Article2007

Ownership Structure and Accounting Information Content: Evidence from France

39 citations0/0 files storedJournal of International Financial Management and Accounting

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Auditing, Earnings Management, Governance Corporate Finance and Governance Corporate Governance and Financial Management

Abstract

Abstract This paper investigates how family and bank ownership affect the accounting information content of French firms. In Continental Europe, the existence of block‐holders triggers specific corporate governance issues, including the transparency of financial reporting. Our test results for the clean surplus model show that book value carries a significantly greater weight for family‐controlled firms. This finding is attributed to their lack of incentive to report timely and relevant earnings to outside (minority) investors. In contrast, bank owners are under more market pressure to achieve earnings persistence through the use of accounting accruals. Bank ownership is also associated with higher levels of debt. These results are consistent with findings that in code law countries, insiders dominate as a source of finance, and financial reporting is aimed at creditor protection.

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References

1990Institutions, Institutional Change and Economic Performance 1998Law and Finance 1997A Survey of Corporate Governance 1987The Economic Institutions of Capitalism 1986The Economic Institutions of Capitalism 1999Corporate Ownership Around the World 2003Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500 1995Earnings, Book Values, and Dividends in Equity Valuation*

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