, M. C. & Meckling, W. H. 1976. Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3: 305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 56
    • 0036331491 scopus 로고    scopus 로고
    • Audit committee, board of director characteristics, and earnings management
    • Klein, A. 2002. Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, 33: 375-400.
    • (2002) Journal of Accounting and Economics , vol.33 , pp. 375-400
    • Klein, A.1
  • 59
    • 0000379726 scopus 로고
    • Income smoothing as rational equilibrium behavior
    • Lambert, R. A. 1984. Income smoothing as rational equilibrium behavior. The Accounting Review, 59: 604-618.
    • (1984) The Accounting Review , vol.59 , pp. 604-618
    • Lambert, R.A.1
  • 60
    • 70649115417 scopus 로고    scopus 로고
    • Agency vs. stewardship in public family firms: A social embeddedness reconciliation
    • Le Breton-Miller, I., & Miller, D. 2009. Agency vs. stewardship in public family firms: A social embeddedness reconciliation. Entrepreneurship Theory and Practice, 33: 1169-1191.
    • (2009) Entrepreneurship Theory and Practice , vol.33 , pp. 1169-1191
    • Le Breton-Miller, I.1    Miller, D.2
  • 61
    • 0042012826 scopus 로고    scopus 로고
    • Earnings management and investor protection: An international comparison
    • Leuz, C., Nanda, D., & Wysocki, P. D. 2003. Earnings management and investor protection: An international comparison. Journal of Financial Economics, 69: 505-527.
    • (2003) Journal of Financial Economics , vol.69 , pp. 505-527
    • Leuz, C.1    Nanda, D.2    Wysocki, P.D.3
  • 64
    • 33644817790 scopus 로고    scopus 로고
    • Family governance and firm performance: Agency, stewardship, and capabilities
    • Miller, D. & Le Breton-Miller, I. 2006. Family governance and firm performance: Agency, stewardship, and capabilities. Family Business Review, 19: 73-87.
    • (2006) Family Business Review , vol.19 , pp. 73-87
    • Miller, D.1    Le Breton-Miller, I.2
  • 65
    • 73849121482 scopus 로고    scopus 로고
    • Family ownership and acquisition behavior in publicly-traded companies
    • Miller, D., Le Breton-Miller, I., & Lester, R. H. 2010. Family ownership and acquisition behavior in publicly-traded companies. Strategic management Journal, 31: 201-223.
    • (2010) Strategic management Journal , vol.31 , pp. 201-223
    • Miller, D.1    Le Breton-Miller, I.2    Lester, R.H.3
  • 67
    • 74549217185 scopus 로고    scopus 로고
    • Top management teams in family-controlled companies: "Familiness,""faultlines," and their impact on financial performance
    • Minichilli, A., Corbetta, G., & MacMillan, I. C. 2010. Top management teams in family-controlled companies: "Familiness, ""faultlines," and their impact on financial performance. Journal of Management Studies, 47: 205-222.
    • (2010) Journal of Management Studies , vol.47 , pp. 205-222
    • Minichilli, A.1    Corbetta, G.2    MacMillan, I.C.3
  • 69
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • Morck, R., Shleifer, A., & Vishny, R. W. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20: 293-315.
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.W.3
  • 70
    • 0003293001 scopus 로고    scopus 로고
    • Inherited wealth, corporate control, and economic growth
    • R. Morck (Ed.), Chicago: University of Chicago Press.
    • Morck, R., Strangeland, D., & Yeung, B. 2000. Inherited wealth, corporate control, and economic growth. In R. Morck (Ed.), Concentrated corporate ownership: 319-369. Chicago: University of Chicago Press.
    • (2000) Concentrated corporate ownership , pp. 319-369
    • Morck, R.1    Strangeland, D.2    Yeung, B.3
  • 72
    • 0000725317 scopus 로고
    • Income smoothing and incentives: Empirical tests using accounting changes
    • Moses, O. D. 1987. Income smoothing and incentives: Empirical tests using accounting changes. The Accounting Review, 62: 358-377.
    • (1987) The Accounting Review , vol.62 , pp. 358-377
    • Moses, O.D.1
  • 73
    • 27844442294 scopus 로고    scopus 로고
    • Board monitoring and earnings management: Do outside directors influence abnormal accruals?
    • Peasnell, K. V., Pope, P. F., & Young, S. 2005. Board monitoring and earnings management: Do outside directors influence abnormal accruals? Journal of Business Finance and Accounting, 32: 1311-1346.
