Does the voluntary adoption of integrated reporting affect the value relevance of accounting information Empirical evidence from Europe

Loprevite, Salvatore; Rupo, Daniela; Ricca, Bruno

doi:10.1504/ijmfa.2019.104131

Cited by 9 publications

(7 citation statements)

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“…Other studies have stressed a positive impact of IR quality on the market value of equity (Pavlopoulos et al, 2019), and CAR (Pavlopoulos et al, 2019;Cosma et al, 2018). However, Gal and Akisik (2020), Loprevite et al (2019a, b) and Camodeca et al (2018) have found insignificant results in this regard. Caglio et al (2020) reported no significant relationship between IR tone bias and Tobin's Q in a South African setting.…”

Section: Total Performance Measuresmentioning

confidence: 90%

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Archival research on integrated reporting: a systematic review of main drivers and the impact of integrated reporting on firm value

Velte

2021

J Manag Gov

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Integrated reporting (IR) represents an innovative approach to business reporting especially by Public Interest Entities (PIEs). In addition to financial capital, the integrated report includes material information about manufactured, intellectual, human, social and relational, and natural capitals. Although there has been a steady growth in empirical IR research, there is—as yet—no literature review on the business case for IR. Thus, the purpose of this study is to convey a detailed understanding of the governance-, (non) financial performance-, and reporting-related determinants of IR and its contribution to firm value in line with the business case argument. To do so, we selected 85 quantitative peer-reviewed archival studies on that topic. We have then differentiated said studies between those that focus on IR adoption versus those that focus on IR quality, with a legitimacy- and stakeholder-theory-based framework. This differentiation is crucial, to stress the challenges of greenwashing policies and information overload. Here, in contrast to former literature reviews on IR, we provide new insights into this emerging research topic and concentrate on archival IR research. We are also interested in recent moderator- and mediator analysis in archival IR research since the business case argument for IR may require a specific environment, in addition to the main variables we have included. We likewise give a detailed overview of included variables and proxies and compare their main statistical effects. Our literature review demonstrates that (1) board composition and (2) stakeholder pressure positively influence IR quality; whereas (3) (non) financial performance leads to increased IR adoption and quality. We also find that both IR adoption and IR quality are linked with positive consequences on firm valuation, as they lead to higher total performance measures. Last but not least, this analysis includes useful recommendations for future IR research.

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Section: Total Performance Measuresmentioning

confidence: 90%

“…Wahl et al (2020),Gal and Akisik (2020),Loprevite et al (2019a, b) andCamodeca et al (2018) did not state any significant relationship between IR adoption and the market value of equity (Tobin's Q), whereasLandau et al (2020) reported a negative link.…”

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confidence: 82%

Archival research on integrated reporting: a systematic review of main drivers and the impact of integrated reporting on firm value

Velte

2021

J Manag Gov

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“…Dadas as duas abordagens de intangibilidade, é preciso considerar que o mercado de capitais atribui importância a informações sobre esses ativos, considerando que várias pesquisas constataram value relevance desses itens nos Estados Unidos (Ewens et al, 2021), na Europa (Loprevite et al, 2019) e no Brasil (Silva et al, 2017). Ou seja, há contribuição informacional dos ativos intangíveis, pois impactam o valor de mercado das firmas.…”

Section: Intangibilidadeunclassified

“…Considerando que as características específicas das firmas podem influenciar o conservadorismo contábil (Watts, 2003) e que ativos intangíveis possuem relevância informacional para o mercado (Ewens et al, 2021;Loprevite, Rupo, & Ricca, 2019;Silva, Sousa, & Klann, 2017), espera-se que esses ativos influenciem as práticas de conservadorismo.…”

Section: Introductionunclassified

Ativos Intangíveis e Conservadorismo no Mercado Acionário Brasileiro

Machado

2023

REPeC

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Objetivo: O objetivo do trabalho foi analisar a influência do nível de intangibilidade sobre o conservadorismo contábil. Partiu-se de evidências de que a valorização das ações pode influenciar a discricionariedade nas práticas contábeis e também de que ativos intangíveis registrados podem melhorar a qualidade das informações. Método: Foram estudadas 92 empresas brasileiras de capital aberto no período entre 2014 e 2019. Os modelos empíricos utilizados foram os de Basu (1997) e Ball e Shivakumar (2005). Considerou-se a intangibilidade por duas vertentes: (i) relação entre valor de mercado e valor contábil das ações; e (ii) ativos intangíveis registrados. As informações foram processadas por meio de regressão com dados em painel. Resultados: A intangibilidade baseada em valor de mercado apresentou relação negativa com conservadorismo. Por outro lado, a intangibilidade baseada em valor contábil apresentou relação positiva. Adicionalmente, observou-se que as empresas com maior intangibilidade a partir de valor de mercado não apresentaram o atributo conservadorismo. Constatou-se também que as empresas com maior proporção de ativos intangíveis registrados apresentaram conservadorismo mais significativo. Contribuições: O trabalho contribui com o meio acadêmico, com os agentes reguladores e com os investidores, no sentido de auxiliar no entendimento da influência dos ativos intangíveis sobre a qualidade da informação contábil.

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“…However, the VR of AI in emerging economies has not been widely addressed in the literature, with only a few studies (Chen et al , 2001; Hellström, 2006; Mandilas et al , 2009; Filip and Raffournier, 2010; Mostafa, 2016) that concentrated on contexts such as China, Czech Republic, Greece, Malaysia, Romania, and Egypt. Several studies in the literature focused on the determinants of the VR of AI (Song, 2015; Siekkinen, 2017; Loprevite et al , 2019). However, little information is available regarding the impact of ownership characteristics, especially institutional ownership, on the VR of AI (Jiambalvo et al , 2002).…”

Section: Introductionmentioning

confidence: 99%

The impact of institutional ownership on the value relevance of accounting information: evidence from Egypt

Diab

Abdelazim

Metwally

2021

JFRA

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Purpose This paper aims to examine the value relevance (VR) of accounting information (AI) presented by Egyptian listed non-financial companies. Further, the study investigates the influence of institutional ownership on the value relevance of AI in a developing market, namely, the Egyptian market. Design/methodology/approach The study uses data from 2014 to 2017 with a total of 248 observations and analyses the data using regression analysis. Data are collected from the nonfinancial companies listed on the Egyptian Stock Exchange. Findings The authors found that the AI reported by the Egyptian listed non-financial companies is value relevant. Regarding the influence of institutional ownership, it is found to significantly impact the VR of AI reported by the sample companies. This model investigated the effect of corporate size and financial leverage as controlling variables and found that they have an insignificant influence on the VR of AI. Originality/value The current study findings enrich the literature by enhancing the understanding regarding institutional owners’ impact on corporate value. Further, bringing evidence from an emerging market can have implications for accounting researchers interested in addressing other emerging markets with similar contextual and institutional environments.

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Does the voluntary adoption of integrated reporting affect the value relevance of accounting information Empirical evidence from Europe

Cited by 9 publications

References 0 publications

Archival research on integrated reporting: a systematic review of main drivers and the impact of integrated reporting on firm value

Archival research on integrated reporting: a systematic review of main drivers and the impact of integrated reporting on firm value

Ativos Intangíveis e Conservadorismo no Mercado Acionário Brasileiro

The impact of institutional ownership on the value relevance of accounting information: evidence from Egypt

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