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Family firms and financial analyst activity

Author

Listed:
  • Nicolas Eugster

    (LEPA - Laboratoire d'Electrochimie Physique et Analytique - EPFL - Ecole Polytechnique Fédérale de Lausanne, LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - ULCO - Université du Littoral Côte d'Opale - Université de Lille - CNRS - Centre National de la Recherche Scientifique)

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, analysts' forecasts are shown to be more accurate for family firms than for other firms, suggesting a better information environment within these companies. This situation can be explained by a better alignment of interests between majority and minority shareholders among family firms.

Suggested Citation

  • Nicolas Eugster, 2019. "Family firms and financial analyst activity," Post-Print hal-02511075, HAL.
    • Handle: RePEc:hal:journl:hal-02511075
    DOI: 10.1016/j.pacfin.2018.03.002
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    Cited by:

    1. Benedicte Millet-Reyes & Jonathan Daigle, 2025. "When private information becomes fraud: evidence from Euronext Paris," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 22(2), pages 362-376, June.
    2. Eugster, Nicolas & Wang, Qingxia, 2023. "Large blockholders and stock price crash risk: An international study," Global Finance Journal, Elsevier, vol. 55(C).
    3. Eugster, Nicolas & Isakov, Dušan, 2019. "Founding family ownership, stock market returns, and agency problems," Journal of Banking & Finance, Elsevier, vol. 107(C), pages 1-1.
    4. Wan Nordin Wan-Hussin & Ameen Qasem & Norhani Aripin & Mohd Shazwan Mohd Ariffin, 2021. "Corporate Responsibility Disclosure, Information Environment and Analysts’ Recommendations: Evidence from Malaysia," Sustainability, MDPI, vol. 13(6), pages 1-27, March.

    More about this item

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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