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Capital Structure, Earnings Management, and Risk of Financial Distress

A Comparative Analysis of Family and Non-family Firms

  • Book
  • © 2019

Overview

Authors:
  1. Pietro Gottardo

    1. Department of Economics and Management, University of Pavia, Pavia, Italy

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    You can also search for this author in PubMed   Google Scholar

  2. Anna Maria Moisello

    1. Department of Economics and Management, University of Pavia, Pavia, Italy

    View author publications

    You can also search for this author in PubMed   Google Scholar

  • Explores the relations between financing choices, earnings quality, and market performance
  • Provides insightful findings based on longitudinal data on family and non-family firms
  • Supplies a broad and up-to-date literature review on the field

Part of the book series: SpringerBriefs in Business (BRIEFSBUSINESS)

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Table of contents (6 chapters)

  1. Front Matter

    Pages i-vi
    Download chapter PDF

  2. Introduction

    • Pietro Gottardo, Anna Maria Moisello
    Pages 1-11

  3. Family Control and Capital Structure Choices

    • Pietro Gottardo, Anna Maria Moisello
    Pages 13-40

  4. Family Influence, Leverage and Probability of Financial Distress

    • Pietro Gottardo, Anna Maria Moisello
    Pages 41-55

  5. Equity and Bond Issues and Earnings Management Practices

    • Pietro Gottardo, Anna Maria Moisello
    Pages 57-73

  6. Earnings Management, Issues and Firm Market Value

    • Pietro Gottardo, Anna Maria Moisello
    Pages 75-92

  7. Conclusions

    • Pietro Gottardo, Anna Maria Moisello
    Pages 93-99
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Keywords

About this book

This 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 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% of GDP, families are particularly committed to maintaining control of firms, and the economy is bank based rather than market based. The analyses draw on the socioemotional wealth approach, which emphasizes the importance of the stock of emotional value in family firms, in combination with financial 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.

Authors and Affiliations

  • Department of Economics and Management, University of Pavia, Pavia, Italy

    Pietro Gottardo, Anna Maria Moisello

About the authors

​Pietro Gottardo holds a Bachelor’s degree in Economics from the University of Pavia (Italy) and a PhD in Financial Markets from the University of Bergamo. He is currently Associate Professor of Corporate Finance in the Department of Economics and Management, University of Pavia. His main research interests are family firms, asset pricing, market microstructure, and risk management. His current teaching includes Corporate Finance on the undergraduate degree in Business Administration and Economics and Financial Modeling on the Master’s degree in Management.
Anna Maria Moisello graduated in Economics at the University of Pavia and received a PhD in Business Administration from Bocconi University in Milan. She is currently Assistant Professor in the Department of Economics and Management, University of Pavia, where she teaches Business Administration and Managerial Accounting. She is a member of the PhD Committee in Applied Economics and Managementat the Universities of Pavia and Bergamo. Her main research interests are family firms, corporate governance, and managerial accounting.



Bibliographic Information

  • Book Title: Capital Structure, Earnings Management, and Risk of Financial Distress

  • Book Subtitle: A Comparative Analysis of Family and Non-family Firms

  • Authors: Pietro Gottardo, Anna Maria Moisello

  • Series Title: SpringerBriefs in Business

  • DOI: https://doi.org/10.1007/978-3-030-00344-9

  • Publisher: Springer Cham

  • eBook Packages: Business and Management, Business and Management (R0)

  • Copyright Information: The Author(s) 2019

  • Softcover ISBN: 978-3-030-00343-2Published: 02 October 2018

  • eBook ISBN: 978-3-030-00344-9Published: 24 September 2018

  • Series ISSN: 2191-5482

  • Series E-ISSN: 2191-5490

  • Edition Number: 1

  • Number of Pages: VI, 99

  • Number of Illustrations: 6 b/w illustrations

  • Topics: Family Business, Accounting/Auditing, Corporate Finance, Business Finance

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