عنوان مقاله [English]
نویسندگان [English]چکیده [English]
There are significant differences in disclosure of information among firms. Identification of factors affecting management in formation disclosure is a useful research area and wide variety of users such as: market pol icy makers, investors and academicians could take advantage of the results.
Earning forecast is important information that firms usually disclose. Corporate governance improves the performance of companies and their quality of disclosure.
This empirical research investigated the relationship between properties of management earning forecast, with two important corporate governance mechanism; outside directors and institutional investors.
Our sample is selected from listed companies in Tehran Stock Exchange (TSE) for a period of the years 2003 to 2005. The percentage of outside directors and firms aggregated common stock held by institutions are independent variables. Properties of management earnings forecasts are dependent variables. Forecast precision, forecast timeliness, forecast bias and the number of forecasts that is revised are proxies for those properties. The control variables are: size of the firm, the firm's auditor. the ratio of market to book value of the common equity, number of days between the forecast date and fiscal ending period date and good or bad news.
We established hypotheses based on the above variables and tested them by using single and Multiple Regression Analysis and Mann-Whitney U.
The result showed that; there is no significant relationship between two corporate governance mechanisms and proper ties of management earnings forecasts. The result as a whole doesn't discern any significant relationship between outside directors and in situational investors to precision, bias, timeliness of earning forecasts and revise on them.