This study explores the premise that family businesses are substantially dependent on a single individual, the owner-manager. A national survey of Canadian family-owned businesses is used to address two issues: (1) the degree of dependence of family-owned businesses on a single individual, and...

Using an equity valuation model characterized by periodic imperfect accounting information, we examine how financial leverage affects a firm's accounting quality choice (i.e., precision). We find that the existence of financial leverage motivates firms with average to good performance to prepare...