A total of 104 buy-side analysts participated in this research.
4 Manipulation checks show that overall credibility ratings of unfavorable and financial measures were significantly greater than the overall ratings of favorable and nonfinancial measures. As hypothesized in
H1, we first examined the overall interactive effects of financial and nonfinancial measures and their favorableness on analysts’ recommendation decisions. Since the interactive effect was significant, we examined first the analysts’ recommendation for favorable and unfavorable nonfinancial measures holding financial measures favorable (H1a) and then for favorable and unfavorable nonfinancial measures
holding financial measures unfavorable (H1b).