Concentração de poder e acurácia das previsões dos analistas de mercado de capitais
Tipo
Dissertação
Data de publicação
2012-02-10
Periódico
Citações (Scopus)
Autores
Pessanha, José Reinaldo
Orientador
Barros, Lucas Ayres Barreira de Campos
Título da Revista
ISSN da Revista
Título de Volume
Membros da banca
Kimura, Herbert
Castro Junior, Francisco Henrique Figueiredo de
Marçal, Emerson Fernandes
Yamamoto, Marina Mitiyo
Castro Junior, Francisco Henrique Figueiredo de
Marçal, Emerson Fernandes
Yamamoto, Marina Mitiyo
Programa
Administração de Empresas
Resumo
Analysts are essential to the functioning of capital markets as they make predictions and
recommendations that support the investment decisions of both institutions and individual
investors. Analysts study the fundamentals of public companies, their growth prospects,
financial structure and cash flow, corporate governance, industry structure and the
macroeconomic environment in which companies are inserted. In this context, business
leaders play a major role, as they influence the directions of the corporation and their
performance. The goal of this paper is to investigate the influence of the concentration of
power in the hands of the major corporate leader on the accuracy of analyst earnings forecasts
of Brazilian companies. The accuracy is measured in accordance with the international
literature. The proxy for the concentration of power was constructed by Silveira and Barros
(2011b) and takes into consideration the individual power of the main corporate leader the
Chairman of the Board of Directors (Chairman) or the CEO (Chief Executive Officer) and
also the degree of passivity and homogeneity of the Board of Directors. The sample contains
107 public companies listed in BM&FBOVESPA (Bolsa de Valores de São Paulo) in 2010. It
only includes companies that had analyst coverage in the twelve months preceding the end of
the fiscal year. The forecasts and financial information were collected from Thomson One
Analytics® and Economática®. Information on the concentration of power was provided by
Silveira and Barros (2011b), who collected the data in the websites of companies and in
Comissão de Valores Mobiliários (CVM). The analysis shows evidence that the concentration
of power positively influences the accuracy of analyst forecasts. This idea is in line with a few
prior studies on the concentration of power and volatility of results that argue that powerful
business leaders tend to be more conservative.
Descrição
Palavras-chave
analistas de mercado , acurácia , concentração de poder , líderes corporativos , chairman , CEO , conselho de administração , market analysts , accuracy , concentration of power , corporate leaders , chairman , CEO , board of directors