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Does shareholder protection affect the performance of analysts as a gatekeeper?
Linnaeus University, Faculty of Business, Economics and Design, Linnaeus School of Business and Economics.
Linnaeus University, Faculty of Business, Economics and Design, Linnaeus School of Business and Economics.ORCID iD: 0000-0002-1626-8410
Linnaeus University, Faculty of Business, Economics and Design, Linnaeus School of Business and Economics.
2012 (English)In: Journal of Management and Governance, ISSN 1385-3457, E-ISSN 1572-963X, Vol. 18, no 2, p. 315-345Article in journal (Refereed) Published
Abstract [en]

This paper investigates the effect of shareholder protection on analysts’ performance. The important corporate governance role analysts can play by monitoring management has largely been ignored in the literature. Using a newly constructed index, we are for the first time able to analyse how changes in shareholder protection over time affect analysts’ performance as a gatekeeper. We find that strengthened shareholder protection improves analysts’ performance as a gatekeeper, i.e. analysts’ ability to reduce information asymmetry improves with strengthened shareholder protection. However, we also find a substitution effect: Strengthened shareholder protection makes analysts’ services less valuable to investors, thereby leading to a reduction in the number of analysts following firms.

Place, publisher, year, edition, pages
2012. Vol. 18, no 2, p. 315-345
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
URN: urn:nbn:se:lnu:diva-31460DOI: 10.1007/s10997-012-9227-4Scopus ID: 2-s2.0-84897424096OAI: oai:DiVA.org:lnu-31460DiVA, id: diva2:687746
Available from: 2014-01-15 Created: 2014-01-15 Last updated: 2017-12-06Bibliographically approved

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von Koch, ChristopherNilsson, OlaEriksson, Katarina

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CiteExportLink to record
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  • apa
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  • de-DE
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  • nn-NB
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  • Other locale
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