Founding Family Firms and Corporate Disclosure: Analysts Earning Forecasting Behavior Perspectives
| Autor: | Yi-Syuan Lin, 林依璇 |
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| Rok vydání: | 2011 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 99 Recently, the corporate disclosure of family firms has become a focus of academic research. In this paper, I study the corporate disclosure of family firms from the perspective of analysts earning forecasting behavior. The definition of family firm is taken from Anderson and Reeb (2003). Using a sample of public listing firms in Taiwan from 2000 to 2009, I find family firms have mixed effect on corporate disclosures. On the one hand, comparing with non-family firms, family firms have more analyst coverage, suggesting better disclosure practices. On the other hand, family firms are associated with greater analyst forecast revision, representing worse disclosure. In addition, family control has no significant effect on analyst forecast dispersion or accuracy. A possible explanation of the above mixed result is that the analysts earning forecasting behavior may not able to reflect corporate disclosure qualities in Taiwan owning to the conflict of interest between analysts and investors. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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