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Integrated reporting and cost of capital: The moderating role of cultural dimensions
Journal of International Financial Management & Accounting ( IF 2.808 ) Pub Date : 2019-12-17 , DOI: 10.1111/jifm.12113
Luigi Vena 1 , Salvatore Sciascia 1 , Alessandro Cortesi 1
Affiliation  

Since its introduction, integrated reporting (IR) has triggered a rich debate covering several aspects, from the structure and the features of a document to the effects of its publication. Very recently, scholars have examined the negative relationship between IR and the cost of capital for firms, completely missing the opportunity to understand whether this fact is contingent on the cultural context that adopting companies operate in. We fill this gap by resorting to a panel sample of 211 adopters from 31 countries over the period spanning 2009–2017, counting 1,455 observations. Our evidence confirms that adopters, on average, benefit from a 1.4% decrease in the cost of capital. Yet, more importantly, IR effectiveness is exalted in countries with low power distance, strong collectivism values, and high level of masculinity, while uncertainty avoidance, long‐term orientation, and indulgence do not seem to play any moderating role.

中文翻译:

综合报告和资本成本:文化层面的调节作用

自从引入以来,综合报告(IR)引发了一场广泛的辩论,涉及从文档的结构和功能到其出版效果的多个方面。最近,学者们研究了投资者关系与公司资本成本之间的负相关关系,从而完全失去了了解这一事实是否取决于采用公司的文化背景的机会。我们通过小组抽样来填补这一空白在2009年至2017年期间,有来自31个国家的211位采用者,统计了1,455项意见。我们的证据证实,采用者平均可从资本成本降低1.4%中受益。但是,更重要的是,在权力距离短,集体主义价值观强,男性气概高的国家中,人们提高了投资者关系的有效性,
更新日期:2019-12-17
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