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JOURNAL OF LEADERSHIP, ACCOUNTABILITY AND ETHICS
Does Management Involvement in the Board Affect Analysts’
Coverage and Institutional Holdings?
Author(s): Shin-Rong Shiah-Hou
Citation: Shin-Rong Shiah-Hou, (2011) "Does Management Involvement in the Board Affect Analysts’ Coverage and Institutional Holdings?," Journal of Leadership, Accountability and Ethics, Vol. 8, Iss. 4, pp. 97-118
Article Type: Research paper
Publisher: North American Business Press
Abstract:
This paper explores the relationships among analysts forecasting, institutional investors and management involvement. I use an index constructed by important 8 variables related to corporate governance to proxy for the level of management involvement. I find that the high degree of management involvement is attractive to analysts’ following. On the contrary, Institutions prefer to follow firms with less management involvement in the board (more independent board) controlled by other factors. Finally, institutions can convey the information of analysts’ forecasting accuracy, especially for pre-SOX period.
