多角化、公司治理、公司盈餘預測誤差之研究

Abstract

許多文獻已研究公司多角化、公司治理、資訊透明度之間的關係。然而，在多角化與資訊透明度的研究上，學界存在著歧異。在公司治理與資訊透明度上，透過資本市場的實證，則是發現較差的公司治理會帶來較多的資訊不對稱。而在實證中，多角化的公司也是被發現普遍擁有比較差的公司治理。透過結合這三個論點，本篇論文利用分析師公司盈餘預測之誤差，研究多角化公司比較差的公司治理是否能解釋這項誤差的存在。透過統計結果，我發現公司是否多角化並不影響分析師公司盈餘預測誤差，反而是公司治理變數有比較大的影響。同時，我也發現董監持股、機構投資人的持股、執行長雙重性會影響分析師公司盈餘預測誤差。

Recent evidence on the relationship between diversification and information asymmetry is mixed. Some studies document positive association, while others show insignificant results. Also, studies have demonstrated that worse information asymmetry results from poor governance. Empirically, diversification also results in poor corporate governance. By combining the above ideas and using analyst earnings forecast errors, I investigate how diversification and corporate governance would affect analyst earnings forecast error when taking them into consideration at the same time. I find that diversification is not a main driver of information asymmetry while corporate governance is. The empirical results also show that board holding and CEO duality has positive relationship with analyst earnings forecast error. Institutional shareholding is negatively associated with analyst earnings forecast error.