Global securities analysts' evaluations of family firms in emerging markets: The sociological perspective on the operations of financial markets |
Posted on:2012-09-17 | Degree:Ph.D | Type:Dissertation |
University:University of Illinois at Urbana-Champaign | Candidate:Jeong, Young-Chul | Full Text:PDF |
GTID:1459390008990762 | Subject:Business Administration |
Abstract/Summary: | |
This dissertation advances a sociological view of the stock exchange market. I examine how multiple institutional logics---profession-based logic at the global level and corporate governance-based logic at the national level---influence analysts' coverage and ratings for family-dominated firms in emerging markets. Specifically, I aim to address the following three questions: (1) how do multiple forms of logics affect a brokerage firm's decision to cover family-dominated firms? (2) how do multiple logics influence analysts' earnings forecasts and recommendations of family-dominated firms? and (3) how do several theoretically-relevant contingencies strengthen or weaken the influence of multiple institutional logics on analysts' coverage and ratings? I examine these questions by conducting a longitudinal study of global analysts' coverage and ratings of all publicly listed firms in South Korea and Taiwan during the period of 1996 to 2005. |
Keywords/Search Tags: | Firms, Analysts', Coverage and ratings, Global, Multiple |
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