Title: Disclosure of Non-Financial Information: Relevant to Financial Analysts?
Authors: Orens, Raf ×
Lybaert, Nadine #
Issue Date: 2013
Publisher: Intersentia
Series Title: Review of Business and Economic Literature vol:58 issue:4 pages:375-406
Abstract: The decline in the relevance of financial statement information to value firms leads to calls from organizational stakeholders to convey non-financial information in order to be able to judge firms' financial performance and value. This literature review aims to report extant literature findings on the use of corporate non-financial information by sell-side financial analysts, the information intermediaries between corporate management and investors. Prior studies highlight that financial analysts rely upon corporate non-financial information in their firm assessments. When firms to a larger extent disseminate non-financial information, financial analysts are able to submit more accurate earnings forecasts and the consensus among financial analysts' earnings estimates is larger. However, the literature review also illustrates that financial analysts address more weight to particular types of non-financial information. For instance, they consider forward-looking information or strategy and product related information more relevant in firm valuation compared to intellectual capital information or social and environmental information.
Description: Geen DOI
ISSN: 2034-7677
VABB publication type: VABB-1
Publication status: published
KU Leuven publication type: IT
Appears in Collections:Department of Accountancy and Taxation, Campus Carolus Antwerp
Faculty of Economics and Business (FEB) - miscellaneous
× corresponding author
# (joint) last author

Files in This Item:
File Description Status SizeFormat
RBE_58_04_0375.pdf Published 278KbAdobe PDFView/Open


All items in Lirias are protected by copyright, with all rights reserved.