African Journal of
Business Management

  • Abbreviation: Afr. J. Bus. Manage.
  • Language: English
  • ISSN: 1993-8233
  • DOI: 10.5897/AJBM
  • Start Year: 2007
  • Published Articles: 4194

Full Length Research Paper

Does the market reward integrated report quality?

Simona Cosma
  • Simona Cosma
  • Department of Economics Sciences, Faculty of Economics, University of Salento, Italy.
  • Google Scholar
Maria Gaia Soana
  • Maria Gaia Soana
  • Department of Economics and Management, Faculty of Economics, University of Parma, Parma, Italy.
  • Google Scholar
Andrea Venturelli
  • Andrea Venturelli
  • Department of Economics Sciences, Faculty of Economics, University of Salento, Italy.
  • Google Scholar


  •  Received: 13 November 2017
  •  Accepted: 23 January 2018
  •  Published: 28 February 2018

References

Adams G, McQueen G, Seawright K (1999). Revisiting the stock price impact of quality awards. Omega 27(6):595-604.
Crossref

 

Arguelles MPM, Balatbat M, Green W (2015). Is there an early-mover market value effect for signaling adoption of integrated reporting. Unpublished working paper, University of New South Wales.

 

Baboukardos D, Rimmel G (2016). Value relevance of accounting information under an integrated reporting approach: A research note. J. Account. Public Policy 35(4):437-452.
Crossref

 

Banghøj J, Plenborg T (2008). Value relevance of voluntary disclosure in the annual report, Account. Financ. 48(2):159-180.
Crossref

 

Barney JB (1991). Firm resources and sustainable competitive advantage. J. Manage. 17(1):99-120.
Crossref

 

Barry CB, Brown SJ (1985). Differential information and security market equilibrium. J. Financ. Quant. Anal. 20(4):407-422.
Crossref

 

Barth M E, Beaver W H, Landsman W R (2001). The relevance of the value relevance literature for financial accounting standard setting: another view. J. Account. Econ. 31(1):77-104.
Crossref

 

Barth ME, Cahan SF, Chen L, Venter ER (2016). The economic consequences associated with integrated report quality: early evidence from a mandatory setting, 

View

 

Bernadi C, Stark AW (2015). The transparency of environmental, social and governance disclosures, integrated reporting, and the accuracy of analyst forecasts. Unpublished working paper, Roma Tre University and University of Manchester.

 

Beyer A, Cohen DA, Lys TZ, Walther BR (2010). The Financial Reporting Environment: Review of the Recent Literature', J. Account. Econ. 50(2-3):296-343.
Crossref

 

Boehmer E, Musumeci J, Poulsen A (1991). Event-study methodology under conditions of event-induced variance. J. Financ. Econ. 30:253-272.
Crossref

 

Branco MC, Rodrigues LL (2006). Corporate social responsibility and resource-based perspectives. J. Bus. Ethics 69 (2):111-132.
Crossref

 

Campbell JY, Lo AW, MacKinley AC (1997). The econometrics of financial markets. Princeton: Princeton University Press.

 

Carnevale C, Mazzuca M, Venturini S (2012). Corporate social reporting in European banks: the effects on a firm's market value. Corp. Soc. Responsib. Environ. Manage. 19:159-177.
Crossref

 

Carnevale C, Mazzucca M (2014). Sustainability report and bank valuation: evidence from European stock markets. Bus. Ethics 23(1):69-90.
Crossref

 

Cheng B, Ioannou I, Serafeim G (2013). Corporate social responsibility and access to finance. Strateg. Manage. J. 35 (1):1-23.
Crossref

 

Clarkson P, Guedes J, Thompson R (1996). On the diversification, observability, and measurement of estimation risk. J. Financ. Quant. Anal. 31(1):69-84.
Crossref

 

Cohen JR, Holder-Webb LL, Nath L, Wood D (2012). Corporate reporting of nonfinancial leading indicators of economic performance and sustainability. Account. Horizons 26(1):65-90.
Crossref

 

Coles JL, Loewenstein U, Suay J (1995). On equilibrium pricing under parameter uncertainty. J. Financ. Quant. Anal. 30(3):347-364.
Crossref

 

Delgado-Ceballos J, Montiel I, Raquel Antolin-Lopez R (2014). What Falls Under the Corporate Sustainability Umbrella? Definitions and Measures, Proceedings of the International Association for Business & Society 25:226-237.
Crossref

 

De Villiers C, Rinaldi L, Unerman J (2014). Integrated Reporting: insights, gaps and an agenda for future research. Account. Audit. Accountability J. 27(7):1042-1067.
Crossref

 

Dhaliwal D, Li O, Tsang A, Yang Y (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. Account. Rev. 86(1):59-100.
Crossref

