비상장 가족기업과 비가족기업의 회계정보 유용성 비교

Compared to non-family firms, family firms face less severe agency problem due to the separation of ownership and management because family members keep their hand on manager by directly involving management, but more severe agency problems that arise between controlling and non-controlling shareholder. Family firms decide the degree of earnings management in relative intensity of the former to the latter agency problemThe purpose of this study is to compare the difference of earnings management and to test the predicting power of accounting information on future cash flow between family firms and non-family firms. The sample consists 16,898 unlisted manufacturing companies under obligation of external audit. It is classified into 9,741 family firms and 7,157 non-family firms. The discretionary accrual, earnings management index is measured by performance-matched adjusted Jones model. The forecasting error of future cash flow is estimated by using Cohen(2004) model.The results confirm that the degree of earning management of non-family firms is stronger than that of family firms. The family firms measured as dummy variable is significantly negative with the earnings. Also, The accounting information of family firms shows stronger ability than that of non-family firms in forecasting future cash flow. The family firms is significantly negative with the forecasting error of cash flow. These results is robust in different year. We show that family firms report better quality earnings.