Supplier concentration and analyst forecast bias

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research Pub Date : 2023-09-15 DOI:10.1016/j.cjar.2023.100326

Xiaotong Jia, Kai Wu

引用次数: 0

Abstract

This study examines the relationship between analyst forecast dispersion or accuracy and supplier concentration of listed firms in China from 2008 to 2019. Our findings suggest that higher supplier concentration is associated with lower analyst forecast dispersion, which can be attributed to the increased attention from analysts. Moreover, this effect is more pronounced when firms have less bargaining power and higher institutional ownership, indicating a greater reliance on the supply chain. Our study highlights the importance of disclosing supply chain information, which provides insights beyond those of traditional financial information.

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供应商集中度和分析师预测偏差

本研究考察了2008 - 2019年中国上市公司分析师预测离散度或准确度与供应商集中度的关系。我们的研究结果表明，较高的供应商集中度与较低的分析师预测偏差相关，这可归因于分析师的关注程度提高。此外，当企业议价能力较低、机构所有权较高时，这种效应更为明显，表明企业对供应链的依赖程度较高。我们的研究强调了供应链信息披露的重要性，它提供了超越传统财务信息的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

China Journal of Accounting Research BUSINESS, FINANCE-

CiteScore

4.70

自引率

0.00%

发文量

295

审稿时长

15 weeks

期刊介绍： The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to investigate issues about accounting, corporate finance, auditing and corporate governance in the Greater China region, countries related to the Belt and Road Initiative, and other emerging and developed markets. The Journal encourages the applications of economic and sociological theories to analyze and explain accounting issues within the legal and institutional framework, and to explore accounting issues under different capital markets accurately and succinctly. The published research articles of the Journal will enable scholars to extract relevant issues about accounting, corporate finance, auditing and corporate governance related to the capital markets and institutional environment.