Real and accrual earnings management, RPT and interaction effects
| Family firms | Family firms | Family firms | Family firms | Family firms | Family firms | |
|---|---|---|---|---|---|---|
| Model 3 | Model 3 | Model 3 | Model 3 | Model 3 | Model 3 | |
| RMCFO | RMPROD | RMDSX | ABS | NDA | PDA | |
| INT | −0.03 (0.06) | 0.26 (0.36) | −0.51 (0.37) | 0.09 (0.05)* | −0.03 (0.06) | 0.13 (0.06)** |
| RPT | −0.06 (0.15) | −0.59 (0.70) | 0.65 (0.68) | −0.02 (0.12) | −0.12 (0.13) | −0.14 (0.26) |
| BSIZE | 0.00 (0.00) | 0.00 (0.01) | −0.00 (0.01) | −0.00 (0.00) | 0.00 (0.00)* | −0.00 (0.00) |
| WBD | −0.01 (0.04) | −0.03 (0.20) | 0.05 (0.21) | 0.02 (0.03) | −0.08 (0.05)* | 0.01 (0.06) |
| CEOD | −0.02 (0.01)** | 0.04 (0.05) | −0.03 (0.05) | −0.01 (0.01) | 0.01 (0.01) | −0.01 (0.01) |
| FOWN | 0.00 (0.00) | 0.00 (0.00) | −0.00 (0.00) | −0.00 (0.00) | −0.00 (0.00)* | −0.00 (0.00)* |
| FMBD | −0.02 (0.04) | −0.13 (0.15) | 0.14 (0.14) | −0.05 (0.03) | 0.12 (0.04)*** | 0.01 (0.06) |
| BIG4 | −0.00 (0.01) | 0.04 (0.05) | −0.05 (0.05) | 0.01 (0.01) | −0.00 (0.01) | 0.03 (0.02) |
| ROA | 0.23 (0.12)* | 0.23 (0.15) | 0.09 (0.17) | −0.04 (0.06) | −0.02 (0.06) | −0.09 (0.08) |
| SIZE | −0.00 (0.00) | −0.03 (0.01)** | 0.04 (0.01)*** | −0.00 (0.00) | −0.00 (0.00) | −0.00 (0.00) |
| LEV | −0.01 (0.03) | −0.17 (0.09)* | 0.17 (0.09)* | −0.00 (0.03) | 0.00 (0.03) | 0.01 (0.05) |
| AGE | 0.00 (0.00) | 0.00 (0.00) | 0.00 (0.00) | −0.00 (0.00) | 0.00 (0.00) | −0.00 (0.00) |
| MKTBOOK | 0.02 (0.01)** | 0.04 (0.02)*** | −0.02 (0.02) | 0.00 (0.00) | 0.01 (0.01) | 0.01 (0.01) |
| RPT*CEOD | 0.21 (0.08)*** | 0.23 (0.46) | −0.27 (0.47) | −0.09 (0.07) | 0.07 (0.08) | −0.17 (0.13) |
| RPT*WBD | 0.06 (0.32) | 1.25 (1.46) | −1.29 (1.54) | −0.01 (0.21) | 0.51 (0.29)* | −0.44 (0.44) |
| RPT*FMBD | −0.28 (0.30) | −2.31 (2.11) | 1.88 (2.12) | 0.08 (0.24) | −0.15 (0.24) | 1.29 (0.70)* |
| INDUSTRY | yes | yes | yes | yes | yes | yes |
| YEAR | yes | yes | yes | yes | yes | yes |
| obs | 522 | 514 | 522 | 522 | 284 | 238 |
| R2 | 0.26 | 0.18 | 0.15 | 0.08 | 0.13 | 0.17 |
| Family firms | Family firms | Family firms | Family firms | Family firms | Family firms | |
|---|---|---|---|---|---|---|
| Model 3 | Model 3 | Model 3 | Model 3 | Model 3 | Model 3 | |
| RMCFO | RMPROD | RMDSX | ABS | NDA | PDA | |
| INT | −0.03 (0.06) | 0.26 (0.36) | −0.51 (0.37) | 0.09 (0.05)* | −0.03 (0.06) | 0.13 (0.06)** |
| RPT | −0.06 (0.15) | −0.59 (0.70) | 0.65 (0.68) | −0.02 (0.12) | −0.12 (0.13) | −0.14 (0.26) |
| BSIZE | 0.00 (0.00) | 0.00 (0.01) | −0.00 (0.01) | −0.00 (0.00) | 0.00 (0.00)* | −0.00 (0.00) |
| WBD | −0.01 (0.04) | −0.03 (0.20) | 0.05 (0.21) | 0.02 (0.03) | −0.08 (0.05)* | 0.01 (0.06) |
| CEOD | −0.02 (0.01)** | 0.04 (0.05) | −0.03 (0.05) | −0.01 (0.01) | 0.01 (0.01) | −0.01 (0.01) |
| FOWN | 0.00 (0.00) | 0.00 (0.00) | −0.00 (0.00) | −0.00 (0.00) | −0.00 (0.00)* | −0.00 (0.00)* |
| FMBD | −0.02 (0.04) | −0.13 (0.15) | 0.14 (0.14) | −0.05 (0.03) | 0.12 (0.04)*** | 0.01 (0.06) |
| BIG4 | −0.00 (0.01) | 0.04 (0.05) | −0.05 (0.05) | 0.01 (0.01) | −0.00 (0.01) | 0.03 (0.02) |
| ROA | 0.23 (0.12)* | 0.23 (0.15) | 0.09 (0.17) | −0.04 (0.06) | −0.02 (0.06) | −0.09 (0.08) |
| SIZE | −0.00 (0.00) | −0.03 (0.01)** | 0.04 (0.01)*** | −0.00 (0.00) | −0.00 (0.00) | −0.00 (0.00) |
| LEV | −0.01 (0.03) | −0.17 (0.09)* | 0.17 (0.09)* | −0.00 (0.03) | 0.00 (0.03) | 0.01 (0.05) |
| AGE | 0.00 (0.00) | 0.00 (0.00) | 0.00 (0.00) | −0.00 (0.00) | 0.00 (0.00) | −0.00 (0.00) |
| MKTBOOK | 0.02 (0.01)** | 0.04 (0.02)*** | −0.02 (0.02) | 0.00 (0.00) | 0.01 (0.01) | 0.01 (0.01) |
| RPT*CEOD | 0.21 (0.08)*** | 0.23 (0.46) | −0.27 (0.47) | −0.09 (0.07) | 0.07 (0.08) | −0.17 (0.13) |
| RPT*WBD | 0.06 (0.32) | 1.25 (1.46) | −1.29 (1.54) | −0.01 (0.21) | 0.51 (0.29)* | −0.44 (0.44) |
| RPT*FMBD | −0.28 (0.30) | −2.31 (2.11) | 1.88 (2.12) | 0.08 (0.24) | −0.15 (0.24) | 1.29 (0.70)* |
| INDUSTRY | yes | yes | yes | yes | yes | yes |
| YEAR | yes | yes | yes | yes | yes | yes |
| obs | 522 | 514 | 522 | 522 | 284 | 238 |
| 0.26 | 0.18 | 0.15 | 0.08 | 0.13 | 0.17 |
Note(s): Family firms pooling GLS results