Research Output

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Now showing 1 - 8 of 8
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Publication

The factors affecting the risk attitude in entrepreneurship: evidence from Latin America

2014 , SEPULVEDA UMANZOR, JEAN PAUL , BONILLA, CLAUDIO

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The effect of bank ownership and deposit insurance on monetary policy transmission revisited: The role of precautionary savings

2022 , SEPULVEDA UMANZOR, JEAN PAUL , VERGARA FARÍAS, MARCOS ANDRÉS

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THE ATTITUDE TOWARD THE RISK OF ENTREPRENEURIAL ACTIVITY: EVIDENCE FROM CHILE

2011 , SEPULVEDA UMANZOR, JEAN PAUL , BONILLA, CLAUDIO

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Stock returns in emerging markets and the use of GARCH models

2011 , Claudio A. Bonilla , SEPULVEDA UMANZOR, JEAN PAUL

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Financial Markets and Politics: The Piñera Effect on the Chilean Capital Market

2014 , Claudio A. Bonilla , Harold Contreras , SEPULVEDA UMANZOR, JEAN PAUL

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Earnings management and performance in family-controlled firms

2016 , Mauricio Jara-Bertin , SEPULVEDA UMANZOR, JEAN PAUL

Purpose The purpose of this paper is to introduce an earnings management dimension to compute pre-manipulated accounting performance (free of discretionary accruals) to determine whether family-controlled firms perform better than non-family-controlled firms. Design/methodology/approach The authors used Jones’ model (1991) to obtain a pre-manipulated performance measure for a sample of Chilean firms. The authors then regressed the pre-manipulated measures of accounting performance as dependent variables against the family nature of the largest shareholder using the Blundell and Bond generalized method of moments estimator. Findings The authors found that the pre-manipulated performance of family-controlled firms is superior to that of non-family-controlled firms. The authors also show that the presence of institutional investors in the firm’s ownership structure has a positive influence on the performance of family companies. The results suggest that earnings management behavior is not sufficient to explain the better performance of family-controlled firms that has been reported in the literature. Originality/value The authors provide new evidence regarding the real superior performance of family business. These results provide some degree of confidence to investors since family firms provide good quality earnings measures of financial performance.

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On the relationship between concentration and competition: evidence from the Chilean private pension system

2012 , SEPULVEDA UMANZOR, JEAN PAUL

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Special section editorial

2022 , AMOROS ESPINOZA, JOSÉ ERNESTO , GUERRERO CANO, MARIBEL , SEPULVEDA UMANZOR, JEAN PAUL