| Summary: | 碩士 === 國立中興大學 === 會計學研究所 === 105 === The purpose of this study is to investigate whether family firms have an impact on analyst behavior. Prior research indicates that family firms have a serious agency problem between controlling shareholders and non-controlling shareholders which affects negatively on their information transparency. Thus, this study adopts an analyst perspective to examine whether family firms have impacts on analyst following and optimism forecasts, and to consider how earnings quality affects analysts’ forecasts. Using the listed and OTC companies in Taiwan from 2010 to 2015 as empirical data, empirical results indicate that family firms attract fewer analysts following, and when family firms with a better earnings quality tend to attract more analysts following. On the other hand, the study doesn’t find that analysts tend to issue overly optimistic forecasts for family firms, and also doesn’t find that family firms with a better earnings quality can reduce optimistic forecasts issued by analysts. Furthermore, compared with family firms with better earnings quality, analysts are more unwilling to issue overly optimistic forecast for family firms with poor earnings quality. They tend to adopt conservative forecasts to protect investors from suffering due to overly optimistic forecasts. Results of the study have implications on the relationship between family firms and analyst behavior.
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