 

Dhaliwal D, Radhakrishnan S, Tsang A, Yang Y (2012). Nonfinancial disclosure and analyst forecast accuracy: international evidence on corporate social responsibility (CSR) disclosure. Account. Rev. 87(3):723-759.
Crossref

 

Diamond DW, Verrecchia RE (1991). Disclosure, liquidity, and the cost of capital. J. Financ. 46(4):1325-1359.
Crossref

 

Doni F, Gasperini A, Pavone P (2016). Early adopters of integrated reporting: The case of the mining industry in South Africa. Afr. J. Bus. Manage. 10(9):187-208.
Crossref

 

Easley D, O'hara M (2004). Information and the cost of capital. J. Financ. 59(4):1553-1583.
Crossref

 

Eccles RG, Krzus MP (2010). One report: Integrated reporting for a sustainable strategy, John Wiley & Sons.

 

Eccles RG, Saltzman D (2011). Achieving sustainability through integrated reporting. Stanf Soc Innov Rev Summer 59.

 

Eccles RG, Serafeim G, Krzus MP (2011). Market interest in nonfinancial information. J. Appl. Corporate Financ. 23(4):113-127.
Crossref

 

Eccles RG, Krzus MP (2014). The integrated reporting movement: meaning, momentum, motives, and materiality. John Wiley & Sons.

 

Espinosa M, Trombetta M (2007). Disclosure interactions and the cost of equity capital: evidence from the Spanish continuous market. J. Bus. Financ. Account. 34(9-10):1371-1392.
Crossref

 

Fombrun C, Shanley M (1990). What's in a name? Reputation building and Corporate Strategy. Acad. Manage. J. 33(2):233-258.
Crossref

 

Frías-Aceituno JV, Rodríguez‐Ariza L, Garcia‐Sánchez IM (2014). Explanatory factors of integrated sustainability and financial reporting. Bus. Strateg. Environ. 23(1):56-72.
Crossref

 

Gietzmann M, Ireland J (2005). Cost of capital, strategic disclosures and accounting choice. J. Bus. Financ. Account. 32(3‐4):599-634.
Crossref

 

González-Benito J, González-Benito Ó (2006). A review of determinant factors of environmental proactivity. Bus. Strateg. Environ. 15(2):87-102.
Crossref

 

Global Reporting Initiative (GRI) (2016). Forging a path to integrated reporting, 

View

 

Griffin P, Sun Y (2013) Going green: market reaction to CSR wire news releases, J. Account. Public Policy 32(2):93-113.
Crossref

 

Guidry RP, Patten DM (2010). Market reactions to the first-time issuance of corporate sustainability reports: evidence that quality matters. Sustainab. Account. Manage. Policy J. 1(1):33-50.
Crossref

 

Harrington S, Shrider D (2007). All events induce variance: analyzing abnormal returns when effects vary across firms. J. Financ. Quant. Anal. 42:229-256.
Crossref

 

Healy PM, Palepu KG (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. J. Account. Econ. 31(1):405-440.
Crossref

 

Hendricks KB, Singhal VR (1996). Quality awards and the market value of the firm: An empirical investigation. Manage. Sci. 42(3):415-436.
Crossref

 

Hodge F, Hopkins P, Pratt J (2006). The credibility of classifying hybrid securities as liabilities or equity. Account. Organ. Soc. 31:623-634.
Crossref

 

Hope OK (2003). Disclosure practices enforcement of accounting standards, and analysts forecast accuracy: An international study. J. Account. Res. 41(2):235-272.
Crossref

 

Hoque ME (2017). Why Company Should Adopt Integrated Reporting?. Int. J. Econ. Financ. Issues 7(1):241-248.

 

Hosmer LT (1994). Strategic planning as if ethics mattered. Strateg. Manage. J. 15(S2):17-34.
Crossref

 

Huang XB, Watson L (2015). Corporate social responsibility research in accounting J. Account. Lit. 34:1-16.
Crossref

 

International Integrated Reporting Council (IIRC) (2013a). International Integrated Reporting Framework, 

View

 

International Integrated Reporting Council (IIRC) (2013b). The IIRC Pilot Programme Yearbook 2013: Business and Investors Explore the Sustainability Perspective of Integrated Reporting, 

View

 

Ioannou I, Serafeim G (2016). The consequences of mandatory corporate sustainability reporting: evidence from four countries. Working Paper No. 11-100. Harvard Business School Research, 

View

 

Kelton AS, Pennington RR, Tuttle BM (2010). The effects of information presentation format on judgment and decision making: A review of the information systems research. J. Inf. Systems 24(2):79-105.
Crossref

 

KPMG (2011). Integrated Reporting, Performance Insight through Better Business Reporting, 

View

 

KPMG (2017). The road ahead. The KPMG survey of Corporate Social Responsibility Reporting 2017, 

View

 

Lee KW, Yeo GHH (2016). The association between integrated reporting and firm valuation. Rev. Quant. Financ. Account. 47(4):1221-1250.
Crossref

 

MacKinlay AC (1997). Event studies in Economics and Finance, J. Econ. Literature 35:13-39.

