The thesis comprises eight chapters. Following the introduction, the hypothesis of the thesis are presented. Then, the literature review outlines the studies that have touched upon the issues addressed in the thesis. Next, the methodology of the research is discussed. The results of the research are examined in the next three chapters, with concluding remarks provided in the final chapter. The reported evidence implies that the explored recommendations of The Code of Best Practices (Cadbury, 1992) are ineffective, in most of the cases, at mitigating the agency disclosure problem. Indeed, there is evidence that suggests that these recommendations may actually have an adverse impact on the accuracy of analyst earning forecasts. This is evinced by the fact that a greater proportion of non-executive directors on the board of directors, and higher institutional ownership, seem to be associated with less accurate analyst forecasts. Finally, the evidence suggests that research and development seems to have an embedded nature in firm-specific characteristics, having a weak impact upon the analysts' forecast error in the context of an ordinary least square regression only. However, analysts seem to be more accurate for firms with higher capital expenditure. Overall, the findings of the thesis make a contribution to three different streams of the literature; namely, the corporate governance, the intangible assets, and the analyst forecasting literature.
| Identifer | oai:union.ndltd.org:bl.uk/oai:ethos.bl.uk:583827 |
| Date | January 2006 |
| Creators | Mira, Svetlana |
| Publisher | Cardiff University |
| Source Sets | Ethos UK |
| Detected Language | English |
| Type | Electronic Thesis or Dissertation |
| Source | http://orca.cf.ac.uk/55425/ |
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