Chulalongkorn University Theses and Dissertations (Chula ETD)
Other Title (Parallel Title in Other Language of ETD)
ผลกระทบของคุณภาพกำไรต่อความผิดพลาดในการคาดการณ์เงินปันผลของนักวิเคราะห์ทางการเงิน: บทบาทของอารมณ์นักลงทุนและความไม่แน่นอนทางเศรษฐกิจ
Year (A.D.)
2023
Document Type
Independent Study
First Advisor
Boonlert Jitmaneeroj
Faculty/College
Faculty of Commerce and Accountancy (คณะพาณิชยศาสตร์และการบัญชี)
Department (if any)
Department of Banking and Finance (ภาควิชาการธนาคารและการเงิน)
Degree Name
Master of Science
Degree Level
Master's Degree
Degree Discipline
Finance
DOI
10.58837/CHULA.IS.2023.347
Abstract
This study investigates the influence of earnings quality on the accuracy of financial analysts' dividend forecasts for companies listed on the Thailand Stock Market Exchange (SET) and the Market for Alternative Investment (mai) for the period from 2015 to 2022. using a sample of 891 observations. focusing on the moderating roles of investor sentiment and economic uncertainty. The findings reveal that good earnings quality helps reduce dividend forecast errors. We find no evidence of the moderating roles of investor sentiment and economic uncertainty, implying that analysts might possess the expertise to incorporate the implications of economic uncertainty into their forecasts effectively, ensuring that their predictions remain reliable even in challenging times. Analysts who prioritize fundamental analysis, such as examining financial statements, earnings reports, and management guidance, over investor sentiment are likely to generate more accurate dividend forecasts that are independent of market mood. Analysts' forecasting behavior is more influenced by factors such as private information, experience and expertise, and career concerns rather than by investor sentiment. Robustness tests indicate that the impact of earnings quality is sensitive to model specifications. These results highlight the complexity of the relationship and suggest the need for additional factors in financial forecasting models.
Other Abstract (Other language abstract of ETD)
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Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Recommended Citation
Jutaputthi, Tanabordee, "The effect of earnings quality on financial analysts’ dividend forecast error : the moderating roles of investor sentiment and economic uncertainty" (2023). Chulalongkorn University Theses and Dissertations (Chula ETD). 11188.
https://digital.car.chula.ac.th/chulaetd/11188
