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Can reputation concern restrain bad news hoarding in family firms?

Author

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  • Jiang, Fuxiu
  • Cai, Xinni
  • Nofsinger, John R.
  • Zheng, Xiaojia

Abstract

Family involvement as chair of the board combines the reputation of the controlling family and the firm. Thus, the family's incentive to prevent reputation loss acts as a corporate governance mechanism in mitigating self-serving and bad news hoarding behavior of family firms. We find a lower future stock price crash risk in family firms with family related chairman, compared with family firms with non-family related chairman. The impact of family related chairman is more pronounced in firms with weaker external monitoring and more severe financial distress, and when families have greater reputation concern. Additionally, we find family-chair firms conduct more bad news forecasting, less tunneling behavior, higher earnings quality, as well as have lower costs of equity and overall better performance in the future. The family CEO has little impact on future stock price crash risk.

Suggested Citation

  • Jiang, Fuxiu & Cai, Xinni & Nofsinger, John R. & Zheng, Xiaojia, 2020. "Can reputation concern restrain bad news hoarding in family firms?," Journal of Banking & Finance, Elsevier, vol. 114(C).
    • Handle: RePEc:eee:jbfina:v:114:y:2020:i:c:s0378426620300753
    DOI: 10.1016/j.jbankfin.2020.105808
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    More about this item

    Keywords

    Reputation; Board chair; Family firm; Stock price crash risk;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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