Financial analysts' reports: an extended institutional theory evaluation

Fogarty, Timothy J.; Rogers, Rodney K.

doi:10.1016/j.aos.2004.06.003

Cited by 149 publications

(191 citation statements)

References 73 publications

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“…They provide empirical evidence from conference call questions and research notes consistent with their predictions, and demonstrate that analysts often confront and challenge management, particularly when earnings performance is lower than expected. These findings differ from a prominent school of thought that analysts' research tends not to be neutral and is institutionalised by material conflicts of interest, as well as excessive reliance on firms' management (Fogarty and Rogers 2005, Kothari et al 2009, Huang et al 2014). The research of Salzedo et al (2018) has important implications for our understanding of analysts' role in equity valuation because it indicates that analysts can be proactive, rather than passive in their research, and can therefore enhance the information available to investors (arguably when this role is needed most).…”

contrasting

confidence: 53%

Financial analysts’ role in valuation and stewardship

Clatworthy

Lee

2017

Accounting and Business Research

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contrasting

confidence: 53%

Financial analysts’ role in valuation and stewardship

Clatworthy

Lee

2017

Accounting and Business Research

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“…The review carried out by auditors seems solely to be a symbolic ceremonial exercise with seemingly little value (Carruthers, 1995;Fogarty & Rogers, 2005). No 'emphasis-of-matter' paragraphs were found in audit reports.…”

Section: Attestationmentioning

confidence: 99%

A typology for exploring the quality of explanations for non-compliance with UK corporate governance regulations

Shrives

Brennan

2015

The British Accounting Review

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Citation: Shrives, Philip and Brennan, Niamh (2015) A typology for exploring the quality of explanations for non-compliance with UK corporate governance regulations. The British Accounting Review, 47 (1 Northumbria University has developed Northumbria Research Link (NRL) to enable users to access the University's research output. Copyright © and moral rights for items on NRL are retained by the individual author(s) and/or other copyright owners. Single copies of full items can be reproduced, displayed or performed, and given to third parties in any format or medium for personal research or study, educational, or not-for-profit purposes without prior permission or charge, provided the authors, title and full bibliographic details are given, as well as a hyperlink and/or URL to the original metadata page. The content must not be changed in any way. Full items must not be sold commercially in any format or medium without formal permission of the copyright holder. The full policy is available online: http://nrl.northumbria.ac.uk/policies.html This document may differ from the final, published version of the research and has been made available online in accordance with publisher policies. To read and/or cite from the published version of the research, please visit the publisher's website (a subscription may be required.)A typology for exploring the quality of explanations for non-compliance with UK corporate governance regulations There were 204 (125) non-compliant companies, 537 (253) Code breaches and 438 (208) explanations for non-compliance, an average of 2.6 (2.0) Code breaches and 2.2 (1.7) explanations per non-compliant company. Although compliance increased over the period examined, explanations were found to be of variable quality. Results suggest that companies need to improve the quality of their explanations if they are to be useful to users, notably location, complexity and specificity of explanations. There are also important questions raised about the work of auditors and their apparent silence. Companies are being encouraged to move towards compliance. We argue that this is against the 'comply-or-explain' philosophy which accepts that 'one size does not fit all.'Better quality of explanation is more important than compliance and thus companies may be unwittingly heading in the wrong direction.

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“…8 DICTION appears to have gained popularity and validity in the accounting literature, as illustrated by recent studies using the software to analyze various types of texts (e.g., Cho et al, 2010;Craig and Brennan, 2012;Davis and Tama-Sweet, 2011;Fogarty and Rogers, 2005;Mobus, 2011;Rogers et al, 2005).…”

Section: Measurement Of Disclosure Tonementioning

confidence: 99%

Impression Management and Organizational Audiences: The Fiat Group Case

2013

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In this paper we investigate whether, and how, corporate management strategically uses disclosure to manage the perceptions of different organizational audiences. In particular, we examine the interactions between the FIAT Group and three of its key organizational audiences-the local press, the international press and the financial analysts, which are characterized by different levels of salience for the company. We focus on both how management reacts to the optimism level existing within each audience and how the narrative disclosure tone adopted by FIAT influences the ex-post optimism in the local and international press or in the financial analyst community. We investigate the disclosure of the FIAT Group over a six-year period (2004)(2005)(2006)(2007)(2008)(2009), during which 70 price-sensitive press releases were published. On the basis of 1,887 (331) news articles published in Italian (international) newspapers and 411 analyst reports, we report evidence of different strategic patterns in the interaction processes between FIAT and its audiences. Our findings also indicate some differences in the way FIAT is affected by, and in turn, affects the sentiment of each audience, thus highlighting that the salience of the stakeholder is an important driver of the adoption of impression management techniques. Taken together, our findings point to issues related to setting the "tone at the top" and potential ethical matters.

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Financial analysts' reports: an extended institutional theory evaluation

Cited by 149 publications

References 73 publications

Financial analysts’ role in valuation and stewardship

Financial analysts’ role in valuation and stewardship

A typology for exploring the quality of explanations for non-compliance with UK corporate governance regulations

Impression Management and Organizational Audiences: The Fiat Group Case

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