期刊名称：Journal of Asian Finance, Economics and Business
印刷版ISSN：2288-4637
电子版ISSN：2288-4645
出版年度：2019
卷号：6
期号：4
页码：91-98
DOI：10.13106/jafeb.2019.vol6.no4.91
语种：English
出版社：Korean Distribution Science Association
摘要：Dividend policy is an important business decision and is considered a channel to communicate a firm’s performance to shareholders.Given the empirical findings that earnings quality significantly affects financial analysts’ forecasting activities,it is predicted that higher earnings quality would positively influence forecast accuracy.Specifically,it is expected that financial analysts would forecast dividends more accurately for firms with higher earning quality.Unlike the research on financial analysts’ earnings forecasts was heavily conducted,there is little study about financial analysts’ dividend forecasts.This paper examines the effect of earnings quality on financial analysts’ dividend forecast accuracy.We use a sample of South Korean firms for the period of 2011–2015 for multivariate regression.Earnings quality is measured by accruals quality and performance-adjusted discretionary accruals followed by prior studies.We first compare the accuracy between dividend forecasts and earnings forecasts using t-test and Wilcoxon singed-rank test.It is confirmed that financial analysts’ dividend forecasts are more accurate than earnings forecasts in Korea.We find that financial analysts’ dividend forecasts are more accurate for firms with higher earnings quality.We also find that the result is still valid after controlling for the accuracy of financial analysts’ earnings forecasts.This confirms that earnings quality positively affects financial analysts’ dividend forecasts.
关键词：Earnings Quality;Dividend Forecasts;Earnings Forecasts;Accuracy of Dividend Forecasts;Accuracy of Earnings Forecasts
