외국인투자자의 역할이 재무분석가 이익예측에 미치는 영향

This study investigates that foreign investors can affect analysts’ earnings forecast(hereafter, AEF). In particular, we pay attention to the role of foreign block-holders. Futhermore, we examine the effect of foreign block-holders on association between foreign ownership and AEF. The empirical results of the study are as follows. First, we don’t find significant association between foreign ownership and AEF. In other words, foreign ownership can not affect analysts’ forecast error and dispersion. Second, we find that foreign block-holders have different effect on analysts’ forecast error and dispersion. Our results suggest that being foreign block-holders reduces analysts’forecast error, but it does not decrease analysts’forecast dispersion. Finally, our results show that increasing foreign ownership can reduce both analyst’s forecast error and dispersion when foreign block-holders exist. These results indicate that foreign ownership can improve analysts’ forecast accuracy when foreign block-holders subsist in the firm. However, we find that analyst’s forecast accuracy decreases as the increase in foreign ownership when foreign block-holders does not exist in the company. Taken together, we find that foreign ownership itself can't significant affect analyst’s forecast accuracy. But, our results suggest that the interaction effect of foreign ownership and foreign block holders can increase analyst’s forecast accuracy measured by forecast error and dispersion. As a result, this study suggest that the association between foreign ownership and analyst’s forecast accuracy can be changed by the role and characteristic of foreign investors.