The Impact of Corporate Social Responsibility and Analysts Forecasts’ Behavior

• Main Authors: Chang, Ya-Lan, 張雅嵐
• Other Authors: Yang, Chung-Jen
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/sh6hev

碩士 === 銘傳大學 === 財務金融學系碩士班 === 106 === In recent years, society has gradually realized the importance of corporate social responsibility. For the first time, the Ministry of Economic Affairs in 2017 incorporated corporate social responsibility into the regulations. Corporate social responsibility has become the only way for companies to reach the global market. Analysts are important information interpreter of the capital market. They can affect investors' investment decisions. The target price forecast in the analyst report one step further indicates that the market value or implied value of the stock. It can be regarded as a comprehensive view of the stock. This study mainly discusses the impact of corporate social responsibility on analysts' forecast behavior. This study uses the listed companies in Taiwan from 2007 to 2015. Examining the Impact of Corporate Social Responsibility on the following and target price forecast bias of the Analysts. The study found that companies with better corporate social responsibility performance have higher willingness to follow, and analysts' target price biases tend to be conservative.