We explore how publicly listed family and nonfamily firms engage in self-serving attributions in their annual financial reports. We empirically examine how both types of firms emphasize internal attributions for good firm performance (internal-positive attributions) and external attributions for poor firm performance (external-negative attributions). We find that family firms make more external-negative attributions and that the stock market reacts more negatively to external-negative attributions made by family firms. This suggests important theoretical and practical implications for attribution theory and impression management in family firm research.
- family firms
- impression management
- stock market reaction
ASJC Scopus subject areas
- Business, Management and Accounting (miscellaneous)