Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/261927 
Erscheinungsjahr: 
2022
Quellenangabe: 
[Journal:] BRQ Business Research Quarterly [ISSN:] 2340-9436 [Volume:] 25 [Issue:] 3 [Publisher:] Sage Publishing [Place:] London [Year:] 2022 [Pages:] 265-282
Verlag: 
Sage Publishing, London
Zusammenfassung: 
This article attempts to identify the default risk measure which best reflects the idiosyncratic context of public family firms. Seven accounting- and market-based measures are compared over a sample of 981 US family and non-family firms for the period 2000-2016. The results show that the Black-Scholes-Merton (BSM) measure gives the best fit in both types of firm. However, all the accounting-based measures, especially Altman's Z-score, come closest to the market-based measures when used to assess the credit risk of family firms. The two types of measures also coincide more closely in their default risk orderings of family than of non-family firms. Useful practical implications can be drawn from these findings, which show that accounting-based measures can be used reliably in the absence of market data for family firms with similar characteristics to those in our sample.
Schlagwörter: 
Black-Scholes-Merton measure
default risk ranking of firms
family firms
Goodness of fit of credit risk
JEL: 
G32
G33
G13
C52
M21
M41
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