Family firms and financial analyst activity
Nicolas Eugster
No 491, FSES Working Papers from Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland
Abstract:
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.
Keywords: Ownership structure; concentrated ownership; family firms; nonfamily blockholder; widely held firms; analyst coverage; forecast error; information environment (search for similar items in EconPapers)
JEL-codes: G32 G34 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2017-12-18
New Economics Papers: this item is included in nep-bec, nep-cfn and nep-sbm
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)
Downloads: (external link)
https://doc.rero.ch/record/306244/files/WP_SES_491.pdf (application/pdf)
Related works:
Journal Article: Family firms and financial analyst activity (2019)
Working Paper: Family firms and financial analyst activity (2019)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:fri:fribow:fribow00491
Ordering information: This working paper can be ordered from
http://doc.rero.ch/record/306244
Access Statistics for this paper
More papers in FSES Working Papers from Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland Bd de Pérolles 90, CH-1700 Fribourg. Contact information at EDIRC.
Bibliographic data for series maintained by Mustapha Obbad ().