Sustainability disclosure and financial analysts' accuracy: The European case

被引：16

作者：

Ferrer, Elena ^{[1
]}

Lopez-Arceiz, Francisco J. ^{[1
]}

del Rio, Cristina ^{[1
]}

机构：

[1] Univ Publ Navarra, Inst Adv Res Business & Econ INARBE, Campus Arrosadia S-N, Pamplona 31006, Spain

来源：

BUSINESS STRATEGY AND THE ENVIRONMENT | 2020年 / 29卷 / 08期

关键词：

directive; disclosure; financial analysts; sustainability; CORPORATE SUSTAINABILITY; STAKEHOLDER ENGAGEMENT; FORECAST ACCURACY; PERFORMANCE; IMPACT; MATTER;

D O I：

10.1002/bse.2549

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study aims to analyze whether the adoption of Directive 2014/95/EU on sustainability disclosure has contributed to more truthful reporting to financial analysts in terms of risks and firms' performance. Financial analysts, as requesters of sustainability reports, are expected to have produced more accurate forecasts as a result of this legal reform. To investigate this, we have examined analysts' earnings per share (EPS) forecasts for 434 companies, 241 of which are classified as low sustainability companies, from 2008 to 2017. To detect a possible increase in EPS forecast accuracy after the enforcement of the directive, we perform an analysis based on panel regression specifications. The results show that EPS forecast accuracy has increased due to the higher levels of both sustainability disclosure and reporting quality after the enforcement of Directive 2014/95/EU.

引用

页码：2939 / 2952

页数：14

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