چکیده:
This research evaluates family firms through the lens of disclosure quality during the years 2006 to 2011 and ultimately answers the question of whether family firms have higher disclosure quality compared to non-family firms. This research uses scores assigned by the Stock Exchange and discretionary accruals to operationalize the concept of disclosure quality. Family firms in this research are those in which family members have significant influence. One of the conditions for having significant influence in companies is membership on the board of directors. To be a member of the board of directors, the percentage of ownership of members has been determined to be at least equal to 1 divided by the total number of members plus 1. The findings indicate that family firms do not outperform non-family firms in terms of disclosure quality. In other words, the family ownership factor does not have a significant relationship with disclosure quality.
خلاصه ماشینی:
Their research showed a significant negative relationship between the level of institutional ownership and its concentration with earnings management (Moradzadeh Fard, Nazemi, Gholami & Farzani, 2008).
Studies have shown that family-owned companies have fewer agency problems compared to other companies, meaning that conflicts of interest between owners and managers are less in these companies; because owners have more ability to directly monitor management activities (Demsetz & Lehn, 1985; Ali, Chen & Radhakrishnan, 2007).
The relationship between disclosure quality and family-owned companies can be expressed as follows: since family-owned companies have fewer agency problems compared to other companies and information asymmetry is less in them (Ali et al.
Empirical Background of the Research In a study conducted by Namazi and Mohammadi (1389 [2010]), the quality of earnings and return of family-owned and non-family-owned companies were investigated.
The findings of Namazi and Mohammadi (1389 [2010]) showed that there is no significant relationship between the quality of earnings based on the ratio of operating cash flow to net income and the ratio of the standard deviation of operating income to the standard deviation of operating cash flow in family-owned versus non-family-owned companies.
Thus, the research hypotheses are formulated as follows: Hypothesis 1: The family ownership factor has a significant and positive relationship with the earned disclosure quality scores.
In other words, the family variable is not statistically significant, so the family ownership does not have a significant relationship with the quality of disclosure scores assigned by the stock exchange.
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