The study addresses the signs of earnings management in unlisted companies, comparing the situation in family firms and non-family firms. We adopt arguments from agency theory, and stewardship theory, which are supplemented with the assumptions of socio-emotional wealth literature, to justify our research model. The sample is composed of 263 audited Spanish companies with a turnover of more than 200 million euros, which were analysed in the period from 2011 to 2015. Results indicate that family firms are less prone to the practices of earnings management than non-family firms, and that the association between family firm status and earnings management is moderated by the firm generation. This work contributes to the literature on the quality of financial information in both family firms and unlisted companies, exploring new areas of research.

Companies gain significant advantages from having a favorable corporate reputation (CR), so researchers have analyzed the factors that contribute to the formation and maintenance of this intangible asset. One of these variables could be gender diversity in management. This study drew on stakeholder, signaling, and critical mass theories to explore how women in firms' top management teams (TMTs) can influence these organizations' CR. A sample of data on Spanish listed companies were collected for the period of 2017–2022. The results reveal that a positive relationship exists between gender diversity in TMTs and CR and that this relationship is moderated by women on boards of directors and by board independence. The findings contribute to the literature by providing evidence of top management's influence on CR. This empirical research also expands the literature on gender diversity in organizations by demonstrating that the positive impact of gender diversity on CR extends beyond boards of directors.

El objetivo del estudio consiste en analizar la calidad de la información financiera de las empresas españolas, comparando las empresas familiares y las no familiares, y relacionando dicha calidad con las prácticas de gobierno corporativo. Para alcanzar este objetivo se analizó una muestra de 650 empresas españolas durante el período 2011-2016. Con base en la teoría de la agencia y en la literatura sobre la riqueza socioemocional, los resultados muestran una mayor calidad de la información financiera en las empresas familiares, relación que se ve reforzada por los factores de gobierno corporativo. Nuestros resultados son consistentes con la investigación previa y con las premisas de la teoría de agencia, que indican menores asimetrías de información entre propietarios y gestores en el singular contexto de las empresas familiares. Además, nuestro trabajo proporciona evidencia empírica de que la participación de las mujeres en el consejo de administración contribuye a la mayor calidad de la información financiera en las empresas familiares, contribuyendo a explicar la heterogeneidad de las empresas familiares en términos de gestión del resultado contable. El estudio contribuye a cubrir la brecha que existe en la literatura sobre la influencia del contexto de empresa familiar y la influencia de la presencia de las mujeres en el consejo sobre la calidad de la información financiera. The objective of this study is to explore the quality of financial information of Spanish firms, by comparing family firms with non-family firms, and relating this quality with corporate governance practices. For this purpose, a sample of 650 Spanish firms was analysed during the period 2011-2016. Based on agency theory and socioemotional wealth literature, the results show a higher quality of financial information in family firms, a relationship which is reinforced by corporate governance factors. Our results are consistent with the scant previous research, and with the premises of agency theory, which indicate lower asymmetry of information between owners and managers in the singular context of family firms. Additionally, our work provides evidence that the participation of women on the board boosts the quality of financial information in family firms, contributing to the justification of family firm heterogeneity in terms of earnings management. This study contributes to reducing the gap in the literature on the influence of the family business context and the influence of women on the board on the quality of financial reporting.

The present study analyzes dividends paid in unlisted family and non-family businesses, exploring factors that lead to higher or lower dividend payments. Data from 612 Spanish companies during 12 consecutive years was analyzed. This study indicates that family businesses, as a result of the greater proximity of the family to the business, pay lower dividends. However, we found evidence of higher dividends paid in pyramid structures, susceptible to higher agency costs, both in family and non-family businesses. In family businesses, this can be explained by their aim to maintain levels of trust with minority interests, and in non-family businesses by the purpose to mitigate conflicts of interest as a consequence of greater autonomy of subsidiaries. The evidence obtained adds value to the investigation, which has generally been focused on listed companies. Considering that unlisted companies use the dividend policy to align divergent interests, especially in more fragile governance structures, the results contribute to reduce the gap in research, and have practical implications for companies and investors.

Digitalized financial processes are redefining 21st-century business landscapes. One area that has undergone significant transformation is financial reporting, which involves the preparation and presentation of essential reports that enhance strategic decision making and regulatory compliance. Automation and data processing play a crucial role in this context by enhancing the efficiency, accuracy, and transparency of the reports generated. This chapter explores in detail how advances in these two areas of digitalization are revolutionizing financial reporting and then analyzes the relevant technologies and their benefits and challenges, as well as best practices for their implementation. Regulatory guidelines are also examined in terms of their implications and future trends in digital financial reporting.

Transparency is a key factor in ensuring family firms' commercial success and establishing and nurturing trust among stakeholders, including managers and teams. However, transparency appears to depend on business contexts and, more specifically, on family members' involvement in these companies, which helps explain researchers' growing interest in corporate transparency in family firms. This chapter examines the most relevant literature on this topic to provide an integrative overview of studies of transparency practices in family businesses and identify the main research gaps that comprise paths for future investigations. To this end, a non-systematic compilation and review was conducted of 50 related articles published in journals included in the Academic Journal Guide 2021. Content analysis revealed that the majority are based on empirical research focusing on the quality of information disclosed via earnings management. The most significant findings are discussed in this chapter, including research questions to be answered in further studies of this topic. Request access from your librarian to read this chapter's full text.