| Summary: | 碩士 === 國立中央大學 === 企業管理學系 === 106 === Taiwan has abolished mandatory management earnings forecast. After the abolition of mandatory management earnings forecast, the number of firms that are willing to disclose financial forecasts is gradually decreasing. If investors want to know more about future forecast information, they will use the annual reports. The sample includes the public listed and delisted companies ranging from 2012 to 2016. This study uses textual analysis to search for forward-looking keywords in the annual reports and discusses the influences of intangible assets on forward-looking information, as well as the influences of forward-looking information on the properties of analysts’ earnings forecast. Besides, this study distinguish forward-looking information into two categories. The first category is forecast-like forward-looking information, and the second category is other forward-looking information. The results document that firms with more intangible assets will disclose more forward-looking information and more other forward-looking information but less forecast-like forward-looking information. In addition, the empirical results reveal that forward-looking information disclosure leads to greater analysts’ earnings forecast accuracy and lower analysts’ earnings forecast dispersion.
|
|---|
