Abstract:In this paper, we investigate whether the Securities and Exchange Commission (SEC)'s review of voluntary non-GAAP disclosures in 10-K reports varies with firm ownership structure. Relying on the voluntary disclosure literature, we argue that managers voluntarily disclose financial and non-financial information in order to resolve information asymmetries arising from firm ownership structure. We find, using a sample of firms over the period 2006-2018, that family ownership reduces the likelihood of receiving a … Show more
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