Characteristics | Management board | Supervisory board(SB) | |
---|---|---|---|
40 years old or less | 0.3741 | 0.4040 | |
41–50 years old | 0.3810 | 0.2706 | |
51–60 years old | 0.2177 | 0.2249 | |
61 years old or more | 0.0272 | 0.1005 | |
2 (SB: 5) people or less | 0.4038 | 0.8269 | |
3 (SB: 6) or 4 (SB: 7) people | 0.5192 | 0.1538 | |
5 (SB: 8) people or more | 0.0769 | 0.0192 | |
No women | 0.7019 | 0.3654 | |
1 women | 0.2885 | 0.4231 | |
2 women | 0.0096 | 0.1442 | |
3 and more | 0.0000 | 0.0673 | |
Less than 5% | 0.2788 | 0.3942 | |
5%–33% | 0.1538 | 0.1250 | |
33%–75% | 0.1923 | 0.1827 | |
More than 75% | 0.3750 | 0.2981 |
Specification | Mean | Standard deviation | Median | Min | Q1 | Q3 | Max |
---|---|---|---|---|---|---|---|
FER | –0.1621 | 0.5952 | –0.0164 | –3.2360 | –0.2910 | 0.0969 | 0.9510 |
AFER | 0.3405 | 0.5135 | 0.1937 | 0.0011 | 0.0517 | 0.3904 | 3.2360 |
SUP | 1.7636 | 3.7101 | 1.4153 | –10.5907 | –0.9369 | 4.0500 | 11.8018 |
BOARD_SIZE | 2.8269 | 1.0376 | 3.0000 | 1.0000 | 2.0000 | 3.0000 | 6.0000 |
FEMALE | 0.1079 | 0.1876 | 0.0000 | 0.0000 | 0.0000 | 0.2250 | 1.0000 |
AGE_DIV | 0.3392 | 0.2431 | 0.4444 | 0.0000 | 0.0000 | 0.5000 | 0.7200 |
OWNERSHIP | 0.4904 | 0.4123 | 0.5009 | 0.0000 | 0.0258 | 0.9462 | 1.1491 |
BOARD_SIZE | 5.2596 | 0.7758 | 5.0000 | 3.0000 | 5.0000 | 5.0000 | 10.0000 |
FEMALE | 0.1784 | 0.1771 | 0.2000 | 0.0000 | 0.0000 | 0.2000 | 0.6667 |
AGE_DIV | 0.5732 | 0.1251 | 0.5657 | 0.0000 | 0.4800 | 0.6400 | 0.8000 |
OWNERSHIP | 0.3991 | 0.4073 | 0.2944 | 0.0000 | 0.0000 | 0.8675 | 1.1060 |
HORIZON | 204 | 109 | 199 | 26 | 112 | 286 | 487 |
C_SIZE | 186037 | 474543 | 65688 | 519 | 22827 | 139454 | 3946553 |
AGE | 20.5577 | 25.4825 | 14 | 2 | 8 | 19.2500 | 149 |
Variables | Measures | Predicted sign |
---|---|---|
FER | Earnings forecast error | |
AFER | Absolute earnings forecast error | |
SUP | Superiority of forecasting earnings | |
BOARD_SIZE | Size of the management board (MB) (supervisory board [SB]) board, which is the total | MB: – |
number of directors (supervisors) in the board of firm | SB: – | |
FEMALE | Ratio of the number of female directors (supervisors) to the total number of directors | MB: – |
(supervisors) in the board of firm | SB: – | |
AGE_DIV | Age diversity of MB (SB) measure based on the modification of the Herfindahl index (HHI) | MB: – |
SB: – | ||
OWNERSHIP | Total number of shares held by all directors (supervisors) to the total number of pre-initial | MB: + |
public offering (IPO) outstanding shares | SB: | |
HORIZON* | The horizon of an earnings forecast is measured as the number of days from the release of | – |
