An interesting issue for future work would be to examine the extent to which the quality of CG mechanisms affects financial analysts' stock recommendations (i.e. buy, sell or hold) and their earnings forecasts accuracy. In addition, it is worth investigating the extent to which financial analysts actually use CG information in reports. Using a content analysis approach, researchers can identify which CG mechanisms are reported in analysts reports and the extent to which these mechanisms are important for the stock market participants (i.e. current and future investors).