Publication Type

Journal Article

Version

publishedVersion

Publication Date

7-2026

Abstract

We propose a framework to assess the decision-usefulness of heterogeneous disclosure practices that managers use to convey information to market participants. We illustrate an application of our framework to non-GAAP earnings, management earnings guidance, and earnings conference calls. We first identify key quality attributes for each disclosure practice and then develop a list of quality metrics that we apply to a small pilot sample. We focus on metrics that are easily measured in real time and discuss the practical challenges of conducting assessments of disclosure quality at the firm-quarter-disclosure level. Our descriptive analysis provides preliminary insights into whether and how voluntary disclosure quality varies across firms and highlights the interconnectedness of these disclosure practices. We discuss future research opportunities to expand and fine-tune the application of the framework to develop a comprehensive disclosure quality assessment.

Keywords

Information quality, Disclosure quality, Decision usefulness, Non-GAAP earnings, Management guidance, Conference calls

Discipline

Accounting | Corporate Finance

Research Areas

Corporate Reporting and Disclosure

Publication

Review of Accounting Studies

First Page

1

Last Page

71

ISSN

1380-6653

Identifier

10.1007/s11142-026-09971-2

Publisher

Springer

Copyright Owner and License

Authors-CC-BY

Creative Commons License

Creative Commons Attribution 3.0 License
This work is licensed under a Creative Commons Attribution 3.0 License.

Additional URL

https://doi.org/10.1007/s11142-026-09971-2

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