Title
The association between web-based corporate performance disclosure and financial analyst behaviour under different governance regimes
Author
Faculty/Department
Faculty of Applied Economics
Publication type
article
Publication
Oxford ,
Source (journal)
Corporate governance : an international review. - Oxford, 1991, currens
Volume/pages
15(2007) :6 , p. 1301-1329
ISSN
0964-8410
1467-8683
ISI
000252360700023
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
Abstract
In this study, we assert and test that the determination of corporate performance communication and financial analysts earnings forecasting work are closely intertwined processes. The resulting endogeneity in capital markets information dissemination and use is strongly influenced by a country's governance regime. Results from simultaneous equation regressions show significant interrelationships between financial analysts activities and corporate disclosure transparency for North American firms. Moreover, analyst following underlies corporate disclosure, which ultimately leads to a reduction in the dispersion of analysts earnings forecasts. In contrast, capital markets information dynamics for continental European firms are much weaker.
E-info
https://repository.uantwerpen.be/docman/iruaauth/8cfadc/bec1916.pdf
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Handle