According to agency theory, impression management is lower in family-owned firms because of reduced agency I conflicts. However, when family owners are present, agency I conflicts are superseded by agency II conflicts between controlling and minority shareholders, leading to a positive...

Although macroeconomic forecasts are a relevant source of information for financial markets, the determinants of their accuracy are still unclear. We examine whether macro forecasting houses' access to private political information is a determinant of macroeconomic forecast accuracy. In...

We study the role of institutional environment in shaping firms' accounting choices as banking sector conditions worsen and their subsequent effect on the use of equity financing as an alternative source of financing (the “spare tire” effect). Using a sample of firms from five European...