The Association between Corporate Governance Evaluation and Earnings Forecast of Financial Analyst

• Main Authors: Huang,Chuan-Han, 黃銓涵
• Other Authors: Chen,Jui-Pin
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/y2g9uh

碩士 === 國立彰化師範大學 === 會計學系 === 107 === The purposes of this study are to examine the effect of the corporate governance ranking system. Whether the quality of corporate governance is enhanced after the implementation of the system and thus improve the level of information disclosure and affect the earning forecast of financial analysts is examined in this study as well. Moreover, we determine the effectiveness of corporate governance mechanism via corporate governance ranking system which is the comprehensive indicator and examine whether the good corporate governance is benefit to the analyst’s earnings forecasts behavior. We take the listed companies from the year 2014 to 2015 and the listed companies from the year 2015 to 2018 which respectively reflect the difference resulted after the implementation of the corporate governance ranking system and the effect of the system up till the present moment. By adopting the ordinary least squares, our results indicate that the analyst’s forecast dispersion is lower and analyst coverage is more after the implementation of the corporate governance ranking system. We further find that there is significantly positive relationship between the ranking of corporate governance evaluation and the earnings forecasts accuracy of analysts. Keywords: Corporate governance ranking system ; Analyst’s earnings forecasts ; Corporate governance