Integrated reporting of environmental, social, and governance and financial data: Does the market value integrated reports?

Alexander Landau · Janina Rochell · Christian Klein · Bernhard Zwergel

175 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 The concept of reporting nonfinancial information within the annual report, so‐called Integrated Reporting (IR) is a rising topic in reporting practice. Supporters claim that IR provides a better view regarding the value creation of a firm. This study investigates the value relevance of IR and the influence of certain characteristics such as assurance. Thus, this paper contributes to the existing literature by examining the actual advantages for firms when adopting an IR approach. The Ohlson model is applied for the market valuation of 50 companies of the STOXX Europe 50 between the years 2010 and 2016. The results of this study support the cost‐concerned school by showing a negative influence on the market value. Nonetheless, the study suggests that the quality of the reports is relevant for market valuation, as the negative effect is mitigated by the quality of the reports.

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References

2007The Social Responsibility of Business Is to Increase Its Profits 2010Signaling Theory: A Review and Assessment 1995Earnings, Book Values, and Dividends in Equity Valuation*2012Nonfinancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility Disclosure 2013Determinants of sustainability reporting: a review of results, trends, theory, and opportunities in an expanding field of research 2009Assurance on Sustainability Reports: An International Comparison 2014The International Integrated Reporting Council: A story of failure 2000Effects of Comprehensive-Income Characteristics on Nonprofessional Investors' Judgments: The Role of Financial-Statement Presentation Format

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2022Environmental, Social, and Governance Integration into the Business Model: Literature Review and Research Agenda 2020Voluntary Adopters of Integrated Reporting – Evidence on Forecast Accuracy and Firm Value 2020Impact of Sustainability Reporting and Inadequate Management of ESG Factors on Corporate Performance and Sustainable Growth 2021Archival research on integrated reporting: a systematic review of main drivers and the impact of integrated reporting on firm value

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