노동투자효율성이 재무분석가의 장기예측에 미치는 영향 = Impact of Labor Investment Efficiency on Long-Term Forecasts of Financial Analysts

다국어 초록 (Multilingual Abstract)

This study examines whether managerial inefficiency in employment investment―viewed as a source of information asymmetry―influences financial analysts’ issuance of long-term earnings forecasts. Analyzing data from KOSPI-listed firms from 2011 to 2023, the findings reveal that analysts are more likely to provide long-term forecasts for firms with greater employment investment inefficiency, where information asymmetry is presumed to be higher. This effect weakens as the forecast horizon lengthens.
Furthermore, overconfident managers tend to over-invest in human resources, exacerbating information asymmetry. When distinguishing between over- and under-investment, only over-investment significantly increases the likelihood of long-term forecasts. These results suggest that excessive employment investment plays a more critical role in creating information asymmetry, thereby affecting analysts’ disclosure behavior.