Voluntary disclosure of intangibles and analysts’ earnings forecasts and recommendations [r-libre/1031]

Maaloul, Anis; Ben Amar, Walid et Zeghal, Daniel (2016). Voluntary disclosure of intangibles and analysts’ earnings forecasts and recommendations. Journal of Applied Accounting Research, 17 (4), 421-439. https://doi.org/10.1108/JAAR-10-2014-0105

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Catégorie de document :	Articles de revues
Évaluation par un comité de lecture :	Oui
Étape de publication :	Publié
Résumé :	Purpose – The purpose of this paper is to investigate the relationship between voluntary disclosure of intangibles and financial analysts’ earnings forecasts properties. Design/methodology/approach – Disclosures about intangible assets were hand-collected through content analysis of annual reports of a sample of U.S. non-financial firms, while analysts’ earnings forecasts properties were collected from Bloomberg Professional database. We relied on correlation and multivariate regression analyses to test our research hypotheses. Findings – The results show that increased intangible disclosures affect analysts’ earnings forecasts accuracy, dispersion, and favourable consensus recommendations. However, this effect varies according to the nature of intangible assets. Practical implications – Our results may be of interest to different market participants such as corporate managers, financial analysts, and standards setting bodies that recently published guidelines on voluntary disclosure of intangibles. Originality/value – This study develops a new comprehensive index to measure the content of narrative disclosures about a large number of intangibles, such as human, structural, and relational assets. Our findings contribute to the current debate on the value-relevance of narrative disclosures on intangibles to investors and financial analysts. Keywords Intangibles, disclosure, financial analysts, forecast error, forecast dispersion, consensus recommendation Paper type Research paper
Adresse de la version officielle :	http://www.emeraldinsight.com/doi/pdfplus/10.1108/...
Déposant:	Maaloul, Anis
Responsable :	Anis Maaloul
Dépôt :	09 nov. 2016 19:02
Dernière modification :	28 oct. 2019 15:37

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