Analysts forecast error and tenure: The moderating effect of country-culture dimensions

Sammanfattning: This research investigates the moderating effect of cultural differences between countries on the relationship between tenure and analyst accuracy. To investigate this research looks at the expected earnings per shares and the realised earnings per share from the shares included into the AEX, CAC, DAX and FTSE. The dataset consists of 466 analysts and 3.040 observations. The time period observed is 2015, 2016 and 2017. This research shows that there is no significant relationship between tenure and analyst accuracy. The results show that masculinity, individualism and long term orientation have a moderating effect on analyst accuracy. A practical implication is that managers could employ methods to change the work culture to increase analyst accuracy. An academic implication of this research is that culture should be included as a moderating factor in future analyst accuracy research.