소유괴리도와 재무분석가의 이익예측오차 및 정확성과의 관련성

This study investigates empirically the relation of analyst's earnings forecast error and ownership discrepancy. As for the stage of empirical analysis, the process was carried out in the order of establishment of research hypotheses, elaboration of a test model, definition and measurement of variables, selection of sample companies, empirical analysis and interpretation of result. The empirical results are summarized as follows. Result in relation to effects of ownership discrepancy on analyst's earnings forecast error, equally the results of prior researches(Harris and Raviv(1988) etc), the higher the ownership discrepancy, the lowerer analyst's earnings forecast error. In the regression analysis, analyst's earnings forecast error is a dependent variable providing measures of Kis-ValueⅡ and CV variable is the test variables. In addition to the other variables, firms size and debt-to-equity ratio are chosen as control variables because these variables are likely to affect the analyst's earnings forecast error. The study finds a significant positive aiable iion between analyst's earnings forecast error and ownership discrepancy. There is significant negative association between ROE and analyst's earnings forecast error. Finally there is significant positive association between LEV and analyst's earnings forecast error.