Corporate Non-Financial Disclosure Practices and Financial Analyst Forecast Ability Across Three European Countries

30 Pages Posted: 24 Oct 2003

See all articles by Ann Vanstraelen

Ann Vanstraelen

Maastricht Accounting and Auditing Research and Education Center (MARC); Maastricht University

Marilyn Taylor Zarzeski

University of Mississippi - Patterson School of Accountancy

Sean W.G. Robb

University of Central Florida

Abstract

This paper presents evidence that companies across three continental European countries (Belgium, Germany and the Netherlands) provide varying degrees of analyst recommended non-financial disclosures to the marketplace. This study is the first to examine the relationship of Jenkins Committee non-financial 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 non-financial disclosures. Additionally, higher levels of forward looking non-financial disclosures are associated with lower dispersion and higher accuracy in financial analysts' earnings forecasts.

JEL Classification: M41, M45, M47, G29

Suggested Citation

Vanstraelen, Ann and Taylor Zarzeski, Marilyn and Robb, Sean W.G., Corporate Non-Financial Disclosure Practices and Financial Analyst Forecast Ability Across Three European Countries. Available at SSRN: https://ssrn.com/abstract=450961

Ann Vanstraelen (Contact Author)

Maastricht Accounting and Auditing Research and Education Center (MARC) ( email )

P.O. Box 616
Maastricht, 6200 MD
Netherlands

Maastricht University ( email )

P.O. Box 616
Maastricht, 6200MD
Netherlands

Marilyn Taylor Zarzeski

University of Mississippi - Patterson School of Accountancy ( email )

730 East Beach Blvd.
Long Beach, MS 39560
United States
662-915-5688 (Phone)
662-915-7483 (Fax)

HOME PAGE: http://www.croft.olemiss.edu/faculty/zarzeski.asp

Sean W.G. Robb

University of Central Florida ( email )

University of Central Florida
P.O. Box 161400
Orlando, FL 32816-1400
United States
407-823-4414 (Phone)

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