Family firms and financial analyst activity
BP2-STS
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01.12.2017
44
Ownership structure
concentrated ownership
family firms
nonfamily blockholder
widely held firms
analyst coverage
forecast error
information environment
English
This paper examines the relationship between ownership structure, analyst coverage, and forecast error for the entire population of non-financial companies listed on the Swiss Exchange for the period 2003-2013. The results show a negative association between concentrated ownership and analyst coverage for both family firms and firms held by a nonfamily blockholder. Furthermore, forecasts of analysts are shown to be more accurate for family firms than for other firms. These results suggest that family ownership improves the quality of the firm’s information environment. This situation can be explained by a better alignment of interests between majority and minority shareholders among family firms.
- Collections
- Faculty
- Faculté des sciences économiques et sociales et du management
- Language
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- English
- Classification
- Economics
- Other electronic version
- Series statement
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- Working Papers SES ; 491
- License
- License undefined
- Identifiers
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- RERO DOC 306244
- RERO R008745251
- Persistent URL
- https://folia.unifr.ch/unifr/documents/306179
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