초록

This paper examines the relations among foreign ownership, forecast accuracy and firm value. First, we find that firm value is not significantly related to foreign ownership, but forecast error and forecast dispersion are negatively related to foreign ownership. This result suggests that foreign investors prefer firms with lower information asymmetry to firms with higher firm value. Second, forecast error and forecast dispersion are significantly lower for firms with higher foreign ownership. This result indicates that foreign investors do play a role as an effective external monitoring system which improves corporate information environment. Third, firm value is significantly greater for firms with higher forecast accuracy. This result means that firm value is higher for firms with lower information asymmetry and higher accurate earnings forecast is helpful for firm valuation. Finally we find that higher forecast accuracy improved by foreign investors is positively related to firm value.<Key words> Foreign Ownership, Forecast Accuracy, Information Asymmetry, Firm Value

키워드

• 외국인지분율
• 이익예측정확성
• 정보비대칭
• 기업가치

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