Das Paper „Forward-Looking Sustainability Information and Financial Analysts” von Prof. Dr. Janine Maniora und Isabel C. Hertl wurde jüngst im Journal of International Accounting Research (JIAR) veröffentlicht.
Wichtigste Erkenntnis: Die Integration zukunftsgerichteter Nachhaltigkeitsinformationen in Gewinnprognosen kann Finanzanalysten helfen, ihre Prognosefehler erheblich zu reduzieren!
Abstract: This paper empirically examines the relationship between forward-looking environmental and social information in sustainability reports (FLSI) and financial analysts’ forecast accuracy. To provide contextual insights, we conduct semistructured interviews with financial analysts. We find that FLSI quantity, measured by FLSI words and scope, and FLSI quality, measured by the precision, horizon, and direction of the environmental or social forecast, are associated with greater earnings forecast accuracy for short-horizon forecasts. Specifically, the precision and direction of FLSI affect analysts’ short- and midhorizon forecasts. Our results hold only for environmental FLSI and FLSI in externally assured sustainability reports. However, the results indicate that the provision of economic information in sustainability reports does not affect analyst forecasts. Collectively, our findings carry far-reaching implications for practitioners and—in particular—regulators around the world by shedding light on the potential costs and benefits of the new European Corporate Sustainability Reporting Directive (CSRD). https://doi.org/10.2308/JIAR-2022-039