Complexity is never simple: intangible intensity and analyst accuracy
| dc.contributor.author | Ferrer Zubiate, Elena | |
| dc.contributor.author | Santamaría Aquilué, Rafael | |
| dc.contributor.author | Suárez Suárez, Nuria | |
| dc.contributor.department | Enpresen Kudeaketa | eu |
| dc.contributor.department | Institute for Advanced Research in Business and Economics - INARBE | en |
| dc.contributor.department | Gestión de Empresas | es_ES |
| dc.date.accessioned | 2021-01-27T12:17:57Z | |
| dc.date.available | 2021-01-27T12:17:57Z | |
| dc.date.issued | 2020 | |
| dc.description.abstract | We examine the relationship between intangible intensity and the accuracy of analyst forecasts. Using an international sample of 2,200 firms during 2000–2016, we show that analyst accuracy decreases significantly when intangible intensity grows. In exploring the determinants of this effect, we distinguish between firm risk and the risk associated with intangibles. Our results reveal the role of financial reporting quality, ownership structure, and institutional quality in moderating the relationship between intangible intensity and analyst accuracy. Analyst forecast accuracy acts as a channel through which the higher levels of information asymmetry associated with intangible intensity affect the cost of equity. Our results are robust to different intangible intensity measures; mandatory changes in financial reporting standards; the implementation of transparency rules in certain industry sectors; and financial crisis periods. We have devised alternative econometric tools that deal with potential sample selection bias and the dynamics of our empirical model. | en |
| dc.description.sponsorship | E. Ferrer acknowledges financial support from the Spanish Ministry of Economy and Competitiveness (Project ECO2016-77631-R). N. Suárez acknowledges financial support from the Spanish Ministry of Economy and Competitiveness (Project ECO2017-85356-P). | en |
| dc.format.extent | 30 p. | |
| dc.format.mimetype | application/pdf | en |
| dc.identifier.doi | 10.1177/2340944420931871 | |
| dc.identifier.issn | 2340-9444 (Electronic) | |
| dc.identifier.uri | https://academica-e.unavarra.es/handle/2454/39089 | |
| dc.language.iso | eng | en |
| dc.publisher | SAGE | en |
| dc.relation.ispartof | BRQ Business Research Quarterly, 2020 | en |
| dc.relation.projectID | info:eu-repo/grantAgreement/ES/1PE/ECO2016-77631-R/ | |
| dc.relation.projectID | info:eu-repo/grantAgreement/AEI/Plan Estatal de Investigación Científica y Técnica y de Innovación 2013-2016/ECO2017-85356-P/ES/ | |
| dc.relation.publisherversion | https://doi.org/10.1177/2340944420931871 | |
| dc.rights | © The Author(s) 2020. This article is distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivs 4.0 License which permits non-commercial use, reproduction and distribution of the work as published without adaptation or alteration, without further permission provided the original work is attributed as specified on the SAGE and Open Access pages (https://us.sagepub.com/en-us/nam/open-access-at-sage). | en |
| dc.rights.accessRights | info:eu-repo/semantics/openAccess | |
| dc.rights.uri | https://creativecommons.org/licenses/by-nc-nd/4.0/ | |
| dc.subject | Accuracy of analyst forecasts | en |
| dc.subject | Intangible intensity | en |
| dc.subject | Governance mechanisms | en |
| dc.subject | Cost of equity | en |
| dc.title | Complexity is never simple: intangible intensity and analyst accuracy | en |
| dc.type | info:eu-repo/semantics/article | |
| dc.type.version | info:eu-repo/semantics/publishedVersion | |
| dspace.entity.type | Publication | |
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