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來源文獻資料
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外文摘要
引文資料
題名:
Do Family Firms Make More Optimistic Forecasts?
書刊名:
會計審計論叢
作者:
陳坤志
/
陳霞
作者(外文):
Chen, Kun-chih
/
Chen, Xia
出版日期:
2015
卷期:
5:1
頁次:
頁1-28
主題關鍵詞:
家族企業
;
財務預測
;
過度自信
;
Family firm
;
Management forecast
;
Overconfidence
原始連結:
連回原系統網址
相關次數:
被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
排除自我引用:0
共同引用:0
點閱:187
本文探討家族的所有權和控制權是否影響家族企業所發佈財務預測的特性。家族企業所有人比一般企業所有人更在意聲譽和訴訟風險,但是同時他們也可能更容易對自身企業有過份的信心。本文發現家族企業發佈的財務預測比一般企業更加過度樂觀。我們也發現雖然證券分析師的預測會針對家族企業這份過度的自信加以調整,但他們調整的幅度往往不夠,所以證券分析師對家族企業所做的獲利預測較不準確也較樂觀。本文發現家族企業經理人的過度自信影響了他們的財務預測,進而導致證券分析師的預測失準,這個現象或許可以解釋文獻中家族企業的財報品質較佳但是整體的資訊環境卻不佳的矛盾。
以文找文
We examine how family ownership and control impact the properties of management forecasts. Family owners have greater litigation and reputation concerns than other types of CEOs. At the same time, however, they are also more likely to be overconfident. We find that overconfidence on the part of family owners significantly affects family firms' management forecasts-family firms' management forecasts tend to be more optimistic compared to those of nonfamily firms. We also find that although financial analysts adjust for the greater level of optimistic bias in management forecasts of family firms, the adjustment does not seem to be complete. When we compare analyst forecast optimism and analyst forecast accuracy between family firms and nonfamily firms over the fiscal year, we find that analysts' forecasts are more optimistic and less accurate for family firms than for nonfamily firms throughout most of the fiscal year. Our findings show that overconfidence on the part of family owners significantly influence family firms' management forecasts and may potentially explain why family firms have poorer information environment despite family firms' better earnings quality.
以文找文
期刊論文
1.
Song, F.、Thakor, A.(2006)。Information Control, Career Concerns, and Corporate Governance。Journal of Finance,61(4),1845-1896。
2.
Schrand, Catherine M.、Zechman, Sarah L. C.(2012)。Executive Overconfidence and the Slippery Slope to Financial Misreporting。Journal of Accounting and Economics,53(1/2),311-329。
3.
Malmendier, U.、Tate, G.、Yan, J.(2011)。Overconfidence and Early Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies。Journal of Finance,66(5),1687-1733。
4.
Anderson, Ronald C.、Duru, Augustine、Reeb, David M.(2009)。Founders, Heirs, and Corporate Opacity in the United States。Journal of Financial Economics,92(2),205-222。
5.
Chen, S.、Chen, X.、Cheng, Q.(2014)。Conservatism and equity ownership of the founding family。European Accounting Review,23(3),403-430。
6.
Chen, X.、Cheng, Q.、Dai, Z.(2013)。Family ownership and CEO turnovers。Contemporary Accounting Research,30(3),1166-1190。
7.
Koellinger, P.、Minniti, M.、Schade, C.(2007)。I think I can, I think I can: Overconfidence and entrepreneurial behavior。Journal of Economic Psychology,28(4),502-527。
8.
Li, F.、Srinivasan, S.(2011)。Corporate governance when founders are directors。Journal of Financial Economics,102(2),454-469。
9.
Casson, Mark(1999)。The Economics of the Family Firm。Scandinavian Economic History Review,47(1),10-23。
10.
Coffee, John C. Jr.(2006)。Reforming the Securities Class Action: An Essay on Deterrence and its Implementation。Columbia Law Review,106(7),1534-1586。
11.
Chen, S.、Chen, X.、Cheng, Q.(2008)。Do family firms provide more or less voluntary disclose?。Journal of Accounting Research,46(3),499-536。
12.
Weinstein, N.(1980)。Unrealistic Optimism about Future Life Events。Journal of Personality and Social Psychology,39(5),806-820。
13.
Langer, Ellen Jane(1975)。The Illusion of Control。Journal of Personality and Social Psychology,32(2),311-328。
14.
March, J. G.、Shapira, Z.(1987)。Managerial perspectives risk and risk taking。Management Science,33(11),1404-1418。
15.
Malmendier, Ulrike、Tate, Geoffrey A.(2005)。CEO Overconfidence and Corporate Investment。The Journal of Finance,60(6),2661-2700。
16.
Anderson, Ronald C.、Reeb, David M.(2003)。Founding-family ownership and firm performance: Evidence from the S&P 500。The Journal of Finance,58(3),1301-1328。
17.
Malmendier, Ulrike、Tate, Geoffrey A.(2008)。Who Makes Acquisitions? CEO Overconfidence and The Market's Reaction。Journal of Financial Economics,89(1),20-43。
18.
Villalonga, Belen、Amit, Raphael(2006)。How do family ownership, control and management affect firm value?。Journal of Financial Economics,80(2),385-417。
19.
Heckman, James Joseph(1979)。Sample Selection Bias as a Specification Error。Econometrica: Journal of the Econometric Society,47(1),153-161。
20.
Ali, Ashiq、Chen, Tai-Yuan、Radhakrishnan, Suresh(2007)。Corporate Disclosures by Family Firms。Journal of Accounting and Economics,44(1/2),238-286。
21.
Wang, Dechun(2006)。Founding family ownership and earnings quality。Journal of Accounting Research,44(3),619-656。
22.
Hirst, E.、Koonce, L.、Venkataraman, S.(2008)。Management earnings forecasts: A review and framework。Accounting Horizons,22(3),315-338。
23.
Bernardo, A. E.、Welch, I.(2001)。On the Evolution of Overconfidence and Entrepreneurs。Journal of Economics and Management Strategy,10(3),301-330。
研究報告
1.
Hribar, P.、Yang, H.(2013)。CEO Overconfidence and Management Forecasting。University of Iowa。
2.
Chen, T. Y.(2005)。CEO compensation contracts of family firms。University of Texas at Dallas。
其他
1.
Byron, E.,Lublin, J. S.(20071109)。Lauder scion on way out, P&G executive on way in,http://online.wsj.com/articles/SB119457080431587357。
圖書論文
1.
Weinstein, N. D.、Klein, W. M.(2002)。Resistance of personal risk perceptions to debiasing interventions。Heuristics and Biases: The Psychology of Intuitive Judgment。New York, NY:Cambridge University Press。
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