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北京工商大学学报(社会科学版)摇 摇 摇 摇 2020 年摇 第 5 期

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Directors蒺 Overseas Background and Analyst Earnings Forecast Based on
Mediating Effect of Firm Performance and Information Quality

XUE Yujia
(School of Business, Renmin University of China, Beijing 100872, China)

Abstract: Currently, there is an obvious trend for return of overseas talents. Many companies recruit talents with overseas
background to serve as directors, whose background characteristics will have an impact on the behavioral decisions and perform鄄
ance of companies. Focusing on the analyst group in the capital market, based on the data of A鄄share listed companies during the
years from 2007 to 2018, this paper finds that the overseas background of directors will improve significantly the accuracy of ana鄄
lyst earnings forecast, and firm performance and information quality play the intermediary role. Further study shows that the level
of corporate governance and the direction of analyst earnings forecast have the moderating effect on the relationship between
directors蒺 overseas background and analyst earnings forecast. The overseas background of directors will increase significantly the
number of analyst tracking, but it will not affect the divergence of analyst earnings forecast. Therefore, the companies can pay
more attention to talents with overseas background, which can pass more valuable information to the capital market. The stake鄄
holders such as analysts should collect corporate information from various aspects in order to make more effective decisions.
Key Words: board of directors; overseas background; firm performance; information quality; corporate governance; analyst
earnings forecast

(本文责编摇 潘端莲)

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