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Family business literature shows that family and nonfamily firms differ with respect to their financial reporting decisions. However, although the literature on financial reporting in family firms has developed over the last ten years, it is mostly oriented towards earnings management and management control issues. Given the specific characteristics of family firms in financing and governance, do their published accounting data have less value relevance for public investors than in the case of non-family firms? How do family firms differ from one another on this issue? While different theoretical perspectives have been used to tackle this problem, two main theses based on agency theory were the most frequently called upon. In fact, the views of interests’ alignment and entrenchment are competing in explaining the differential quality of family and non-family firms accounting numbers. This paper draws on this theoretical lens and contributes to filling this research gap by conducting a comparative analysis of earnings’ value relevance for a sample of quoted French family and non-family firms. First, it examines whether family firms show more or less relevant accounting earnings than non-family firms. Second, it seeks to study the heterogeneity of family firms in terms of earnings figures’ relevance by considering the extent of family control and the involvement of a family CEO as mechanisms leading to alignment or entrenchment. The findings show that family firms exhibit better earnings’ value relevance than non-family firms. In addition, when owning families’ control becomes high, earnings’ value relevance worsens, which suggests a possible entrenchment effect on behalf of controlling families. La relevancia del valor de las medidas de desempeño contable para las empresas familiares francesas cotizadas: un estudio a la luz de las hipótesis de alineación y afianzamiento Resumen La literatura sobre empresas familiares muestra que las empresas familiares y no familiares difieren con respecto a sus decisiones de información financiera. Sin embargo, aunque la literatura sobre información financiera en empresas familiares se ha desarrollado en los últimos diez años, está mayoritariamente orientada a temas de gestión de resultados y control de gestión. Dadas las características específicas de las empresas familiares en financiación y gobernanza, ¿sus datos contables publicados tienen menos relevancia de valor para los inversores públicos que en el caso de las empresas no familiares? ¿En qué se diferencian las empresas familiares en este tema? Si bien se han utilizado diferentes perspectivas teóricas para abordar este problema, dos tesis principales basadas en la teoría de la agencia han sido las más utilizadas. Este artículo examina si las empresas familiares muestran ganancias contables más o menos relevantes que las empresas no familiares. En segundo lugar, busca estudiar la heterogeneidad de las empresas familiares en términos de la relevancia de las cifras de ingresos considerando el alcance del control familiar y la participación de un director general de la familia como mecanismos que conducen a la alineación o el atrincheramiento. Los resultados muestran que las empresas familiares exhiben una mayor relevancia de valor de las ganancias que las empresas no familiares. Además, cuando el control de las familias propietarias se vuelve alto, la relevancia del valor de los ingresos empeora, lo que sugiere un posible efecto de atrincheramiento en nombre de las familias controladoras. S. Basly, T. Saadi 7 Basly, S., Saadi, T. (2020). The Value Relevance of Accounting Performance Measures for Quoted French Family Firms: A Study in the Light of the Alignment and Entrenchment Hypotheses. European Journal of Family Business, 10(2), 6-23.

The Value relevance of accounting performance measures for quoted family firms: A study in the light of the alignment and entrenchment hypotheses