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Value reporting and firm performance
Journal of International Accounting, Auditing and Taxation Pub Date : 2020-09-01 , DOI: 10.1016/j.intaccaudtax.2020.100319
Florian Eugster , Alexander F. Wagner

Abstract Proponents of the concept of “value reporting” emphasize the idea that it may be in firms’ interest to provide investors and other stakeholders with a holistic picture of their value generation activities. The basic idea is that by explaining more clearly how and why value is created in the company, especially by considering the interplay of financial and non-financial value drivers, management will enhance its own understanding of the value generation process. This, in turn, enables management to make better operating decisions in the future. Using a 10-year panel of Swiss firms, we document that firms with better value reporting quality deliver better future operating performance and obtain greater economic value added. They also exhibit higher valuation ratios. These results hold when controlling for industry-year fixed effects as well as with two instrumental variables approaches. These findings also shed light on the potential value generation benefits of “integrated reporting”.

中文翻译:

价值报告和公司业绩

摘要 “价值报告”概念的支持者强调,为投资者和其他利益相关者提供其价值创造活动的整体图景可能符合公司的利益。基本思想是,通过更清楚地解释公司如何以及为何创造价值,特别是通过考虑财务和非财务价值驱动因素的相互作用,管理层将增强自己对价值产生过程的理解。这反过来又使管理层能够在未来做出更好的运营决策。我们使用一个为期 10 年的瑞士公司面板,记录了价值报告质量更好的公司未来的经营业绩更好,并获得了更大的经济附加值。它们还表现出更高的估值比率。当控制行业年固定效应以及使用两个工具变量方法时,这些结果成立。这些发现还阐明了“综合报告”的潜在价值创造优势。
更新日期:2020-09-01
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