Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/233665 
Erscheinungsjahr: 
2020
Quellenangabe: 
[Journal:] Business Strategy and the Environment [ISSN:] 1099-0836 [Volume:] 29 [Issue:] 6 [Publisher:] Wiley [Place:] Hoboken, NJ [Year:] 2020 [Pages:] 2542-2556
Verlag: 
Wiley, Hoboken, NJ
Zusammenfassung: 
This study investigates how integrated reporting (IR) creates value for investors. It examines how providers of financial capital benefit from an improved firm information environment provided by IR. Specifically, this study investigates the effect of voluntary IR disclosure on analyst earnings forecast accuracy as well as on firm value. To do so, we use an international sample of 167 listed companies that voluntarily publish an integrated report. Our analysis shows no significant effect of a voluntary IR publication on analyst earnings forecast accuracy and no significant effect on firm value. We thus do not find evidence for the fulfillment of IR's promises regarding improved information environment and value creation of voluntary adopters. We conclude that such companies might already have a relatively high level of transparency leading to an absent additional effect of IR disclosure. Positive effects of IR appear to be more relevant in environments where IR is mandatory.
Schlagwörter: 
ESG
firm value
forecast error
information asymmetry
integrated reporting
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