지배주주의 주식증여와 재무분석가 이익 예측

[Purpose]The purpose of this study is to empirically investigate a relationship between the controlling shareholders’ stock gifts and information uncertainty of analyst earnings forecast. [Methodology]Using data for firms listed on KOSPI and KOSDAQ markets from 2011 to 2018, the study conducts regression analyses to examine the relationship between controlling shareholders’ stock gifts(whether there are controlling shareholders’ stock gift events, the number of shares in stock gifts, the number of stock gift events during the fiscal year) and information uncertainty of analyst earnings forecast(analyst forecast errors, analyst forecast accuracy, analyst forecast dispersion). [Findings]The empirical results from regression analyses show that the events of controlling shareholders’ stock gifts are positively and significantly related to information uncertainty of analyst earnings forecast. The results of additional analysis indicate that the positive relationship between the controlling shareholders’ stock gifts and the information uncertainty of analyst forecast is mitigated for KOSPI firms. [Implications]This study contributes to accounting and finance literature in that using hand－collected data, the study provides pioneering empirical evidence on the relationship between the controlling shareholders’ stock gifts and analyst forecast behavior. The findings from this study suggest that market participants should observe and interpret the analyst earnings forecasts and firms’ earnings forecasts more prudently if there are controlling shareholders’ stock gift events in the firms.