corporate non-financial disclosure practices and financial analyst forecast ability across three european countries（企业非财务信息披露实践和跨三个欧洲国家的金融分析师的预测能力）.pdfVIP

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corporate non-financial disclosure practices and financial analyst forecast ability across three european countries（企业非财务信息披露实践和跨三个欧洲国家的金融分析师的预测能力）.pdf

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corporate non-financial disclosure practices and financial analyst forecast ability across three european countries（企业非财务信息披露实践和跨三个欧洲国家的金融分析师的预测能力）

Journal of International Financial Management and Accounting 14:3 2003 Corporate Nonﬁnancial Disclosure Practices and Financial Analyst Forecast Ability Across Three European Countriesn Ann Vanstraelen Universiteit Antwerpen and Universiteit Maastricht Marilyn T. Zarzeski University of Mississippi Sean W.G. Robb University of Toronto Abstract This paper presents evidence that companies across three continental European countries (Belgium, Germany and the Netherlands) provide varying degrees of analyst recommended nonﬁnancial disclosures to the marketplace. This study is the ﬁrst to examine the relationship of Jenkins Committee nonﬁnancial disclosure levels with the accuracy and dispersion of ﬁnancial analysts’ earnings forecasts. Seemingly unrelated regression tests show that larger companies and companies with a global focus voluntarily provide higher levels of both forward looking and historical nonﬁnancial disclosures. Additionally, higher levels of forward looking nonﬁnancial disclosures are associated with lower dispersion and higher accuracy in ﬁnancial analysts’ earnings forecasts. 1. Introduction In this paper, we identify factors that aﬀect nonﬁnancial disclosure choices of ﬁrms in Belgium, Germany, and the Netherlands. We then examine the relationship of Jenkins Committee nonﬁnancial disclosure levels with the accuracy and dispersion of ﬁnancial analysts’ earnings forecasts for ﬁrms in these three countries. Our two main objectives are: (1) to improve our nWe thank Ole-Kristian Hope, Robert Knechel, Theresa Libby, Robert Mathieu, Erik Peek, Ping Zhang, workshop participants at the University of Toronto and participants at the 2001 and 2002 European Accounting Association Annual Congress, the 2002 American Accounting Association International Section Mid-Year Meeting and the 2002 IAAER/HKAAA World Congress of Accounting Educators for helpful comments. We also gratefully ack