the prospectus to the end of the IPO year | ||
C_SIZE* | Size is measured by the total value of sales in the year prior to the IPO | + |
AGE* | The difference between the IPO date and the date of incorporation in years | + |
Specification | BOARD_SIZE | FEMALE | AGE_DIV | OWNERSHIP | HORIZON | C_SIZE | |
---|---|---|---|---|---|---|---|
BOARD_SIZE | 1.0000 | ||||||
FEMALE | 0.0145 | 1.0000 | |||||
AGE_DIV | 0.4083*** | 0.2281** | 1.0000 | ||||
OWNERSHIP | –0.0315 | 0.0659 | –0.0726 | 1.0000 | |||
HORIZON | –0.0247 | –0.0071 | 0.0247 | –0.0153 | 1.0000 | ||
C_SIZE | 0.3454*** | –0.3008*** | 0.1292 | –0.0821 | –0.0563 | 1.0000 | |
AGE | 0.0125 | –0.0176 | 0.1049 | –0.1489 | 0.0363 | 0.3606*** | |
BOARD_SIZE | 1.0000 | ||||||
FEMALE | –0.1115 | 1.0000 | |||||
AGE_DIV | 0.1435 | –0.0008 | 1.0000 | ||||
OWNERSHIP | –0.1729 | 0.3364*** | –0.0185 | 1.0000 | |||
HORIZON | –0.0895 | –0.0375 | –0.0879 | 0.0146 | 1.0000 | ||
C_SIZE | 0.3129*** | 0.0360 | 0.3015*** | 0.0197 | –0.0563 | 1.0000 | |
AGE | –0.0473 | 0.2175** | 0.1915* | 0.1731* | 0.0363 | 0.3606*** |
Specification | Management board | Supervisory board | ||||
---|---|---|---|---|---|---|
FER | AFER | SUP | FER | AFER | SUP | |
Intercept | 0.1265 | 0.2014 | 13.4316 | –0.8619 | 0.5644 | 6.7546 |
(0.2126) | (0.4105) | (3.6868***) | (–1.3183) | (1.0402) | (1.7184)* | |
BOARD_SIZE | –0.1101 | 0.0752 | 0.0992 | 0.0543 | 0.0151 | 0.7690 |
(–1.8064)* | (1.4959) | (0.2659) | (0.7283) | (0.2447) | (1.7158)* | |
FEMALE | –0.4945 | 0.2607 | –1.9779 | 0.0299 | –0.1956 | 5.7761 |
(–1.5630) | (0.9994) | (–1.0212) | (0.0922) | (–0.7276) | (2.9663)*** | |
AGE_DIV | 0.4949 | –0.3481 | 2.4860 | 1.3556 | –1.0876 | 3.0330 |
(1.9581)* | (–1.6707)* | (1.6067) | (3.0161)*** | (–2.9160)*** | (1.1225) | |
OWNERSHIP | 0.0173 | –0.2086 | –1.0044 | –0.0055 | –0.0341 | –0.7528 |
(0.1303) | (–1.9068)* | (–1.2362) | (–0.0389) | (–0.2919) | (–0.8905) | |
HORIZON | –0.2355 | 0.2556 | –2.3265 | –0.2048 | 0.2358 | –2.1132 |
(–3.0907)*** | (4.0688)*** | (–4.9874)*** | (–2.7136)*** | (3.7653)*** | (–4.6571)*** | |
C_SIZE | 0.0800 | –0.0928 | –0.0097 | 0.0410 | –0.0693 | –0.0341 |
(1.8690)* | (–2.6294)*** | (–0.0371) | (1.0200) | (–2.0765)** | (–0.1411) | |
AGE | 0.0863 | –0.0651 | –0.0238 | 0.0882 | –0.0299 | –0.1156 |
(1.1523) | (–1.0544) | (–0.0519) | (1.1726) | (–0.4786) | (–0.2557) | |
Adj | 0.1572 | 0.2307 | 0.1871 | 0.1823 | 0.2435 | 0.2393 |
3.7451 | 5.4115 | 4.3878 | 4.2801 | 5.7357 | 5.6298 | |
0.0013 | 0.0000 | 0.0003 | 0.0004 | 0.0000 | 0.0000 | |
N | 104 | 104 | 104 | 104 | 104 | 104 |