경영자 이익예측이 동일 기업집단 재무분석가 이익예측수정 성향에 미치는 영향

This study investigates whether management forecasts of business group, so called ‘Chaebol’, significantly affects the properties of analysts’ forecasts in the same chabol affiliated brokerage. Specifically, we examine how chaebol analysts reflect their management forecasts of affiliated firms to the revised forecasts. Also, we make the comparison of forecast accuracy between the chaebol－affiliated analysts forecasts and others after disclosure of management forecast. Some listed companies in Korea voluntarily announce the management forecasts in Korea stock market for the purpose of decreasing information asymmetry. The empirical results are followings. First of all, the difference between management forecast and previous analysts forecasts is more positively associated with the magnitude of chaebol－affiliated analysts forecasts revision, which implies that analysts in Chaebol brokerage tend to reflect much more information to their forecasts based on the same business group companies. Second, the revised forecasts by chaebol－affilated analysts is less accurate compared to others. This empirical result show that when chaebol－affiliated analysts passively follow the information provided by same business firms, the performance of forecasts is harmed. This study contributes to the literature by improving our understanding of the relation between disclosure and cost of equity capital. Also our results may provide a better way to help allocating resource in capital market and establishing the disclosure policy.