TY  - JOUR
U1  - Zeitschriftenartikel, wissenschaftlich - begutachtet (reviewed)
A1  - Wahl, Annika
A1  - Charifzadeh, Michel
A1  - Diefenbach, Fabian
T1  - Voluntary adopters of integrated reporting – evidence on forecast accuracy and firm value
JF  - Business strategy and the environment
N2  - 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.
KW  - ESG
KW  - firm value
KW  - forecast error
KW  - information asymmetry
KW  - integrated reporting
Y1  - 2020
UN  - https://nbn-resolving.org/urn:nbn:de:bsz:rt2-opus4-28050
SN  - 0964-4733
SS  - 0964-4733
U6  - https://doi.org/10.1002/bse.2519
DO  - https://doi.org/10.1002/bse.2519
VL  - 29
IS  - 6
SP  - 2542
EP  - 2556
S1  - 15
PB  - Wiley
CY  - New York
ER  -