Research on the Impact of Peer Technological Competition Pressure on Analysts’ Earnings Forecast Bias

MA Yongqiang, QIU Jingru, CHEN Weizhong

Chinese Journal of Management ›› 2026, Vol. 23 ›› Issue (1) : 177.

PDF(1386 KB)
PDF(1386 KB)
Chinese Journal of Management ›› 2026, Vol. 23 ›› Issue (1) : 177.

Research on the Impact of Peer Technological Competition Pressure on Analysts’ Earnings Forecast Bias

  • MA Yongqiang,QIU Jingru,CHEN Weizhong
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Abstract

Based on data from Shanghai and Shenzhen A-share listed companies from 2007 to 2021, this empirical study examines the impact and mechanism of peer technological competition pressure on analysts’ earnings forecast bias. The findings reveal that peer technological competition pressure significantly increases analysts’ earnings forecast bias. This effect is more pronounced when firms exhibit stronger innovation willingness and engage in more tax avoidance behaviors, and becomes more evident when analysts follow fewer companies or possess lower educational attainment. Mechanism tests reveal that peer technological competition pressure amplifies analysts’ earnings forecast bias through the risk and information mechanisms. Further analysis indicates that such pressure also significantly increases both the optimism bias and the divergence in analysts’ earnings forecasts. Economic consequence tests show that after exacerbating analysts’ earnings forecast bias, peer technological competition pressure further reduces firms’ investment stock price sensitivity.

Key words

peer technological competition pressure / analysts’ earnings forecast bias / risk mechanism / information mechanism

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MA Yongqiang, QIU Jingru, CHEN Weizhong. Research on the Impact of Peer Technological Competition Pressure on Analysts’ Earnings Forecast Bias[J]. Chinese Journal of Management. 2026, 23(1): 177
PDF(1386 KB)

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