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. 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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