Do family ownership and control influence the consequences of IFRS adoption?
研究了强制采纳国际财务报告准则对台湾家族与非家族企业盈余管理行为的不同影响，发现家族企业更少进行向上的应计和真实盈余管理，但不同所有权结构和CEO身份会改变这一效果。
Abstract Research Question/Issue This study investigates whether the impact of the mandatory adoption of the International Financial Reporting Standards (IFRS) on earnings management practices varies between family and non‐family firms. Specifically, we examine the effects of different family ownership configurations and the CEO family identity. Research Findings/Insights We find that firms in Taiwan use less accrual‐based earnings management (ABEM) under the IFRS but more real earnings management (REM). On average, IFRS adoption is less likely to result in upward ABEM and REM in family firms than in non‐family firms. However, family firms with greater family ownership, lower family cash–vote divergence, a founder CEO, or a professional CEO are more likely to promote the positive effect of the IFRS on ABEM and mitigate the negative effect of the IFRS on REM. Furthermore, these firms are less likely to substitute ABEM with REM after the transition to the IFRS. Theoretical/Academic Implications While recent literature has paid increasing attention to various governance characteristics that shape management's reporting incentives and, thus, affect the consequences of mandatory IFRS adoption, we focus on family firms in which the principal–principal agency relationship between controlling owners and other shareholders is salient. We highlight the effect of family owners' different agency features in relation to a structural change in the accounting regime. Practitioner/Policy Implications This study addresses how a firm's corporate governance influences the net benefits of implementing new accounting standards. Our evidence offers insights to policymakers and capital market participants, showing that variations in family owners' reporting incentives may have different impacts on the consequences of adopting the IFRS.