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The Market Reaction to Earnings Announcements in Public Family Firms

This paper investigates the market reaction to earnings announcements in public family firms and whether this type of announcements affect firm’s return, liquidity and cost of capital, providing also evidence on whether family businesses differ from non-family ones in what concerns the earnings announcements effects. To do so, we analyse a sample of Portuguese listed firms for the period 2000-2013, using the event study and a panel data approach. 
Overall, we find no support for the earnings-signalling hypothesis and for the efficient markets hypothesis. In addition, we find no significant differences between family and non-family firms in what concerns performance. We conclude that ROA appears to fit better than ROE or MB to relate earnings and firm performance. The results show that firm’s size and age contribute positively to the firm’s performance. Finally, we find no evidence of a significant relationship between earnings changes and both the firm’s liquidity and weighted average cost of capital, giving no support for the pecking order theory. 
This study is of interest to scholars and practitioners in the finance field, namely the information content of earnings and the differences between listed family and non-family firms in what concerns the earnings announcements effects.