Influence of the difference of governance on the earnings forecast information

2015 Fiscal Year Final Research Report

• Project/Area Number: 25780280
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Accounting
• Research Institution: Meiji University
• Principal Investigator: Nara Saori 明治大学, 商学部, 講師 (40642880)
• Project Period (FY): 2013-04-01 – 2016-03-31
• Keywords: 経営者予想 / アナリスト予想 / 価値関連性 / 業績予想精度 / 業績修正 / アナリスト / ディスクロージャー / 自主開示

Outline of Final Research Achievements

This study investigates the impact of the difference in governance on earnings forecasts information such as management and analyst forecasts. The main results are follows. Low level of maturity of firm leads optimism in management forecasts and the accuracy become low. Also, we show that dependence on bank loan increase management and analyst forecast error and dispersion of analyst forecasts but decrease analyst coverage. In addition, we find that dependence on bank loan decrease value relevance of management and analyst forecasts.

Free Research Field

財務会計