Accrual earnings management and DRPT
| Non-family firms | Family firms | Family firms | Non-family firms | Family firms | Family firms | Non-family firms | Family firms | Family firms | |
|---|---|---|---|---|---|---|---|---|---|
| Model 5 | Model 5 | Model 6 | Model 5 | Model 5 | Model 6 | Model 5 | Model 5 | Model 6 | |
| ABS | ABS | ABS | NDA | NDA | NDA | PDA | PDA | PDA | |
| INT | 0.16 (0.03)*** | 0.08 (0.03)*** | 0.12 (0.04)*** | −0.19 (0.05)*** | −0.06 (0.03)** | −0.06 (0.04) | 0.15 (0.04)*** | 0.11 (0.04)** | 0.19 (0.05)*** |
| DRPT | −0.01 (0.01) | −0.01 (0.01) | −0.01 (0.01) | 0.02 (0.01)* | 0.01 (0.01) | 0.01 (0.01) | −0.01 (0.01) | 0.00 (0.01) | 0.00 (0.01) |
| BSIZE | −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) |
| WBD | 0.01 (0.03) | −0.00 (0.03) | 0.00 (0.03) | 0.01 (0.03) | −0.00 (0.03) | −0.03 (0.03) | 0.02 (0.05) | −0.01 (0.04) | −0.02 (0.04) |
| CEOD | 0.01 (0.01) | −0.02 (0.01)** | −0.01 (0.01)* | −0.02 (0.01)* | 0.02 (0.01)** | 0.01 (0.01)* | −0.02 (0.01) | −0.01 (0.01) | −0.02 (0.01) |
| FOWN | −0.00 (0.00) | −0.00 (0.00)* | −0.00 (0.00)* | ||||||
| FMBD | −0.03 (0.02) | 0.08 (0.03)** | 0.02 (0.03) | ||||||
| BIG4 | 0.01 (0.02) | 0.00 (0.01) | 0.00 (0.01) | −0.02 (0.02) | −0.01 (0.01) | −0.00 (0.01) | 0.00 (0.02) | −0.00 (0.01) | 0.00 (0.01) |
| ROA | −0.03 (0.07) | −0.04 (0.04) | −0.05 (0.05) | −0.06 (0.09) | −0.01 (0.05) | −0.02 (0.06) | −0.07 (0.08) | −0.10 (0.07) | −0.11 (0.07)* |
| SIZE | −0.01 (0.00)*** | −0.00 (0.00) | −0.00 (0.00) | 0.01 (0.00)** | 0.00 (0.00) | 0.00 (0.00) | −0.01 (0.00)** | −0.00 (0.00) | −0.01 (0.00) |
| LEV | −0.01 (0.03) | 0.00 (0.02) | 0.00 (0.02) | 0.01 (0.04) | −0.00 (0.03) | 0.01 (0.03) | 0.03 (0.03) | −0.00 (0.03) | 0.01 (0.03) |
| 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 | −0.00 (0.00) | −0.00 (0.00) | −0.00 (0.00) | 0.01 (0.00) | 0.00 (0.01) | 0.01 (0.01) | 0.00 (0.00) | 0.00 (0.00) | 0.01 (0.00) |
| INDUSTRY | yes | yes | yes | yes | yes | yes | yes | yes | yes |
| YEAR | yes | yes | yes | yes | yes | yes | yes | yes | yes |
| obs | 340 | 608 | 608 | 175 | 322 | 322 | 165 | 286 | 283 |
| R2 | 0.16 | 0.07 | 0.08 | 0.29 | 0.07 | 0.10 | 0.19 | 0.11 | 0.13 |
| Non-family firms | Family firms | Family firms | Non-family firms | Family firms | Family firms | Non-family firms | Family firms | Family firms | |
|---|---|---|---|---|---|---|---|---|---|
| Model 5 | Model 5 | Model 6 | Model 5 | Model 5 | Model 6 | Model 5 | Model 5 | Model 6 | |
| ABS | ABS | ABS | NDA | NDA | NDA | PDA | PDA | PDA | |
| INT | 0.16 (0.03)*** | 0.08 (0.03)*** | 0.12 (0.04)*** | −0.19 (0.05)*** | −0.06 (0.03)** | −0.06 (0.04) | 0.15 (0.04)*** | 0.11 (0.04)** | 0.19 (0.05)*** |
| DRPT | −0.01 (0.01) | −0.01 (0.01) | −0.01 (0.01) | 0.02 (0.01)* | 0.01 (0.01) | 0.01 (0.01) | −0.01 (0.01) | 0.00 (0.01) | 0.00 (0.01) |
| BSIZE | −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) |
| WBD | 0.01 (0.03) | −0.00 (0.03) | 0.00 (0.03) | 0.01 (0.03) | −0.00 (0.03) | −0.03 (0.03) | 0.02 (0.05) | −0.01 (0.04) | −0.02 (0.04) |
| CEOD | 0.01 (0.01) | −0.02 (0.01)** | −0.01 (0.01)* | −0.02 (0.01)* | 0.02 (0.01)** | 0.01 (0.01)* | −0.02 (0.01) | −0.01 (0.01) | −0.02 (0.01) |
| FOWN | −0.00 (0.00) | −0.00 (0.00)* | −0.00 (0.00)* | ||||||
| FMBD | −0.03 (0.02) | 0.08 (0.03)** | 0.02 (0.03) | ||||||
| BIG4 | 0.01 (0.02) | 0.00 (0.01) | 0.00 (0.01) | −0.02 (0.02) | −0.01 (0.01) | −0.00 (0.01) | 0.00 (0.02) | −0.00 (0.01) | 0.00 (0.01) |
| ROA | −0.03 (0.07) | −0.04 (0.04) | −0.05 (0.05) | −0.06 (0.09) | −0.01 (0.05) | −0.02 (0.06) | −0.07 (0.08) | −0.10 (0.07) | −0.11 (0.07)* |
| SIZE | −0.01 (0.00)*** | −0.00 (0.00) | −0.00 (0.00) | 0.01 (0.00)** | 0.00 (0.00) | 0.00 (0.00) | −0.01 (0.00)** | −0.00 (0.00) | −0.01 (0.00) |
| LEV | −0.01 (0.03) | 0.00 (0.02) | 0.00 (0.02) | 0.01 (0.04) | −0.00 (0.03) | 0.01 (0.03) | 0.03 (0.03) | −0.00 (0.03) | 0.01 (0.03) |
| 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 | −0.00 (0.00) | −0.00 (0.00) | −0.00 (0.00) | 0.01 (0.00) | 0.00 (0.01) | 0.01 (0.01) | 0.00 (0.00) | 0.00 (0.00) | 0.01 (0.00) |
| INDUSTRY | yes | yes | yes | yes | yes | yes | yes | yes | yes |
| YEAR | yes | yes | yes | yes | yes | yes | yes | yes | yes |
| obs | 340 | 608 | 608 | 175 | 322 | 322 | 165 | 286 | 283 |
| 0.16 | 0.07 | 0.08 | 0.29 | 0.07 | 0.10 | 0.19 | 0.11 | 0.13 |
Note(s): Non-family and family firms pooling GLS results