Historical Ownership of Family Firms and Corporate Fraud

IF 5.9 1区哲学 Q1 BUSINESS

Journal of Business Ethics Pub Date : 2024-09-17 DOI:10.1007/s10551-024-05817-6

Xin Huang, Wanrong Li, Chen Cheng, Hao Huang, Guanchun Liu

引用次数: 0

Abstract

We examine the impact of family firms’ historical ownership on corporate fraud. Our results show that restructured family firms from state-owned enterprises are more likely to violate and commit more fraud than entrepreneurial family firms. This finding is robust to the difference-in-difference-in-differences estimation, an instrument variables regression, fixed effects research design, and propensity score matching (PSM) approach analysis. Mechanism analysis shows that restructured family firms result in lower financial performance, high labor redundancy, inefficient investments, and cash volatility. Therefore, restructured family firms have a stronger incentive to conceal these problems through corporate fraud. Furthermore, the effects of family firms’ historical ownership on corporate fraud are weakened for a more extended period after SOE ownership reform and the restructuring approach adopted by equity takeover.

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家族企业的历史所有权与公司欺诈

我们研究了家族企业历史所有权对企业欺诈的影响。我们的研究结果表明，与创业型家族企业相比，国有企业改制后的家族企业更有可能违规并实施更多欺诈行为。这一结论在差分估计、工具变量回归、固定效应研究设计和倾向得分匹配（PSM）方法分析中都是稳健的。机制分析表明，重组后的家族企业会导致较低的财务绩效、较高的劳动力冗余、低效投资和现金波动。因此，重组后的家族企业更有动机通过企业欺诈来掩盖这些问题。此外，在国有企业所有权改革和股权收购的重组方式之后，家族企业历史所有权对企业欺诈的影响会在更长的时期内减弱。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Business Ethics Multiple-

CiteScore

12.80

自引率

9.80%

发文量

265

期刊介绍： The Journal of Business Ethics publishes only original articles from a wide variety of methodological and disciplinary perspectives concerning ethical issues related to business that bring something new or unique to the discourse in their field. Since its initiation in 1980, the editors have encouraged the broadest possible scope. The term `business'' is understood in a wide sense to include all systems involved in the exchange of goods and services, while `ethics'' is circumscribed as all human action aimed at securing a good life. Systems of production, consumption, marketing, advertising, social and economic accounting, labour relations, public relations and organisational behaviour are analysed from a moral viewpoint. The style and level of dialogue involve all who are interested in business ethics - the business community, universities, government agencies and consumer groups. Speculative philosophy as well as reports of empirical research are welcomed. In order to promote a dialogue between the various interested groups as much as possible, papers are presented in a style relatively free of specialist jargon.