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Is voluntary International Integrated Reporting Framework adoption a step on the sustainability road and does adoption matter to capital markets?
Meditari Accountancy Research Pub Date : 2021-06-16 , DOI: 10.1108/medar-08-2020-0978
Pei-Chi Kelly Hsiao , Charl de Villiers , Tom Scott

Purpose

This paper aims to examine the type of firms that voluntarily adopt the International Integrated Reporting Framework (IIRF) and how markets respond to voluntary IIRF adherence.

Design/methodology/approach

Analysis of a matched global sample of listed firms that voluntarily adopt the IIRF (IIRF firms) and those that do not (non-IIRF firms). The samples range from 188 to 436 observations as alternative research designs, different matched samples and regression specifications, and several sensitivity analyses were conducted.

Findings

In markets where integrated reporting (IR) is not mainstream, voluntary IIRF adoption is more likely for firms with established sustainability practices. Such findings suggest that the IIRF is an incremental innovation for sustainability rather than an innovation that radically changes management and reporting practices. In Japan, where IR is mainstream, results show no observable differences between IIRF firms and non-IIRF firms. Consistent with the determinants results, this paper finds no evidence of associations between voluntary IIRF adoption and the information environment, the cost of equity or firm value. However, the additional analysis provides preliminary evidence suggesting capital market effects may differ for IIRF firms with higher sustainability or market performance.

Practical implications

This study offers useful insights into the current global debate on whether there is value in adopting the IIRF.

Originality/value

This study adds to the limited body of research on the determinants and consequences of voluntary IIRF adoption, offering insights for regulators, practitioners and proponents of IR. This study is the first to provide quantitative evidence of the influence sustainability practices have on voluntary IIRF adoption. Further, the results add to the current global debate on whether there is value in adopting the IIRF. This paper finds that voluntary IIRF adoption has no clear and distinct influence on disclosure practices and capital markets, suggesting there are no additional benefits from prioritising the promotion or adoption of the IIRF over other disclosure forms. Unless there are advancements supporting the implementation of integrated thinking and information connectivity, the potential for the IIRF to improve information quality may be limited to encouraging more non-financial disclosure and transparency in countries where integrated disclosures are not trending.



中文翻译:

自愿采用国际综合报告框架是可持续发展道路上的一步吗?采用对资本市场有影响吗?

目的

本文旨在研究自愿采用国际综合报告框架 (IIRF) 的公司类型以及市场对自愿遵守 IIRF 的反应。

设计/方法/方法

对自愿采用 IIRF 的上市公司(IIRF 公司)和不采用 IIRF 的上市公司(非 IIRF 公司)的匹配全球样本进行分析。样本范围从 188 到 436 个观察值作为替代研究设计、不同的匹配样本和回归规范,并进行了若干敏感性分析。

发现

在综合报告 (IR) 不是主流的市场中,具有成熟可持续性实践的公司更有可能自愿采用 IIRF。这些发现表明,IIRF 是可持续发展的渐进式创新,而不是从根本上改变管理和报告实践的创新。在 IR 是主流的日本,结果显示 IIRF 公司和非 IIRF 公司之间没有明显的差异。与决定因素的结果一致,本文没有发现自愿采用 IIRF 与信息环境、股权成本或公司价值之间存在关联的证据。然而,额外的分析提供了初步证据,表明对于具有更高可持续性或市场表现的 IIRF 公司,资本市场影响可能有所不同。

实际影响

这项研究为当前关于采用 IIRF 是否有价值的全球辩论提供了有用的见解。

原创性/价值

这项研究增加了关于自愿采用 IIRF 的决定因素和后果的有限研究,为监管机构、从业人员和 IR 的支持者提供了见解。本研究首次提供了可持续性实践对自愿采用 IIRF 的影响的定量证据。此外,这些结果增加了当前关于采用 IIRF 是否有价值的全球辩论。本文发现,自愿采用 IIRF 对披露实践和资本市场没有明确和明显的影响,这表明将 IIRF 的推广或采用优先于其他披露形式没有额外的好处。除非有支持整合思维和信息连接实施的进步,

更新日期:2021-06-15
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