Purpose The purpose of this study is to examine the effect of integrated reporting (IR) quality on both market liquidity and analyst forecast accuracy in South Africa as the only country in the world having IR as a listing requirement. This study uses the Sustainability Disclosure Transparency Index (SDTI) as a proxy for IR disclosure quality. The analysis of this study is based on the period after the publication of the international framework and its adoption by the International Reporting Committee of South Africa in 2014. Design/methodology/approach The companies sampled in this study are those listed on the Johannesburg Stock Exchange (JSE) from 2013 to 2015. The major factor driving the selection of this particular period was to not only analyse the existing IR practice but also investigate IR two years after King III came into force. The SDTI developed by Integrated Reporting and Assurance Services (IRAS) was used to analyse IR quality. Ordinary least squares regressions were analysed. The models include year and industry fixed effects. The variance inflation factor and its tolerance were used to test the severity of multi-collinearity. Also, alternative measures of IR quality and alternate model specifications were analysed to check the robustness of the results. Findings The authors find that quality of IR is associated with lower earnings forecast error. The evidence indicates that earnings forecast error is lower for firms in the materials sector of the South African economy. Consistent with prior research, the results also suggest that forecast errors are higher for companies with volatile returns and lower for larger firms. Additional analysis indicates that IR quality is positively associated with market liquidity. Overall, these findings support the virtues of IR, thus providing useful information to capital markets. Research limitations/implications The results obtained cannot be generalised to other jurisdictions. While the South African economy is the best setting to investigate IRs, new economies are also working actively on IR disclosures, so future research is likely to extend the literature in this field. Secondly, the availability of data constrained the sample size; however, this only mediates against finding any statistically significant result. While the IRAS database offers information about 324 JSE companies, Datastream covers only the 170 largest South African firms. In spite of the sample reduction, robust and consistent results are found in the market liquidity and analyst forecast accuracy proxies. Practical implications The sample period of this study (2013-2015) allows to understand disclosure behaviour after the international IR framework was published and endorsed by the JSE. The release of the IIRF gave clear guidance to firms regarding the nature and purpose of IR. Overall, the results obtained in this paper are consistent with IR expectations, thus providing useful information for investors and financial analysts. It is expected that the results might have practical implications for other nations about the cost and benefits of implementing integrated management reporting. Originality/value This paper contributes incrementally to the existing debate about whether disclosure information through IR has real benefits or is a passing fad. It examines the economic consequences of IR in a mandatory setting using an in-house ranking system, adapted to South Africa, designed by IRAS to determine IR quality. IRAS provides an SDTI that assesses the accuracy, consistency, completeness and reliability of quantitative data for 84 indicators based on IR and global reporting initiative aspects and subdivided into seven categories.

中文翻译：

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综合报告质量对市场流动性和分析师预测误差的影响

目的本研究的目的是检验南非作为世界上唯一将投资者关系作为上市要求的国家，综合报告（IR）质量对市场流动性和分析师预测准确性的影响。本研究使用可持续性披露透明度指数（SDTI）作为IR披露质量的替代指标。此项研究的分析基于国际框架发布后的时期，并于2014年被南非国际报告委员会采用。设计/方法/方法本研究中涉及的公司均为在约翰内斯堡证券交易所上市的公司。 （JSE）从2013年到2015年。推动选择此特定时期的主要因素不仅是分析现有的IR实践，而且还要在国王三世生效两年后对IR进行调查。综合报告和保证服务（IRAS）开发的SDTI用于分析IR质量。普通最小二乘回归分析。这些模型包括年度和行业固定效应。方差膨胀因子及其容忍度用于测试多重共线性的严重性。此外，分析了红外质量的替代方法和替代模型规格，以检查结果的鲁棒性。结论作者发现IR的质量与较低的收益预测误差有关。有证据表明，南非经济材料行业的公司的盈利预测误差较低。与先前的研究一致，结果还表明，回报波动较大的公司的预测误差较高，而较大公司的预测误差较低。进一步的分析表明，投资者关系质量与市场流动性呈正相关。总体而言，这些发现支持投资者关系的优点，从而为资本市场提供有用的信息。研究局限/意义所获得的结果不能推广到其他司法管辖区。尽管南非经济是调查投资者关系的最佳环境，但新经济体也在积极开展投资者关系披露工作，因此未来的研究可能会扩展该领域的文献。其次，数据的可用性限制了样本量。但是，这仅是对发现任何统计学上显着的结果的中介。IRAS数据库提供有关324家JSE公司的信息，而Datastream仅涵盖170家最大的南非公司。尽管减少了样本，市场流动性和分析师预测准确性的代理中均提供了可靠且一致的结果。实际意义本研究的样本时间（2013-2015年）使我们可以了解国际投资者关系框架在JSE发布并认可后的披露行为。IIRF的发布为企业提供了有关IR的性质和目的的明确指导。总体而言，本文获得的结果与投资者关系预期一致，从而为投资者和金融分析师提供了有用的信息。预期结果可能会对其他国家在实施综合管理报告的成本和收益方面产生实际影响。原创性/价值本文对有关通过投资者关系披露信息是否具有真正的好处还是一时的过时的现有辩论做出了越来越大的贡献。它使用IRAS设计的内部评级系统（适用于南非）在强制性设置下检查了IR的经济后果，该系统由IRAS设计以确定IR质量。IRAS提供了一个SDTI，可根据IR和全球报告计划的各个方面评估84个指标的定量数据的准确性，一致性，完整性和可靠性，并细分为七个类别。