Melbourne and Deakin University for insightful comments on earlier versions of this paper. Finally, we thank the financial analysts who participated in this study. Data availability: Data and the instrument used in this study are available on request. An Investigation into the Use of Nonfinancial Performance Indicators by Financial Analysts ABSTRACT: This study examines whether nonfinancial performance indicators impact financial analysts ’ judgments and decision making when assessing company performance and the associated effect of assurance. It also assesses whether the financial information is positive or negative trending results in an asymmetric response by analysts. We address these research questions through a verbal protocol study that examines the information processing strategies and types of information utilized by analysts in valuing a company. Results suggest that there was significant use of nonfinancial performance indicators in performing the company valuation and that financial statements, and in particular the income statement, were the main source of information utilized. Also, there was some evidence of use of the assurance reports, however, there was no significant association found between provision of assurance reports and utilization of nonfinancial performanc
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