Integrated reporting and capital markets in an international setting: The role of financial analysts

Eduardo Flores · Marco Fasan · Wesley Mendes‐Da‐Silva · Joelson Oliveira Sampaio

81 citations0/0 files storedBusiness Strategy and the Environment

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Corporate Social Responsibility Reporting Auditing, Earnings Management, Governance Financial Reporting and XBRL

Abstract

Abstract This study investigates the interplay between integrated reporting (IR) and capital markets. In particular, building on voluntary disclosure and information processing theories, we hypothesize and empirically find that IR adoption improves analysts' ability to make accurate earnings forecasts. Whereas previous studies focus on the South African context, we rely on an international sample that also allows us to study the moderating effect of the corporate governance regime (shareholder or stakeholder oriented). The results suggest that IR improves analysts' ability to make accurate predictions to a larger extent in North America than in Europe, and we derive interesting insights on the much‐debated nature of IR. This study offers valuable insights to policy makers interested in improving disclosure practices in the financial market.

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References

1998Law and Finance 2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches 2003Earnings management and investor protection: an international comparison 2011Robust Inference With Multiway Clustering 2000The effect of international institutional factors on properties of accounting earnings 2008Annual report readability, current earnings, and earnings persistence 1996Corporate Disclosure Policy and Analyst Behavior.2010The financial reporting environment: Review of the recent literature

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