Global securities analysts’ evaluations of family firms in emerging markets: The sociological perspective on the operations of financial markets

This dissertation advances a sociological view of the stock exchange market. I examine how multiple institutional logics – profession-based logic at the global level and corporate governance-based logic at the national level – influence analysts’ coverage and ratings for family-dominated firms in emerging markets. Specifically, I aim to address the following three questions: (1) how do multiple forms of logics affect a brokerage firm’s decision to cover family-dominated firms? (2) how do multiple logics influence analysts’ earnings forecasts and recommendations of family-dominated firms? and (3) how do several theoretically-relevant contingencies strengthen or weaken the influence of multiple institutional logics on analysts’ coverage and ratings? I examine these questions by conducting a longitudinal study of global analysts’ coverage and ratings of all publicly listed firms in South Korea and Taiwan during the period of 1996 to 2005.