Ultimate Control Rights,Cash Flow Rights Effect On Self-serving Attribution Tendency

The company's annual report is an important tool for listed family business to disclose information,and is of great significance to small and medium investors and other stakeholders.Compared with other small and medium investors,the ultimate controller of listed family business has the advantage of information and the ability and motivation to manipulate the information disclosure of the annual report for a long time.Related studies have confirmed the differences between family business and non-family business in self-serving attribution,but there is little discussion on the heterogeneity between family firms.This paper studies the impact of selfserving attribution from the perspective of the ultimate controller's control and cash flow rights.Small and medium investors can further understand the information disclosure of the company's annual report based on relevant research conclusions.In order to study the influence of ultimate controller's control rights and cash flow rights of listed family business on self-serving attribution.On the basis of the theory of agency,socioemotional wealth and attribution,the main hypotheses of this study are put forward,using Stata software for empirical analysis and robustness test.The empirical results show that:(1)Ultimate controller's control rights and self-serving attribution tend to reverse the Ushaped relationship in the listed family business.When the ultimate controller's control ratio is low,the alignment effect dominates,and the self-serving attribution tendency is low.When the ultimate controller's control is improved,the entrenchment effect is intensified,and opportunism will manipulate the proceeds.When the control right exceeds a certain proportion,the cost of obtaining non-financial information manipulation gains increases,which seriously affects their own interests.The incentive effect of control right is dominant,and the self-serving attribution tends to decrease.(2)Ultimate controller's cash flow rights and self-serving attribution have an inverted U-shaped relationship.When the ultimate controller's cash flow rights are higher or lower,the attribution tendency of self-serving attribution will be reduced.(3)The degree of separation between the ultimate controller's cash flow rights and control rights will enhance the self-serving attribution tendency.(4)In addition,it is found that the ROE of listed family business will reduce the tendency of self-serving attribution and increase the external positive attribution.