Corporate governance and target price accuracy

Lee Young Cheng, Yi Chen Su, Zhipeng Yan, Yan Zhao

Research output: Contribution to journalArticlepeer-review

19 Scopus citations


The purpose of this study is to examine whether the quality of corporate governance has an impact on target price accuracy. We explore the relationship between target price accuracy and ownership structure, board composition, and disclosure using a sample of 17,334 target price observations in the Taiwan Stock Exchange between 2007 and 2016. We find that strong corporate governance improves target price accuracy. We further show that firms with better corporate governance experience a stronger market reaction to their target price announcements.

Original languageEnglish (US)
Pages (from-to)93-101
Number of pages9
JournalInternational Review of Financial Analysis
StatePublished - Jul 2019

All Science Journal Classification (ASJC) codes

  • Finance
  • Economics and Econometrics


  • Board composition
  • Corporate governance
  • Ownership structure
  • Target price accuracy


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