The impact of country-level corporate governance on analyst boldness and performance with target price forecasts Online publication date: Tue, 31-Jan-2017
by Samie Ahmed Sayed; Deepak Chawla
International Journal of Indian Culture and Business Management (IJICBM), Vol. 14, No. 2, 2017
Abstract: This study investigates the impact of country-level corporate governance on analyst boldness and performance with target price forecasts in Asian markets. Results suggest that analysts working in countries with better corporate governance standards have higher boldness with target price forecasts reflecting higher confidence in a more transparent environment. However, the study fails to establish a consistent relationship between country-level corporate governance and analyst performance with target price forecasts. The positive effects of better country-level corporate governance on analyst target price performance are visible only in the short-term and not at the end of the forecast horizon of one year. Past studies document a positive relationship between analyst accuracy and better corporate governance in western markets; we find partial evidence of the benefits of better country-level corporate governance on analyst target price performance in Asian markets.
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