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Do Analysts' Cash Flow Forecasts Improve Firm Value?
| Content Provider | MDPI |
|---|---|
| Author | Oh, Hyun Min Park, Sam Bock Kim, Jong Hyun |
| Copyright Year | 2020 |
| Description | We examine whether analysts’ cash flow forecasts improve firm value. First, we analyze whether the joint issuance of financial analysts’ earnings and cash flow forecasts improve firm value. Second, we analyze whether the quality of analysts’ cash flow forecasts improve firm value. The empirical results of our study are as follows. First, the joint issuance of analysts’ earnings and cash flow forecasts has a significantly positive effect on firm value; providing cash flow forecasts reduces information asymmetry and increases earnings quality, thereby increasing corporate value. Second, the quality of analysts’ cash flow forecasts has a significantly positive effect on firm value; the more accurate cash flow forecasts are, the higher firm value is. Our study provides empirical evidence for that the conclusion that cash flow forecasting information produced by financial analysts provides useful information for capital market participants in economic decision making. |
| Starting Page | 60 |
| e-ISSN | 22277072 |
| DOI | 10.3390/ijfs8040060 |
| Journal | International Journal of Financial Studies |
| Issue Number | 4 |
| Volume Number | 8 |
| Language | English |
| Publisher | MDPI |
| Publisher Date | 2020-10-13 |
| Access Restriction | Open |
| Subject Keyword | International Journal of Financial Studies Finance Applied Ethics Analysts' Cash Flow Forecasts Analysts' Earnings Forecasts Firm Value |
| Content Type | Text |
| Resource Type | Article |
