Industrial policy, uncertainty, and analysts' earnings forecast: Evidence from China

被引：6
|
作者：
Wang, Jiangyuan [1 ]
Gan, Jiawu [2 ]
Li, Zhen [3 ]
机构：
[1] Cent China Normal Univ, Sch Econ & Business Adm, 152 Luoyu Rd, Wuhan 430079, Hubei, Peoples R China
[2] Yunnan Univ Finance & Econ, Int Business Sch, 237 Longquan Rd, Kunming 650221, Yunnan, Peoples R China
[3] Yunnan Univ Finance & Econ, Sch Int Languages & Cultures, 237 Longquan Rd, Kunming 650221, Yunnan, Peoples R China
来源：
ECONOMIC ANALYSIS AND POLICY | 2021年 / 70卷
关键词：
Industrial policy; Accuracy of analysts' earnings forecasts; Uncertainty; Industry competition; STOCK-MARKET; INFORMATION UNCERTAINTY; RISK; ANNOUNCEMENT; ADVANTAGE; FIRMS;
D O I：
10.1016/j.eap.2021.02.013
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
On the basis of the revitalization plans of 10 industries implemented by the Chinese government in 2009, this study analyzes the relationship between industrial policies and analysts' earnings forecasts. We find that industrial policies lead to a decline in the accuracy of analysts' earnings forecasts. Our mechanism analysis confirms that the uncertainties caused by these industrial policies have a mediating effect on this relationship. In view of the effects of industrial policies as a mechanism for the government to intervene in the market, the negative effects of these policies on the role of analysts and their increasing effects on uncertainties are both more significant in competitive industries. (C) 2021 Economic Society of Australia, Queensland. Published by Elsevier B.V. All rights reserved.
引用
收藏
页码：249 / 258
页数：10
相关论文
共 50 条
  • [1] Abnormal Disclosure Tone in MD&A and Analysts' Earnings Forecast: Evidence from China
    Yan, Sibei
    Hwang, Iny
    Jung, Hyung-Rok
    Jung, Taejin
    [J]. EMERGING MARKETS FINANCE AND TRADE, 2024, 60 (08) : 1858 - 1874
  • [2] Does corporate internationalization affect analysts' ' earnings forecast bias? Evidence from China
    Wang, Linjiang
    Zhang, Guiling
    Lou, Xu
    Guo, Fei
    [J]. RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, 2024, 72
  • [3] Can local fintech development improve analysts' earnings forecast accuracy? Evidence from China
    Zhang, Chaolin
    Yu, Fangbo
    [J]. FINANCE RESEARCH LETTERS, 2024, 63
  • [4] Economic policy uncertainty and analysts' forecast characteristics
    Chourou, Lamia
    Purda, Lynnette
    Saadi, Samir
    [J]. JOURNAL OF ACCOUNTING AND PUBLIC POLICY, 2021, 40 (04)
  • [5] Does policy uncertainty affect earnings quality? Evidence from China
    Kim, Sang Ho
    An, Yohan
    [J]. INTERNATIONAL JOURNAL OF MANAGERIAL AND FINANCIAL ACCOUNTING, 2024, 16 (01) : 43 - 68
  • [6] Economic policy uncertainty exposure and earnings management: evidence from China
    Cui, Xin
    Yao, Shouyu
    Fang, Zhenming
    Wang, Hua
    [J]. ACCOUNTING AND FINANCE, 2021, 61 (03): : 3937 - 3976
  • [7] International economic policy uncertainty and analysts' earnings forecasts
    Le, Cao Hoang Anh
    Shan, Yaowen
    Taylor, Stephen
    [J]. PACIFIC-BASIN FINANCE JOURNAL, 2024, 85
  • [8] Analysts' forecast optimism and cash holding: Evidence from China
    Liu, Xingyu
    Loang, Ooi Kok
    [J]. FINANCE RESEARCH LETTERS, 2023, 57
  • [9] Political uncertainty and analysts' forecasts: Evidence from China
    Yu, Sijia
    Zhang, Junrui
    Qiu, Meng
    [J]. FINANCE RESEARCH LETTERS, 2020, 36
  • [10] Analysts' Earnings per Share Forecasts: The Effects of Forecast Uncertainty and Forecast Precision on Investor Judgements
    Goh, Clarence
    [J]. ABACUS-A JOURNAL OF ACCOUNTING FINANCE AND BUSINESS STUDIES, 2024, 60 (01): : 172 - 204
12345