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The impact of country-level corporate governance on analyst boldness and performance with target price forecasts

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  • Samie Ahmed Sayed
  • Deepak Chawla

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.

Suggested Citation

  • Samie Ahmed Sayed & Deepak Chawla, 2017. "The impact of country-level corporate governance on analyst boldness and performance with target price forecasts," International Journal of Indian Culture and Business Management, Inderscience Enterprises Ltd, vol. 14(2), pages 237-255.
    • Handle: RePEc:ids:ijicbm:v:14:y:2017:i:2:p:237-255
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    Citations

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    Cited by:

    1. Faozi A. Almaqtari & Abdulwahid Hashid & Najib H. S. Farhan & Mosab I. Tabash & Waleed M. Al‐ahdal, 2022. "An empirical examination of the impact of country‐level corporate governance on profitability of Indian banks," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(2), pages 1912-1932, April.
    2. Faozi A. Almaqtari & Hamood Mohd. Al-Hattami & Khalid M. E. Al-Nuzaili & Mohammed A. Al-Bukhrani, 2020. "Corporate governance in India: A systematic review and synthesis for future research," Cogent Business & Management, Taylor & Francis Journals, vol. 7(1), pages 1803579-180, January.

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