Global securities analysts' evaluations of family firms in emerging markets: The sociological perspective on the operations of financial markets

Institutional Logics;Family Firms;Securities Analysts;Emerging Markets

Jeong, Young-Chul

关键词: Institutional Logics;    Family Firms;    Securities Analysts;    Emerging Markets;   

Others  :  https://www.ideals.illinois.edu/bitstream/handle/2142/24157/Jeong_Young-Chul.pdf?sequence=1&isAllowed=y

美国|英语

来源: The Illinois Digital Environment for Access to Learning and Scholarship

【 摘 要 】

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.