    • (2005) Journal of Business Finance and Accounting , vol.32 , pp. 1311-1346
    • Peasnell, K.V.1    Pope, P.F.2    Young, S.3
  • 74
    • 80054929228 scopus 로고    scopus 로고
    • Corporate governance and earnings management in family-controlled companies
    • forthcoming
    • Prencipe, A. & Bar-Yosef, S. 2011. Corporate governance and earnings management in family-controlled companies. Journal of Accounting, Auditing, and Finance (forthcoming).
    • (2011) Journal of Accounting, Auditing, and Finance
    • Prencipe, A.1    Bar-Yosef, S.2
  • 75
    • 39449137065 scopus 로고    scopus 로고
    • Earnings management in family firms: Evidence from R&D cost capitalization in Italy
    • Prencipe, A., Markarian, G., & Pozza, L. 2008. Earnings management in family firms: Evidence from R&D cost capitalization in Italy. Family Business Review, 21: 71-88.
    • (2008) Family Business Review , vol.21 , pp. 71-88
    • Prencipe, A.1    Markarian, G.2    Pozza, L.3
  • 79
    • 0001026456 scopus 로고    scopus 로고
    • A survey of corporate governance
    • Shleifer, A. & Vishny, R. 1997. A survey of corporate governance. Journal of Finance, 52: 737-783.
    • (1997) Journal of Finance , vol.52 , pp. 737-783
    • Shleifer, A.1    Vishny, R.2
  • 80
    • 0030305172 scopus 로고    scopus 로고
    • Do stock prices fully reflect information in accruals and cash flows about future earnings?
    • Sloan, R. 1996. Do stock prices fully reflect information in accruals and cash flows about future earnings? The Accounting Review, 71: 289-315.
    • (1996) The Accounting Review , vol.71 , pp. 289-315
    • Sloan, R.1
  • 81
    • 0002574998 scopus 로고
    • The effect of the separation of ownership from control on accounting policy decisions
    • Smith, E. D. 1976. The effect of the separation of ownership from control on accounting policy decisions. The Accounting Review, 51: 707-723.
    • (1976) The Accounting Review , vol.51 , pp. 707-723
    • Smith, E.D.1
  • 82
    • 0011704316 scopus 로고    scopus 로고
    • Management succession and financial performance of family controlled firms
    • Smith, B. F. & Amoako-Adu, B. 1999. Management succession and financial performance of family controlled firms. Journal of Corporate Finance, 4: 341-368.
    • (1999) Journal of Corporate Finance , vol.4 , pp. 341-368
    • Smith, B.F.1    Amoako-Adu, B.2
  • 83
    • 0000539865 scopus 로고
    • An explanation for accounting income smoothing
    • Trueman, B. & Titman, S. 1988. An explanation for accounting income smoothing. Journal of Accounting Research, 26: 127-139.
    • (1988) Journal of Accounting Research , vol.26 , pp. 127-139
    • Trueman, B.1    Titman, S.2
  • 84
    • 33646477423 scopus 로고    scopus 로고
    • How do family ownership, control, and management affect firm value?
    • Villalonga, B. & Amit, R. 2006. How do family ownership, control, and management affect firm value? Journal of Financial Economics, 80: 385-417.
    • (2006) Journal of Financial Economics , vol.80 , pp. 385-417
    • Villalonga, B.1    Amit, R.2
  • 85
    • 0036234941 scopus 로고    scopus 로고
    • Governance with poor investor protection: Evidence from top executive turnover in Italy
    • Volpin, P. F. 2002. Governance with poor investor protection: Evidence from top executive turnover in Italy. Journal of Financial Economics, 64: 61-90.
    • (2002) Journal of Financial Economics , vol.64 , pp. 61-90
    • Volpin, P.F.1
  • 86
    • 49749094062 scopus 로고
    • Accounting income smoothing and stockholder wealth
    • Wang, Z. & Williams, T. H. 1994. Accounting income smoothing and stockholder wealth. Journal of Applied Business Research, 10(3): 96-104.
    • (1994) Journal of Applied Business Research , vol.10 , Issue.3 , pp. 96-104
    • Wang, Z.1    Williams, T.H.2
  • 88
    • 38249031736 scopus 로고
    • Political costs and an intraperiod accounting choice for export tax credits
    • Wong, J. 1988. Political costs and an intraperiod accounting choice for export tax credits. Journal of Accounting and Economics, 10: 37-51.
    • (1988) Journal of Accounting and Economics , vol.10 , pp. 37-51
    • Wong, J.1
  • 89
    • 0012682592 scopus 로고    scopus 로고
    • The determinants of managerial accounting policy choice: Further evidence for the UK
    • Young, S. 1998. The determinants of managerial accounting policy choice: Further evidence for the UK. Accounting and Business Research, 28: 131-143.
    • (1998) Accounting and Business Research , vol.28 , pp. 131-143
    • Young, S.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.