Title
Determinants of sell-side financial analysts' use of non-financial informationDeterminants of sell-side financial analysts' use of non-financial information
Author
Faculty/Department
Faculty of Applied Economics
Research group
Accountancy and Finance
Publication type
article
Publication
London,
Subject
Economics
Source (journal)
Accounting and business research. - London, 1970, currens
Volume/pages
40(2010):1, p. 39-53
ISSN
0001-4788
ISI
000275254100002
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Abstract
This paper aims to research the context within which sell-side financial analysts make decisions to use corporate non-financial information. Prior research has demonstrated that financial analysts take into account non-financial information in their analyses of firms, but knowledge is scarce about what determines their use of this information. Based on a survey conducted among Belgian financial analysts, we observe a significant negative association between the financial analysts' use of non-financial information and the eamings informativeness of a firm's financial statement information proxied by leverage and stock retum volatility. We also find that a higher amount of non-financial information is used by less experienced financial analysts and by financial analysts covering a higher number of firms.
E-info
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