Research on Corporate Social Responsibility and Target Price Forecasting Bias and Discrete

• Main Authors: LAI,YI-WEN, 賴怡文
• Other Authors: ZHENG,YANG-YAO
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/kskvf4

碩士 === 國立中正大學 === 財務金融系研究所 === 106 === This research focuses on corporate social responsibility-whether the corporation has the corporate social responsibility score and the corporate social responsibility score is high or not , it helps to improve the analysts' target price prediction bias and reduce the discreteness of individual analysts' target price forecasts. Overall, whether a company has a corporate social responsibility score will only affect the discreteness of the target price forecast, and will not affect the analyst's target price prediction bias. When the corporate social responsibility score is higher, the individual analyst predicts the target price. The smaller the discrepancies, the more consistent the perception, but there is no significant impact on the target price bias. Corporate Social Responsibility (CSR) scores are based on the annual financial and non-financial information of the corporations collected by Thomson Reuters ASSET4 ESG database. Therefore, the empirical analysis results generally support the corporation with CSR score and the higher the score is, the lower the divergence of the target price forecast.