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The use and perceived importance of annual reports by investment analysts in the Netherlands

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  • Ruud Vergoossen

Abstract

The research findings reported in this paper focus on the use and perceived importance of annual reports by investment analysts in the Netherlands. The study was held among the members of the Dutch Association of Investment Analysts by means of a postal questionnaire survey. The research findings are compared with those of similar studies in the United States, the United Kingdom and New Zealand. Three main categories of investment analysts are distin guished, viz. investment advisers, portfolio managers and directors/heads of department. The annual report appears to be a vital, though not sufficient source of information to investment analysts. However, there are some clear differences between the three categories concerning the use and perceived importance of (parts of) the annual report. The research findings are, to a large extent, consist ent with the results of similar studies among investment analysts from abroad.

Suggested Citation

  • Ruud Vergoossen, 1993. "The use and perceived importance of annual reports by investment analysts in the Netherlands," European Accounting Review, Taylor & Francis Journals, vol. 2(2), pages 219-244.
    • Handle: RePEc:taf:euract:v:2:y:1993:i:2:p:219-244
    DOI: 10.1080/09638189300000020
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    Cited by:

    1. Stolowy, Hervé & Jeanjean, Thomas & Erkens, Michael, 2011. "The economic consequences of increasing the international visibility of financial reports," HEC Research Papers Series 957, HEC Paris.
    2. Pallab Kumar Biswas & Swapan Kumar Bala, 2016. "Usefulness of corporate annual reports to individual investors in Bangladesh," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 13(2), pages 97-116, May.
    3. Gaétan Breton & Alain Schatt, 2000. "Rôle et caractérisation de l’analyse financière," Revue d'Économie Financière, Programme National Persée, vol. 59(4), pages 147-161.
    4. Ole‐Kristian Hope, 2003. "Disclosure Practices, Enforcement of Accounting Standards, and Analysts' Forecast Accuracy: An International Study," Journal of Accounting Research, Wiley Blackwell, vol. 41(2), pages 235-272, May.
    5. Sylvain Durocher, 2009. "The future of interpretive accounting research," Qualitative Research in Accounting & Management, Emerald Group Publishing Limited, vol. 6(3), pages 137-159, July.
    6. Van Geyt, Debby & Van Cauwenberge, Philippe & Vander Bauwhede, Heidi, 2014. "Does high-quality corporate communication reduce insider trading profitability?," International Review of Law and Economics, Elsevier, vol. 37(C), pages 1-14.
    7. Jeanjean, Thomas & Lesage, Cédric & Stolowy, Hervé, 2010. "Why do you speak English (in your annual report)?," The International Journal of Accounting, Elsevier, vol. 45(2), pages 200-223, June.
    8. Estibaliz Goicoechea & Fernando Gómez-Bezares & José Vicente Ugarte, 2021. "Improving Audit Reports: A Consensus between Auditors and Users," IJFS, MDPI, vol. 9(2), pages 1-25, April.
    9. Vicky Cole & Joël Branson & Diane Breesch, 2012. "In search of the invisible user of financial statements and his information needs. The (non)sense of different standards for listed and non-listed companies," International Journal of Accounting, Auditing and Performance Evaluation, Inderscience Enterprises Ltd, vol. 8(1), pages 1-23.
    10. Pascal Dumontier & Bernard Raffournier, 2002. "Accounting and capital markets: a survey of the European evidence," European Accounting Review, Taylor & Francis Journals, vol. 11(1), pages 119-151.
    11. Richard Barker, 1999. "The role of dividends in valuation models used by analysts and fund managers," European Accounting Review, Taylor & Francis Journals, vol. 8(2), pages 195-218.
    12. Frédéric Demerens & Pascale Delvaille, 2010. "Information sectorielle : quelle place dans les rapports des analystes financiers ? Une étude empirique du secteur hôtelier international," Post-Print hal-00484285, HAL.
    13. George K. Riro & Nelson M. Waweru & Enrico O. Uliana, 2016. "Quality of corporate reporting: case studies from an emerging capital market," Afro-Asian Journal of Finance and Accounting, Inderscience Enterprises Ltd, vol. 6(1), pages 31-52.
    14. Pascal Dumontier, 2004. "Essor des marchés boursiers et croissance de l’immatériel:de nouveaux défis pour la comptabilité," Revue Finance Contrôle Stratégie, revues.org, vol. 7(2), pages 11-32, June.
    15. Bamber, Matthew & McMeeking, Kevin & Petrovic, Nikola, 2018. "Mandatory Financial Reporting Processes and Outcomes," The International Journal of Accounting, Elsevier, vol. 53(3), pages 227-245.
    16. Pier Luigi Marchini & Carlotta D'Este, 2015. "Comprehensive Income: which potential effects on firms? performance evaluation and users? decision process?," FINANCIAL REPORTING, FrancoAngeli Editore, vol. 2015(2), pages 55-94.
    17. Thomas Jeanjean & Hervé Stolowy & Michael Erkens, 2012. "Economic consequences of adopting English for annual reports," Post-Print hal-00690931, HAL.
    18. Orens, Raf & Lybaert, Nadine, 2007. "Does the financial analysts' usage of non-financial information influence the analysts' forecast accuracy? Some evidence from the Belgian sell-side financial analyst," The International Journal of Accounting, Elsevier, vol. 42(3), pages 237-271.
    19. Clatworthy, Mark & Jones, Michael John, 2008. "Overseas equity analysis by UK analysts and fund managers," The British Accounting Review, Elsevier, vol. 40(4), pages 337-355.
    20. Hellman, Niclas, 2002. "Information use in institutional investor organizations," SSE/EFI Working Paper Series in Business Administration 2002:19, Stockholm School of Economics.
    21. Thomas Jeanjean & Hervé Stolowy & Michael Erkens, 2010. "Really “Lost in translation”? The economic consequences of issuing an annual report in English," Post-Print hal-00479511, HAL.

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