Identification and Analysis of Nonfinancial Measures That Affect Investment Decisions Using the Delphi Method

Though advocates argue that nonfinancial information forms or should form an increasingly important part of investor decision-making, relatively little research has been done to analyze the nonfinancial information currently available or to determine how investors value specific types of nonfinancial information. This study has examined both the availability of specific types of nonfinancial data, as well as the extent to which retail and professional investorvalue nonfinancial information. We focused on nine types of information,each of which has received considerable attention from academics and advocates in recent years. We reviewed corporate disclosure practices of several companies across different industry sectors; we conducted surveys with academics that had Fields of accounting and economics and investment managers from public of Iran as professional investors. The goal of our research was to better assess both the supply and demand of nonfinancial reporting in the current investment climate. We believe that the results of this study offer academics, investors, corporations and regulators a clearer picture both of investor desires for nonfinancial information and the ways in which various forms of reporting are used. The results can inform choices about which regulatory approach might be best applied to nonfinancial reporting. They can also support corporate and investor efforts to supplement that regime with voluntary corporate reporting on specific nonfinancial information types.