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Empirical Study on the Relationship between CSR Information and Analysts Forecast Accuracy
|關鍵字:||企業社會責任;盈餘預測;公司價值;Corporate Social Responsibility;Earnings Forecast;Firm Value||引用:||Allayannis, G., and Weston, J.P.. 2003. Earnings volatility, cashﬂow volatility, and ﬁrm value. Working paper, University of Virginia and Rice University. Banker, R.D., and Mashruwala, R..2007. The moderating role of competition in the relationship between nonfinancial measures and future financial performance. Contemorary Accointing Research 24(3):763-93. Bansal, P. and Roth, K..2000. Why Companies Go Green: A Model of Ecological Responsiveness, Academy of Management Journal 43(4):717-736. Boutin-Dufresne, F. and Varia ,P.. 2004. Corporate social responsibility and financial risk. Journal of Investing Spring : 57-66. Brown, T.J., and Dacin, P.A..1997. The company and the product: Corporate associations and consumer product responses, Journal of Marketing 61:68-84. Blazovich,J.L., and Smith,L.M..2011. 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The issue of Corporate Social Responsibility (CSR) has become more and more popular in the pastdecades.Corporations around the world pay more attentions to CSR issue, and CSR also has played an important role among academics, practitioners, and policy makers. According to Deloitte, CSR Europe, and Euro Next (2003), 50% of analysts responded that they use CSR information. The purpose of this research is to provide empirical evidences the relationship between different kinds of CSR disclosures and forecast accuracy.
Extending previous studies of firm value and EPS prediction, we hypothesize that better CSR performance increases forecast accuracy, and worse CSR performance do not. Furthermore, we hypothesize that forecast dispersion may interact to numbers of analysts.
Our results show that better CSR performance decrease forecast errors for small-size firms. However, for big-size firms' models, better CSR performance cannot increase forecast accuracy. Analysts pay more attention to risky variables of big-size firms. In our causality test, we found that forecast errors have interaction with numbers of analysts.
|Appears in Collections:||財務金融學系所|
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