This paper structure is as follows. Because this study investigates the impact of corporate social responsibility measured by disclosures on financial analyst behavior, this paper will review prior literature regarding the role of financial analysts, the demand for financial analyst service, the reasons for financial analysts following a firm, factors affecting analyst forecast properties and the impacts of non-financial and financial information on analyst coverage and forecast properties. This paper’s purpose aims to provide some institutional background related to financial analysts so that it can help us later examine the relationship between CSR disclosures and financial analyst behavior in different countries and how that relationship changed after the global financial crisis. This paper provides insights for future research to examine nonfinancial information on analyst behavior.
Chi-Keung Man (Wed,) studied this question.