The physical origin of the backbendings in the equations of state of finite but not necessarily small systems is studied in the Ising model with fixed magnetization (IMFM) by means of the topological properties of the observable distributions and the analysis of the largest cluster with increasing lattice size. Looking at the convexity anomalies of the IMFM thermodynamic potential, it is shown that the order of the transition at the thermodynamic limit can be recognized in finite systems independently of the lattice size. General statistical mechanics arguments and analytical calculations suggest that the backbending in the caloric curve is a transient behavior which should not converge to a plateau in the thermodynamic limit, while the first-order transition (in the Ehrenfest sense) is still signaled by a discontinuity in the magnetization equation of state.