Real earnings management and AbnRPT
| Non-family firms | Family firms | Family firms | Non-family firms | Family firms | Family firms | Non-family firms | Family firms | Family firms | |
|---|---|---|---|---|---|---|---|---|---|
| Model 1 | Model 1 | Model 2 | Model 1 | Model 1 | Model 2 | Model 1 | Model 1 | Model 2 | |
| RMCFO | RMCFO | RMCFO | RMPROD | RMPROD | RMPROD | RMDSX | RMDSX | RMDSX | |
| INT | −0.05 (0.05) | −0.06 (0.04) | −0.05 (0.06) | 0.13 (0.14) | 0.17 (0.19) | 0.20 (0.34) | −0.11 (0.14) | −0.41 (0.19)** | −0.44 (0.35) |
| AbnRPT | 0.05 (0.05) | −0.00 (0.05) | −0.01 (0.05) | 0.07 (0.09) | −0.47 (0.25)* | −0.53 (0.22)** | 0.09 (0.07) | 0.39 (0.25) | 0.44 (0.21)** |
| BSIZE | 0.00 (0.00) | 0.00 (0.00) | 0.00 (0.00) | −0.00 (0.01) | 0.00 (0.01) | −0.00 (0.01) | −0.00 (0.00) | −0.00 (0.01) | −0.00 (0.01) |
| WBD | 0.05 (0.07) | −0.02 (0.03) | −0.01 (0.03) | −0.16 (0.23) | −0.04 (0.14) | 0.03 (0.16) | 0.11 (0.20) | 0.05 (0.15) | −0.01 (0.17) |
| CEOD | −0.01 (0.02) | −0.01 (0.01) | −0.01 (0.01) | 0.06 (0.04) | 0.04 (0.04) | 0.05 (0.04) | −0.08 (0.04)** | −0.04 (0.04) | −0.05 (0.04) |
| FOWN | 0.00 (0.00) | 0.00 (0.00) | −0.00 (0.00) | ||||||
| FMBD | −0.03 (0.03) | −0.22 (0.13)* | 0.21 (0.12)* | ||||||
| BIG4 | 0.01 (0.03) | 0.00 (0.01) | 0.00 (0.01) | −0.04 (0.07) | 0.07 (0.06) | 0.06 (0.06) | 0.06 (0.08) | −0.07 (0.06) | −0.06 (0.06) |
| ROA | 0.25 (0.13)* | 0.23 (0.12)* | 0.24 (0.12)* | 0.97 (0.36)*** | 0.19 (0.17) | 0.22 (0.15) | −0.22 (0.36) | 0.12 (0.19) | 0.10 (0.17) |
| SIZE | −0.00 (0.00) | 0.00 (0.00) | 0.00 (0.00) | −0.01 (0.01)* | −0.02 (0.01)* | −0.02 (0.01)* | 0.01 (01) | 0.04 (0.01)*** | 0.04 (0.01)*** |
| LEV | 0.11 (0.04)*** | −0.01 (0.03) | −0.02 (0.03) | 0.17 (0.12) | −0.21 (0.09)** | −0.24 (0.08)*** | −0.04 (0.12) | 0.20 (0.09)** | 0.23 (0.08)*** |
| 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) | −0.00 (0.00) | −0.00 (0.00) | 0.00 (0.00) |
| MKTBOOK | 0.01 (0.01) | 0.02 (0.01)** | 0.02 (0.01)** | −0.02 (0.03) | 0.04 (0.02)** | 0.04 (0.02)** | 0.03 (0.03) | −0.02 (0.02) | −0.01 (0.02) |
| INDUSTRY | yes | yes | yes | yes | yes | yes | yes | yes | yes |
| YEAR | yes | yes | yes | yes | yes | yes | yes | yes | yes |
| obs | 287 | 522 | 522 | 280 | 514 | 514 | 287 | 522 | 522 |
| R2 | 0.29 | 0.24 | 0.25 | 0.28 | 0.16 | 0.18 | 0.18 | 0.13 | 0.14 |
