Family firms and financial analyst activity

Eugster, Nicolas

doi:10.1016/j.pacfin.2018.03.002

Cited by 8 publications

(3 citation statements)

References 97 publications

(112 reference statements)

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“…In this study, we first examined the association between CSR disclosures and analysts' stock recommendation. Next, inspired by potential variations in information environment due to levels of family control [46][47][48][49] and audit quality [50][51][52], we further examined whether analyst behavior towards corporate responsibility disclosures is contingent on family ownership and auditor choice by performing analyses for various subsamples.…”

Section: Introductionmentioning

confidence: 99%

Corporate Responsibility Disclosure, Information Environment and Analysts’ Recommendations: Evidence from Malaysia

et al. 2021

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The purpose of this study was to extend our understanding of how corporate social responsibility (CSR) disclosures impact capital market participants, specifically sell-side analysts. The sample of this study was based on a dataset from a panel of 285 Malaysian firms for the period of 2008–2013 (738 firm-year observations). This study employed ordinary least square regression. This study found that firms with better CSR disclosures are more likely to receive optimistic investment recommendations. Subsample analyses revealed that the CSR-recommendation nexus is more pronounced under a transparent information environment (i) when there is less family control and (ii) when a firm is audited by a prominent Big Four auditor. The results implied that analysts tend to give favorable stock recommendations to high CSR companies operating in a more transparent information environment. To gain analysts’ confidence and make them more appreciative of the CSR disclosures, family firms with proactive CSR engagement are encouraged to switch to Big Four auditors or to seek assurance on their CSR reports. This study broadens our understanding of the factors influencing analysts’ recommendations and the preferences of analysts towards CSR engagement in an emerging market. This paper expands the literature on how corporate responsibility disclosures impact analysts’ final output, as reflected in the recommendation opinion, an area that has so far received little attention, particularly in emerging markets. Furthermore, this study also provides fresh evidence that analyst behavior towards CSR disclosures varies based on the strength of the firm’s information environment.

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Section: Introductionmentioning

confidence: 99%

Corporate Responsibility Disclosure, Information Environment and Analysts’ Recommendations: Evidence from Malaysia

et al. 2021

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“…Assim, devido à relevância das previsões dos analistas para o funcionamento do mercado financeiro, verifica-se a existência de pesquisas que buscam identificar quais são os fatores determinantes da sua acurácia, como: (a) a qualidade dos relatórios financeiros (Bernardi & Stark, 2018;Choi, Hu, & Karim, 2020;Choi, 2018;Eliwa et al, 2021;Iqbal, Ali, Umar, Ullah, & Jebran, 2021); (b) o ambiente econômico (Chourou et al, 2021;Ho, Nguyen, Parikh, & Vo, 2020;Hou & Gao, 2021;Yu et al, 2020); (c) a disponibilidade de informação (Dambra, Field, Gustafson, & Pisciotta, 2018;Felo, Kim, & Lim., 2018;Galanti, 2016;Tsao et al, 2018;Tsao, Lu, & Keung, 2016); (d) as caraterísticas da empresa (Eugster, 2019;Leal et al, 2016;Oliveira & Girão, 2018;Platikanova & Mattei, 2016); (e) a adoção do IRFS (Göttsche, Küster, & Steindl, 2021;Hsu & Chen, 2020;Sanabria-García & Garrido-Miralles, 2020); (f) a adoção de políticas e diretrizes (Cowan & Salotti, 2020;Smith, Alfonso, & Hogan, 2018); (g) o endividamento (BC & Esfahani, 2020) e (h) a governança corporativa (Bhat, Hope, & Kang, 2006;Byard, Li, & Weintrop, 2006;Dalmácio, Lopes, Rezende, & Sarlo Neto, 2013).…”

Section: Introductionunclassified

“…Adicionalmente, grande número dos artigos publicados utilizaram técnicas estatísticas de dependência, como o método de regressão (Ayres, Huang, & Myring, 2017;Eugster, 2019;Felo et al, 2018;Göttsche et al, 2021;Ho et al, 2020;Huyghebaert & Xu, 2016), ou estatísticas descritivas (Roger, 2017), porém, raros estudos utilizam-se de técnicas estatísticas de interdependência (Hou et al, 2018), que permitam relacionar as variáveis de precisão ou acurácia do analista com o grau de similaridade dos indivíduos envolvidos na análise.…”

Section: Introductionunclassified

Fatores comportamentais determinantes da acurácia da previsão de lucro dos analistas financeiros

Paula

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pelo incentivo, ensinamentos e tempo direcionados ao longo do meu curso. Sua dedicação e amor à pesquisa foram essenciais para meu aprendizado e sucesso na conclusão deste trabalho. Aos meus irmãos, Priscila e Abimael pelo estímulo e apoio para esta conquista e a toda minha família pela compreensão às ausências necessárias ao longo do curso. Aos professores do programa de Pós-Graduação em Controladoria e Contabilidade da Faculdade de Economia, Administração e Contabilidade, pelo aprendizado proporcionado e, aos os funcionários da secretaria pelo apoio durante todo o curso. E a todos que, de forma direta ou indireta, colaboraram para que este trabalho pudesse ser concluído. RESUMO PAULA, A. M. (2023). Fatores comportamentais determinantes da acurácia da previsão de lucro dos analistas financeiros (

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