家族股權、盈餘管理和自願揭露：家族社會情感財富觀點

Founding Family Ownership, Earnings Management, and Voluntary Disclosure: The Socioemotional Wealth Perspective

本研究以Gómez-Mejía, Cruz, and Imperatore（2014）為架構，從Socioemotional Wealth Perspective（SEW）探討家族所有權對財務報告決策（包括盈餘管理和自願性揭露）。我們主要在探討家族控制力與認同度兩個SEW維度對財務揭露的影響。研究結果顯示，控制型家族企業，從事盈餘管理（自願揭露）的可能性較大（較小），而認同型家族企業，從事盈餘管理（自願揭露）的可能性則較小（較大）。我們進一步發現，當家族企業決定進行盈餘管理或自願性的揭露時，控制型（認同型）家族企業較會（不會）選擇應計數盈餘管理，較不會（會）選擇實際盈餘管理，此外控制型（認同型）家族企業較會（不會）從事前瞻性之揭露，較不會（會）從事歷史性之揭露。

This study empirically tests the framework developed by Gómez-Mejía, Cruz, and Imperatore (2014) for family firms’financial reporting decisions (i.e., earnings management and voluntary disclosure). We posit that control (identity)-focused family firms give priority to the‘Family Control’(‘Family Identity’) dimension. Using data for Taiwanese listed firms in 2005-2022, we show that control-focused family firms engage more in earnings management (voluntary disclosure), and identity-focused family firms engage less in earnings management (voluntary disclosure). In addition, given the discretion that characterizes family firms’financial reporting decisions, control-focused family firms (identity-focused family firms) engage more in accrual-based earnings management than real earnings management, and engage more (less) in forward-looking disclosure than historical information disclosure. Our findings align with the model proposed by Gómez-Mejía et al. (2014), and indicate that families may use family socioemotional wealth as a benchmark for their financial reporting choices.