This paper investigates the consequences of business model (BM) disclosures. Content analysis is used to assess the mandatory disclosure of BM in in 75 publicly listed companies' annual reports across a three-year period (2014–2016). The research applies a novel content analysis methodology that considers the way in which the relevance of BM disclosures is dependent on which particular BM a given company adopts. The empirical results show notably low levels of BM disclosure and no significant association between BM disclosures and market value. However, we find that BM disclosure provides insights into earnings quality by means of enhanced earnings persistence. These findings reveal that information about the BM itself does not make a difference to investors when it is not linked to financial outcomes. Instead, BM acts as a framework for organizing other disclosures, and provides complementary information about value generation, helping users understand how earnings are generated. These results are important for informing the policy-making process around extra-financial disclosures (e.g., EU Directive 2014/95/EU) and answer calls for research to inform future improvements to corporate and integrated reporting.

中文翻译：

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商业模式披露、市场价值和盈利持久性：来自英国的证据

本文调查了商业模式 (BM) 披露的后果。内容分析用于评估 75 家上市公司在三年期间（2014-2016 年）的年度报告中强制披露 BM。该研究应用了一种新颖的内容分析方法，该方法考虑了BM披露的相关性取决于给定公司采用的特定BM的方式。实证结果显示，BM 披露水平显着降低，BM 披露与市场价值之间没有显着关联。然而，我们发现 BM 披露通过增强盈利持久性提供了对盈利质量的洞察。这些发现表明，当 BM 本身与财务结果无关时，它不会对投资者产生影响。反而，BM 充当组织其他披露的框架，并提供有关价值产生的补充信息，帮助用户了解收益是如何产生的。这些结果对于为围绕额外财务披露（例如，欧盟指令 2014/95/EU）的政策制定过程提供信息以及响应研究呼吁以告知未来对公司和综合报告的改进非常重要。