The Effects of Corporate Governance and Product Market Competition on Analysts' Forecasts: Evidence from the Brazilian Capital Market

被引：23
|
作者：
Feres de Almeida, Jose Elias [1 ]
Dalmacio, Flavia Zoboli [2 ]
机构：
[1] Univ Fed Espirito Santo, Dept Accountancy, Av Fernando Ferrari 514,ED-6,R 618, BR-29075910 Vitoria, ES, Brazil
[2] Univ Sao Paulo, Dept Accountancy & Actuarial Sci, BR-14040905 Ribeirao Preto, SP, Brazil
来源：
INTERNATIONAL JOURNAL OF ACCOUNTING | 2015年 / 50卷 / 03期
关键词：
Product market competition; Corporate governance; Accuracy of analysts' forecasts;
D O I：
10.1016/j.intacc.2015.07.007
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We investigate how the interaction between product market competition and firm-level corporate governance enhances the accuracy of analysts' forecasts and reduces the forecasts' deviation. Using a sample of Brazilian public firms covered by analysts, we find that competitive industries provide incentives to increase the flow of information, but not necessarily to enhance its quality. However, strong corporate governance enhances the financial reporting process and consequently the quality of analysts' forecasts. Our main evidence shows that the analysts who cover firms in more highly competitive industries with strong corporate governance are the most accurate. (C) 2015 University of Illinois. All rights reserved.
引用
收藏
页码：316 / 339
页数：24
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