Integrated Reporting and Capital Markets in an International Setting: The Role of Financial Analysts

FLORES, E. S. ; FASAN, M. ; SILVA, W. M. ; SAMPAIO, J. O. . Integrated reporting and capital markets in an international setting: The role of financial analysts. Business Strategy and the Environment, v. Online, p. 1-16, 2019.

37 Pages Posted: 22 Jul 2020

See all articles by Eduardo Flores

Eduardo Flores

University of São Paulo - School of Economics, Business and Accounting

Marco Fasan

Università Ca’ Foscari Venezia; Ca Foscari University of Venice - Department of Management

Wesley Mendes-Da-Silva

Getulio Vargas Foundation (FGV) - Finance, Accounting and Controllership Department of Fundação Getulio Vargas (São Paulo, Brazil)

Joelson Oliveira Sampaio

Getulio Vargas Foundation (FGV) - Sao Paulo School of Economics

Date Written: June 30, 2020

Abstract

This article contributes to the literature studying the capital markets and corporate governance effects of Integrated Reporting (IR). In particular, building on voluntary disclosure and information processing theories, it hypothesizes and empirically finds that IR adoption is correlated with an improvement in analyst forecast accuracy. While most of previous studies focus on the South African context, we rely on an international sample that allows us studying the moderating effect of some country-level variables, such as enforcement and trust. We employ these results to derive interesting insights on the much-debated nature of IR.

Keywords: Integrated Report, Financial Analysts, Forecast Accuracy, International Setting

JEL Classification: G10, G30

Suggested Citation

Flores, Eduardo and Fasan, Marco and Fasan, Marco and Mendes-Da-Silva, Wesley and Sampaio, Joelson Oliveira, Integrated Reporting and Capital Markets in an International Setting: The Role of Financial Analysts (June 30, 2020). FLORES, E. S. ; FASAN, M. ; SILVA, W. M. ; SAMPAIO, J. O. . Integrated reporting and capital markets in an international setting: The role of financial analysts. Business Strategy and the Environment, v. Online, p. 1-16, 2019., Available at SSRN: https://ssrn.com/abstract=3639271

Eduardo Flores

University of São Paulo - School of Economics, Business and Accounting ( email )

Rua Luciano Gualberto, 315
São Paulo, São Paulo 14800-901
Brazil

Marco Fasan

Università Ca’ Foscari Venezia ( email )

San Giobbe, Cannaregio 873
Venice, 30121
Italy

Ca Foscari University of Venice - Department of Management ( email )

San Giobbe, Cannaregio 873
Venice, 30121
Italy

Wesley Mendes-Da-Silva

Getulio Vargas Foundation (FGV) - Finance, Accounting and Controllership Department of Fundação Getulio Vargas (São Paulo, Brazil) ( email )

Sao Paulo 01313-902, São Paulo
Brazil

Joelson Oliveira Sampaio (Contact Author)

Getulio Vargas Foundation (FGV) - Sao Paulo School of Economics ( email )

Brazil

HOME PAGE: http://eesp.fgv.br/

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