기업집단소속 재무분석가의 동일기업집단에 속한 기업과 상품경쟁관계에 있는 기업에 대한 예측에 관한 연구

초록

This study verified the tendency of analysts’ forecasts under the circumstance when the business group factor and the product market competition factor combined together. According to this study, when affiliated analysts forecast earnings of the firms in case of the same business groups and product market competition, forecasts become relatively accurate and optimism for investment recommendation becomes lower than independent analysts. The results show that affiliated analysts could provide unfavorable forecasts to firms in product market competition between the business group affiliated firms due to their conflicts of interest and by doing so they will be able to bring the affiliated firms favorable effects. Particularly this study will have a significance for not only showing another evidence that business group factor can affect analysts’ forecast information in addition to preceding research but also presenting a way to get accurate information for market participant.

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