 

Matute‐Vallejo J, Bravo R, Pina JM (2011). The influence of corporate social responsibility and price fairness on customer behaviour: evidence from the financial sector. Corp. Soc. Responsibility Environ. Manage. 18(6):317-331.
Crossref

 

Merton RC (1987). A simple model of capital market equilibrium with incomplete information. J. Financ. 42(3):483-510.
Crossref

 

Mervelskemper L, Streit D (2017). Enhancing Market Valuation of ESG Performance: Is Integrated Reporting Keeping its Promise?.Bus. Strateg. Environ. 26(4):536-549.
Crossref

 

Mikkelson W, Partch M (1988). Withdrawn security offerings. J. Financ. Quantitative Anal. 23:119-133.
Crossref

 

Milne M, Chan CC (1999). Narrative corporate social disclosures: how much of a difference do the make to investment decision making?. Brit. Account. Rev. 31:439-457.
Crossref

 

Plumlee MA (2003). The effect of information complexity on analysts' use of that information. Account. Rev. 78(1):275-296.
Crossref

 

Plumlee M, Brown D, Hayes R M, Marshall R S (2015). Voluntary environmental disclosure quality and firm value: Further evidence. J. Account. Public Policy 34(4):336-361.
Crossref

 

Pope PF, McLeay SJ (2011). The European IFRS experiment: Objectives, research challenges and some early evidence. Account. Bus. Res. 4 (3):233-266.
Crossref

 

PwC (2014). Corporate performance: what do investors want to know? Powerful stories through Integrated Reporting, 

View

 

Qiu Y, Shaukat A, Tharyan R (2016). Environmental and social disclosure: link with corporate financial performance. Brit. Account. Rev. 48:102-116.
Crossref

 

Relano F, Paulet E (2012). Corporate responsibility in the banking sector: a proposed typology for the German case. Int. J. Law Manage. 54(5):379-393.
Crossref

 

Saeidi SP, Sofian S, Saeidi P, Saeidi SP, Saaeidi SA (2015). How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, Reputation and customer satisfaction. J. Bus. Res. 68:341-350.
Crossref

 

Sarokin D, Schulkin J (1991). Environmental concerns and the business of banking. J. Commercial Bank Lending 74(5):6-19.

 

Scholtens B (2009). Corporate social responsibility in the international banking industry. J. Bus. Ethics 86(2):159-175.
Crossref

 

Semenova N Hassel L (2015). On the validity of environmental performance metrics. J. Bus. Ethics 132(2):249-258.
Crossref

 

Serafeim G (2015). Integrated Reporting ad Investor Clientele. J. Appl. Corp. Financ. 27(2):34-51.
Crossref

 

Sharpe WF (1963). A simplified model for portfolio analysis. Manage. Sci. 9(2):277-293.
Crossref

 

Simpson WG, Kohers T (2002). The link between corporate social and financial performance: Evidence from the banking industry. J. Bus. Ethics 35(2):97-109.
Crossref

 

Sims CA (2006). Rational inattention: Beyond the linear-quadratic case. Am. Econ. Rev. 96(2):158-163.
Crossref

 

Stubbs W, Higgins C, Milne M J, Hems L (2014). Financial capital providers perceptions of integrated reporting, 
Crossref

 

Thompson P, Cowton CJ (2004). Bringing the environment into bank lending: Implications for environmental reporting. Brit. Account. Rev. 36(2):197-218.
Crossref

 

Veldkamp LL (2006). Information markets and the comovement of asset prices. Rev. Econ. Stud. 73(3):823-845.
Crossref

 

Verrecchia RE (1990). Information quality and discretionary disclosure. J. Account. Econ. 12(4):365-380.
Crossref

 

Verrecchia E (2001). Essays on disclosure. J. Account. Econ. 32(1):97-180.
Crossref

 

Viganò F, Nicolai D (2009). CSR in the European banking sector: evidence from a survey. Corporate Social Responsibility in Europe: Rhetoric and Realities, Edward Elgar Publishing, Cheltenham, pp. 95-108.
Crossref

 

Yongvanich K, Guthrie J (2006). An extended performance-reporting framework for social and environmental accounting. Bus. Strateg. Environ. 15(5):309-321.
Crossref

 

Zhou S, Simnett R, Green W (2017). Does Integrated Reporting matter to the capital market? Abacus 53(1):94-132.
Crossref