**Appendix A**

**References**

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**Table A1.** Selected variables from Thompson Reuters Datastream. July 2021). **Conflicts of Interest:** The authors declare no conflict of interest.

**Institutional Review Board Statement:** Not applicable.

**Informed Consent Statement:** Not applicable.

manuscript.

4.0.

*Sustainability* **2021**, *13*, x FOR PEER REVIEW 25 of 29

**Author Contributions:** Conceptualization, C.L. and A.L.; methodology, C.L.; software, C.L.; validation, C.L.; formal analysis, C.L.; investigation, C.L. and A.L.; data curation, C.L. and A.L.; writing original draft preparation, C.L. and A.L.; writing—review and editing, C.L.; visualization, C.L. and A.L.; project administration, C.L. All authors have read and agreed to the published version of the

**Funding:** This work was supported by the Kone Foundation, the Finnish Academy of Science and Letters, and the Finnish Strategic Research Council, grant number 313396/MFG40 Manufacturing

**Data Availability Statement:** The data used in this study were obtained from the commercial Database "Datastream". The information on the location of companies' headquarters and current market capitalization are obtainable free of charge from the website finance.yahoo.com (accessed on 19


**Figure A2.** Accuracy, positive prediction ratio, precision, and recall for the random forest model with Year-End target. **Figure A2.** Accuracy, positive prediction ratio, precision, and recall for the random forest model with Year-End target.

**Figure A3.** Accuracy, positive prediction ratio, precision, and recall for the SVM model with Year-End target.

**Figure A4.** Accuracy, positive prediction ratio, precision, and recall for the random forest model with Year-Highest target.

**Figure A5.** Accuracy, positive prediction ratio, precision, and recall for the SVM model with Year-Highest target.

1. Barber, B.; Lehavy, R.; McNichols, M.; Trueman, B. Can Investors Profit from the Prophets? Security Analyst Recommendations

2. Bonini, S.; Zanetti, L.; Bianchini, R.; Salvi, A. Target Price Accuracy in Equity Research. *J. Bus. Financ. Account.* **2010**, *37*, 1177–

3. Brav, A.; Lehavy, R. An Empirical Analysis of Analysts' Target Prices: Short-term Informativeness and Long-term Dynamics. *J.* 

**Figure A2.** Accuracy, positive prediction ratio, precision, and recall for the random forest model with Year-End target.

**Figure A2.** Accuracy, positive prediction ratio, precision, and recall for the random forest model with Year-End target.

**Figure A2.** Accuracy, positive prediction ratio, precision, and recall for the random forest model with Year-End target.

*Sustainability* **2021**, *13*, x FOR PEER REVIEW 26 of 29

*Sustainability* **2021**, *13*, x FOR PEER REVIEW 26 of 29

**Figure A4.** Accuracy, positive prediction ratio, precision, and recall for the random forest model with Year-Highest target. **Figure A4.** Accuracy, positive prediction ratio, precision, and recall for the random forest model with Year-Highest target. **Figure A4.** Accuracy, positive prediction ratio, precision, and recall for the random forest model with Year-Highest target. **Figure A4.** Accuracy, positive prediction ratio, precision, and recall for the random forest model with Year-Highest target.

**Figure A5.** Accuracy, positive prediction ratio, precision, and recall for the SVM model with Year-Highest target. **Figure A5.** Accuracy, positive prediction ratio, precision, and recall for the SVM model with Year-Highest target.**Figure A5.** Accuracy, positive prediction ratio, precision, and recall for the SVM model with Year-Highest target. **Figure A5.** Accuracy, positive prediction ratio, precision, and recall for the SVM model with Year-Highest target.

#### **References ReferencesReferences References**

