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ich as noted earlier we define as neutral news.) Since bad news is made up of forecast surprises with negative signs, the significant, positive coefficient for the Family Firm Indicator variable in the bad news regressions indicates that family firms offer guidance that contain bad news for smaller forecast surprises (smaller deviations from the prevailing analyst consensus estimate) than do non-family firms—a finding that is consistent with some of the conclusions drawn from the univariate tests. That is, for bad news, family firms warn when the consensus analyst forecast is closer to their own expectation of the upcoming earnings number than do the non-family firms, and thus provide the information in a more timely manner. Again, considered collectively, family firms offer more specific guidance than non-family firms and, for bad news, offer guidance when the market's estimate is relatively close to management's estimate, consistent with H1.

To complete the multivariate analysis, we turn to analyst and investor reactions to the management forecasts in our sample. Tables 3 and 4 contain the OLS regressions for Fraction of Estimate Revisions, Average Revision Delay and 3-Day CARs. Once again, we present the results for only point and range forecasts because of the need to calculate the forecast surprise. We focus first on the regressions designed to explain the fraction of analysts' earnings estimates that are revised in response to guidance announcements (left half of Table 3).[28] As is evident from the table, when all point and range forecasts are considered (the leftmost column of numbers), the interaction term between the Family Firm Indicator variable and Forecast Surprise (absolute value) is significantly positive (p = .057), suggesting that more analysts revise their estimates in response to a larger forecast surprise when the guidance is issued by a family firm. 

However, that same coefficient is insignificant in the bad- and good-news subsamples, indicating some weakness or sensitivity in the overall result. Further, the significant, negative coefficient for the Family Firm Indicator variable itself for the entire sample indicates that, on average, analysts make fewer revisions to the guidance issued by family firms. Interestingly, this result appears to be concentrated in the confirmatory guidance subsample—the Family Firm Indicator variable is significantly negative in that subsample but is indistinguishable from zero in the other two subsamples. Thus, so far the regression results provide some evidence of greater estimate revision activity for guidance issued by family firms, consistent with H2. When Average Revision Delay is considered (right half of Table 3), the regression results show an overall quicker response by analysts to a larger forecast surprise when the guidance is issued by a family firm: The interaction term between the Family Firm Indicator variable and Forecast Surprise (absolute value) is significantly negative when all forecasts are considered (p = .051). Once again, however, this same coefficient is not statistically significant in the bad- and good-news subsamples, indicating weakness or sensitivity in the overall result.[29] Finally, in contrast to what we observe in the Fraction of Estimates Revised regressions, the Family Firm Indicator variable it本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。