Voluntary non-financial disclosure practices by Belgian listed firms and their relevance from an analysts' point of view

In a former study of Orens and Lybaert (2004), a cross-sectional approach was taken concerning the analysts' use of voluntary non-financial information. This paper elaborates on that study, in this sense that the subject is approached using time series data. More specifically, this paper discusses three research questions: (1) Is an evolution observable regarding the disclosure of voluntary non-financial information in annual reports over a period of time? (2) Is an evolution observable regarding the use of voluntary non-financial information by financial analysts? (3) Are corporate managers a... Mehr ...