기업의 부문구조와 재무분석가 이익예측의 관련성

초록

This paper examines the relation between the firms' segment structure(single- or multiple-segment firms) and analysts' earnings forecast accuracy. In this study, as we expected, we find that analysts' earnings forecast accuracy is negatively affected as firms become more complex. Specifically, analysts' forecast of multi-segment firms' earnings than that of single-segment is less accurate and more positively biased. As the number of firm's segments increases, accuracy of analysts' earnings forecast deteriorates, too. In addition, the more unrelated business segments are, the less accurate and more posiviely biased analysts' earnings forecast is. Our study results suggest that analysts are not fully understand firms' business structure and as a result, it is not reflected in their forecast.

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