دانلود مقاله ISI انگلیسی شماره 80246
ترجمه فارسی عنوان مقاله

ساختار مالکیت و دقت پیش بینی در اسپانیا

عنوان انگلیسی
Ownership structure and forecast accuracy in Spain
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
80246 2011 10 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of International Accounting, Auditing and Taxation, Volume 20, Issue 2, 2011, Pages 73–82

ترجمه کلمات کلیدی
پیش بینی تحلیلگران؛ دقت تحلیلگر؛ اسپانیا؛ ساختار مالکیت؛ مالکیت بانک؛ دارندگان بلوک
کلمات کلیدی انگلیسی
Analyst forecasts; Analyst accuracy; Spain; Ownership structure; Bank ownership; Block holders
پیش نمایش مقاله
پیش نمایش مقاله  ساختار مالکیت و دقت پیش بینی در اسپانیا

چکیده انگلیسی

This article examines how analysts respond to specific ownership structure characteristics by studying the accuracy of their forecasts after the release of the first Spanish corporate governance code and before IFRS were adopted. Specifically, we analyse the influence of ownership concentration, bank ownership and insider ownership on analyst forecast errors. Overall the results show a positive and significant influence of bank ownership on analyst forecast accuracy, which suggests that bank ownership leads to closer monitoring of management and a reduction in analyst forecast errors. However, the presence of large shareholders and insiders in the ownership structure of the firm does not significantly affect the accuracy of financial analysts. This research provides investors with a more refined sense of how analyst forecasts might be affected through the composition of the ownership structure in a context of high concentration of ownership, relevant presence of banks in firms as creditors and shareholders, and local GAAP.