Sustainable development of chinese family firms: a perspective from downward earnings management before successions

HIGHLIGHTS

• who: Chan Guo from the Institutional investors, whose equity investment in firms is usually high, have resources, abilities, and incentives to monitor and influence management decisions [39, ]Furthermore, Bushee [41] suggests that institutional investors are sophisticated investors searching for long-term firm success rather than short-term profits. Consistently, researchers find companies with a larger proportion of institutional shareholdings are less likely to manage earnings towards managers' desired level of profits [41, ]. Hence, it is expected that institutional investors would reduce management incentives for earnings manipulation before within-family successions. Therefore, the following hypothesis is proposed: Hypothesis . . .
  

   

  

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