The effect of managerial entrenchment on analyst bias

Ulupinar, Bahar

doi:10.1016/j.gfj.2018.04.001

Cited by 9 publications

(7 citation statements)

References 20 publications

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“…On the other hand, a negative impact as it presents conflicts of interest between leaders and activists. The corporate governance system helps resolve conflicts (Ulupinar, 2018; Jie et al , 2019; Seyed, 2019; Salas Jesus, 2010; Aubert et al , 2014; Vishaal, 2014).…”

Section: Resultsmentioning

confidence: 99%

Does entrenchment of managers affect entrepreneurial dividend decision and investor sentiment?

Bilel

2020

APJIE

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Purpose The purpose of this paper is to observe whether the entrenchment of managers can affect firms’ dividend disbursement decisions and investor sentiment in Tunisia context. Design/methodology/approach The sample includes all non-financial listed stocks in Tunisia stock exchange during the years 2004–2017. Moreover, the entrenchment of managers is measured by five proxy explained the managers rooting from all listed firms. The propensity to pay dividends is measured by the dividend yield. Findings The findings yield qualitatively consistent with the previous research. After controlling for the effect of manager’s behavior and different entrenchment phase, the result shows that entrepreneurial the firm’s decision to pay dividends could be influenced by the managers’ entrenchment. Research limitations/implications The result is limited at the level of the non-financial companies listed in the BVMT, but in the future studies, the investigation with other countries can be compared. Practical implications Moreover, investors in Tunisia show their preference for a dividend to self-control and satisfaction and increase their profit, especially in an abnormal economic situation explained by the Tunisian politic crisis. Originality/value The originality of this paper is to investigate both the important role of the entrenchment and cycle life of the manager on the decision to distribute dividends and the investor sentiment. Moreover, the author’s problem may be a reference for future investigation talking about the managers’ psychology like opportunism.

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Section: Resultsmentioning

confidence: 99%

Does entrenchment of managers affect entrepreneurial dividend decision and investor sentiment?

Bilel

2020

APJIE

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“…Cain et al (2017) [9] provide more comprehensive details about the index's construction. This index is well adopted in the recent literature [13,14,[50][51][52][53].…”

Section: The Hostile Takeover Index (Cain Mckeown and Solomon 2017)mentioning

confidence: 99%

Do hostile takeover threats matter? Evidence from credit ratings

2022

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Exploiting a novel measure of takeover vulnerability mainly based on state legislations, we explore the effect of hostile takeover threats on credit ratings. Our results reveal that companies with more takeover exposure are assigned significantly better credit ratings. In particular, a rise in takeover vulnerability by one standard deviation results in an improvement in credit ratings by 7.89%. Our findings are consistent with the view that the disciplinary mechanism associated with the takeover market mitigates agency problems and ultimately raises firm value. Further analysis corroborates our conclusion, including propensity score matching, entropy balancing, and an instrumental-variable analysis. As our proxy for takeover susceptibility is plausibly exogenous, our results are more likely to show a causal effect.

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“…Manajemen perusahaan tertutup yang ditanamkan secara signifikan meningkatkan bias analis. Bias analis meningkat dengan meningkatnya entrenchment manajerial (Ulupinar, 2018). Penelitian (Corwin, Larocque, & Stegemoller, 2017) menemukan pengurangan substansial dalam bias afiliasi analis setelah penyelesaian untuk bank yang terkena sanksi.…”

Section: Hasil Dan Pembahasanunclassified

Perilaku Herding Di Pasar Saham: Sebuah Kajian Literatur

Ningtyas

2020

JBME

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Abstrack : This article aims to prove the existence of herding behavior in a number of stock markets in various parts of the world and find out the factors that cause herding behavior. The method used in this article is a research library by taking data from 80 international journals and 4 local journals. The results of our analysis conclude that herding behavior occurs in almost all stock markets in the world. Factors that cause herding behavior include negative news sentiments towards stocks, incentives and career concerns owned by analysts, market risk and firm level uncertainty, market uncertainty, extreme market conditions, periods of high information flow, risk of volatility, analysis of more types of stocks small, economic / financial crisis, declining market conditions, rising interest rates, currency depreciation, poor information environment, and low quality disclosures. The limitation of this article is that the amount of data taken from the results of research in several stock markets is uneven, such as the lack of data retrieval from the stock market on the American continent Abstrak : Artikel ini bertujuan untuk membuktikan keberadaan perilaku herding di sejumlah pasar saham di berbagai belahan dunia dan mengetahui faktor-faktor penyebab perilaku herding. Metode yang digunakan dalam artikel ini adalah perpustakaan penelitian dengan mengambil data dari 80 jurnal internasional dan 4 jurnal lokal. Hasil analisis kami menyimpulkan bahwa perilaku herding terjadi di hampir semua pasar saham di dunia. Faktor-faktor yang menyebabkan perilaku herding meliputi sentimen berita negatif terhadap saham, insentif dan kekhawatiran karier yang dimiliki oleh analis, risiko pasar dan ketidakpastian tingkat perusahaan, ketidakpastian pasar, kondisi pasar ekstrem, periode arus informasi tinggi, risiko volatilitas, analisis jenis saham yang lebih kecil, terjadinya krisis ekonomi/keuangan, kondisi pasar yang menurun, kenaikan suku bunga, depresiasi mata uang, lingkungan informasi yang buruk, dan pengungkapan berkualitas rendah. Keterbatasan artikel ini adalah jumlah data yang diambil dari hasil penelitian di beberapa pasar saham tidak merata, seperti kurangnya pengambilan data dari pasar saham di benua Amerika.

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The effect of managerial entrenchment on analyst bias

Cited by 9 publications

References 20 publications

Does entrenchment of managers affect entrepreneurial dividend decision and investor sentiment?

Does entrenchment of managers affect entrepreneurial dividend decision and investor sentiment?

Do hostile takeover threats matter? Evidence from credit ratings

Perilaku Herding Di Pasar Saham: Sebuah Kajian Literatur

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