M%A disclosure post-global financial crisis: the influence of family ownership

Cristina Florio and Francesca Rossignoli

International Journal of Accounting, Auditing and Performance Evaluation, 2024, vol. 20, issue 3/4, 291-318

Abstract: This study investigates whether acquirers provide higher-quality disclosures for mergers and acquisitions (M%As) after the global financial crisis (GFC) compared to before, in an effort to restore investors' trust and secure access to credit in a country, Italy, that lengthy recovered from the severe GFC. By employing a comprehensive mandatory disclosure index, we conduct empirical research on a sample of M%As spanning the pre-GFC (2006-2008) and post-GFC (2015-2017) periods in Italy. Our findings show heightened M%A disclosure quality post-GFC compared to the pre-crisis period, with the improvement being significantly more pronounced in family-owned acquirers than in non-family ones. This outcome remains robust after matching family and non-family observations through propensity-score matching. The study enriches extant knowledge on disclosure quality and offers practical implications to regulators, standard setters, and investors who may evaluate different responses to the GFC in a crucial area of disclosure.

Keywords: disclosure quality; mandatory disclosure; M%A; mergers and acquisitions; business combinations; IFRS 3; goodwill; family firms; ownership; GFC; global financial crisis; Italy. (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijaape:v:20:y:2024:i:3/4:p:291-318

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