Corporate Governance and the Accuracy of Analysts’ Earnings Forecast in Vietnam

Hanh Minh Thai, Trang Ha Thi Thu (), Son Pham Ngoc and Anh Mai Thi
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Hanh Minh Thai: Hanoi University of Science and Technology, School of Economics and Management
Trang Ha Thi Thu: Hanoi University of Science and Technology, School of Economics and Management
Son Pham Ngoc: Hanoi University of Science and Technology, School of Economics and Management
Anh Mai Thi: Hanoi University of Science and Technology, School of Economics and Management

A chapter in Proceedings of the International Conference on Emerging Challenges: Strategic Adaptation in the World of Uncertainties (ICECH 2022), 2023, pp 442-466 from Springer

Abstract: Abstract The paper aims to examine the influence of corporate governance on the accuracy of analyst’s earnings forecasts in Vietnamese stock markets. Although previous studies have examined the influence of corporate governance on the accuracy of analysts’ earnings forecasts, there has been no study in Vietnam where the financial markets are having high growth rate of development. In the paper, we investigate the impact of corporate governance on the analysts’ forecast accuracy using panel regression. Our sample comprises 386 firm-years for the period of 2015–2020. Corporate governance is studied through the roles of state, institution, board and management ownership, board size, board independence, board gender diversity, CEO duality and female CEO/chairman. The results show that state ownership has a negative impact and institutional ownership has a positive effect on analysts’ earnings forecast accuracy whereas other corporate governance characteristics are insignificant.

Keywords: corporate governance; analysts’ forecasts; board size; female CEO; board independence; state ownership; institutional ownership; managerial ownership; emerging country (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-150-0_29

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DOI: 10.2991/978-94-6463-150-0_29

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