The contingent effect of analyst coverage: how does analyst coverage affect innovation and Tobin's Q?

被引：8

作者：

Jung, Sung Hwan ^{[1
]}

机构：

[1] Univ Suwon, Coll Econ & Business Adm, Hwaseong Si, South Korea

来源：

ASIA-PACIFIC JOURNAL OF ACCOUNTING & ECONOMICS | 2017年 / 24卷 / 1-2期

关键词：

Analyst coverage; innovation; Tobin's Q; EARNINGS MANAGEMENT; FORECAST ACCURACY; INDIVIDUAL ANALYSTS; INVESTOR RELATIONS; MARKET VALUE; BAD-NEWS; FIRM; DISCLOSURE; BEHAVIOR; INFORMATION;

D O I：

10.1080/16081625.2016.1174070

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study hypothesizes that the relationship between analyst coverage and innovation (Tobin's Q) is U-shaped. My results support this hypothesis. Specifically, I find that as a firm's analyst coverage increases, innovation (Tobin's Q) declines at first, reaching a low point at moderate levels of analyst coverage, and increase thereafter. These findings suggest that firms can transform its investments in the relationship with the analyst community into firm performance only after they make substantial investments in the relationship.

引用

页码：43 / 67

页数：25

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