| Non-family firms | Family firms | Family firms | Non-family firms | Family firms | Family firms | Non-family firms | Family firms | Family firms | |
|---|---|---|---|---|---|---|---|---|---|
| Model 1 | Model 1 | Model 2 | Model 1 | Model 1 | Model 2 | Model 1 | Model 1 | Model 2 | |
| RMCFO | RMCFO | RMCFO | RMPROD | RMPROD | RMPROD | RMDSX | RMDSX | RMDSX | |
| INT | −0.05 (0.05) | −0.06 (0.04) | −0.05 (0.06) | 0.13 (0.14) | 0.17 (0.19) | 0.20 (0.34) | −0.11 (0.14) | −0.41 (0.19)** | −0.44 (0.35) |
| AbnRPT | 0.05 (0.05) | −0.00 (0.05) | −0.01 (0.05) | 0.07 (0.09) | −0.47 (0.25)* | −0.53 (0.22)** | 0.09 (0.07) | 0.39 (0.25) | 0.44 (0.21)** |
| BSIZE | 0.00 (0.00) | 0.00 (0.00) | 0.00 (0.00) | −0.00 (0.01) | 0.00 (0.01) | −0.00 (0.01) | −0.00 (0.00) | −0.00 (0.01) | −0.00 (0.01) |
| WBD | 0.05 (0.07) | −0.02 (0.03) | −0.01 (0.03) | −0.16 (0.23) | −0.04 (0.14) | 0.03 (0.16) | 0.11 (0.20) | 0.05 (0.15) | −0.01 (0.17) |
| CEOD | −0.01 (0.02) | −0.01 (0.01) | −0.01 (0.01) | 0.06 (0.04) | 0.04 (0.04) | 0.05 (0.04) | −0.08 (0.04)** | −0.04 (0.04) | −0.05 (0.04) |
| FOWN | 0.00 (0.00) | 0.00 (0.00) | −0.00 (0.00) | ||||||
| FMBD | −0.03 (0.03) | −0.22 (0.13)* | 0.21 (0.12)* | ||||||
| BIG4 | 0.01 (0.03) | 0.00 (0.01) | 0.00 (0.01) | −0.04 (0.07) | 0.07 (0.06) | 0.06 (0.06) | 0.06 (0.08) | −0.07 (0.06) | −0.06 (0.06) |
| ROA | 0.25 (0.13)* | 0.23 (0.12)* | 0.24 (0.12)* | 0.97 (0.36)*** | 0.19 (0.17) | 0.22 (0.15) | −0.22 (0.36) | 0.12 (0.19) | 0.10 (0.17) |
| SIZE | −0.00 (0.00) | 0.00 (0.00) | 0.00 (0.00) | −0.01 (0.01)* | −0.02 (0.01)* | −0.02 (0.01)* | 0.01 (01) | 0.04 (0.01)*** | 0.04 (0.01)*** |
| LEV | 0.11 (0.04)*** | −0.01 (0.03) | −0.02 (0.03) | 0.17 (0.12) | −0.21 (0.09)** | −0.24 (0.08)*** | −0.04 (0.12) | 0.20 (0.09)** | 0.23 (0.08)*** |
| 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) | −0.00 (0.00) | −0.00 (0.00) | 0.00 (0.00) |
| MKTBOOK | 0.01 (0.01) | 0.02 (0.01)** | 0.02 (0.01)** | −0.02 (0.03) | 0.04 (0.02)** | 0.04 (0.02)** | 0.03 (0.03) | −0.02 (0.02) | −0.01 (0.02) |
| INDUSTRY | yes | yes | yes | yes | yes | yes | yes | yes | yes |
| YEAR | yes | yes | yes | yes | yes | yes | yes | yes | yes |
| obs | 287 | 522 | 522 | 280 | 514 | 514 | 287 | 522 | 522 |
| 0.29 | 0.24 | 0.25 | 0.28 | 0.16 | 0.18 | 0.18 | 0.13 | 0.14 |
Note(s): Non-family and family firms pooling GLS results