Purpose
– This paper aims to provide insights into salient issues in the development of the Integrated Reporting () Framework, and emerging issues in the implementation of this Framework, with the ...aim of identifying opportunities for future research. The International Integrated Reporting Council (IIRC) has recently produced a reporting framework for the preparation of a concise, user-oriented corporate report which expands the scope of a company’s reporting using a multiple capitals concept and requires a description of a company’s business model, allowing a better communication of its value creation proposition. To gain international acceptance, the market-based benefits of adopting the framework must be demonstrated.
Design/methodology/approach
– The paper takes the form of an archival analysis of the responses to the IIRC’s public consultation phases, providing insights into arguments for and against salient aspects of the framework, and identifying issues that would benefit from future research.
Findings
– Identifying issues that arose during the framework preparation, this paper identifies a range of future research opportunities and outlines the research approaches by which academics can assess the costs and benefits of companies reporting in accordance with the Framework and assuring this information.
Research limitations/implications
– Research opportunities associated with the International ) Framework and associated assurance are identified.
Practical implications
– This paper provides insights and details of the process of adoption of and has implications for adopters and assurance providers of integrated reports, standard setters and regulators. The development of a sophisticated business case informed by rigorous research will be critical to the further uptake of .
Social implications
– Research opportunities identified include the expansion of the Framework to reporting entities other than corporations, including government and not-for-profit organisations, as well as measurement and assurance of a broader array of capitals, including social capital.
Originality/value
– The paper identifies research opportunities from an archival analysis of the responses to the IIRC’s public consultation phases, providing insights into arguments for and against salient aspects of the framework that would benefit from future research.
Purpose
The purpose of this study is to assess the impact of nonfinancial sustainability reporting (NFSR) on enterprise value moderated by the management legitimate authority (MLA) for companies ...listed on the Tehran Stock Exchange.
Design/methodology/approach
To this aim, 190 firms were assessed during 2014–2019. This study used Arianpoor and Salehi’s indicators. The scoring method for NFSR, environmental sustainability reporting (ESR), social sustainability reporting (SSR) and governance sustainability reporting (GSR) was based on Zimon et al. Also, the CEO pay slice index was used to calculate the management’s legitimate authority. Tobin’s Q was used as a standard measure for the firm value, providing a suitable means of comparison.
Findings
The results revealed that NFSR affects enterprise value positively. In addition, ESR and SSR positively affect the enterprise value. However, GSR did not affect the enterprise value. MLA affects the relationship between NFSR/ESR/SSR/GSR and enterprise value, resulting from the effect of MLA on firm-related information quality and transparency.
Practical implications
Linking NFSR and management’s legitimate authority to firm value will enable managers to lead in helping firms enhance transparency and disclosure, improving their reporting standards and increasing the enterprise value. This, in turn, will ultimately result in better sustainability and governance practices.
Social implications
The results can help understand that analysts and investors somehow consider discussions related to the NFSR in decisions related to the company’s value, and positive market reactions to these practices’ disclosures can motivate firms to improve value and performance.
Originality/value
The majority of prior research in this field has focused on developing countries. An international perspective is critical, and this study helps draw a more contextualized picture of sustainability than before. In addition, the present research explored the management’s legitimate authority role, which is considered an innovative aspect.
In recent years, the number of companies using external third parties to assure their sustainability reports has increased. Previous studies have underlined the heterogeneous content of voluntary ...assurance statements and have attributed this to the fact that standards are vague and regulations are non-existent. Against this background, this study seeks to examine the quality of, as well as the similarities and differences between, assurance statements in sustainability reports. The paper specifically analyses content, applied standards, assurance engagements, and providers by applying content analysis to the assurance statements in non-financial reports. The results indicate differences in the content, executed processes, and concrete implementation of the standards. Non-accountants apply a wider diversity of methods, while assurance processes by accountants seem to be prone to isomorphism due to professionalisation, network effects, and uncertainty. The results are discussed in the context of isomorphism by templates and deinstitutionalisation and suggest that current practices may diminish the credibility, transparency, and internal benefits for management which could be otherwise derived from assurance statements.
•We examine current sustainability-related assurance practice.•We analyse assurance statements through the lense of neo-institutional theory.•We elaborate differences in assurance quality depending on different determinants.•Isomorphism may diminish external and internal value of assurance statements.
Complying with the requirements of sustainability development is a very high priority for the business community. The United Nations' 2030 Agenda and its 17 Sustainable Development Goals (UN_SDGs) ...pose new challenges for firms, which have to adjust their operations and strategies to the requirements of SDGs. In this context, this paper aims to develop a methodological framework for evaluating the level of alignment of corporate sustainability reporting practices with the scope of UN_SDGs. Based on disclosure topics from Global Reporting Initiative and a scoring system, an evaluation framework was developed in order to assess the quality of information published in sustainability reports with respect to each UN_SDG. An empirical analysis was performed in a sample of sustainability reports in order to examine the structure and the applicability of the proposed methodological framework. The outcomes of the empirical analysis reflect some implications for future research on the UN_SDG reporting practices.
This paper examines the impact of integrated reporting (IR) on the integration of environmental, social, and governance (ESG) issues into the business model and the related economic and ESG ...performance changes. To investigate these internal and external transformational effects of IR, important differences between IR and alternative ESG reporting strategies are worked out. Using three matched samples of companies from around the world for the sample period 2002-2011, IR companies are matched with companies applying (a) no ESG reporting, (b) stand-alone ESG reporting, or (c) ESG reporting in the annual report. The results suggest that IR is a superior mechanism only for the integration of ESG issues into the core business model when comparing IR with the ESG reporting strategies of (a) no ESG reporting and (c) ESG reporting in annual reports. In comparison with (b), stand-alone ESG reporting, the results indicate that IR is negatively associated with the ESG integration level and with the economic and ESG performance. Moreover, this negative impact is lower for companies that have already implemented ESG management tools prior to the initiation of IR and is stronger for companies residing in countries with legal requirements for the disclosure of ESG information. A separate change analysis reveals that companies do not benefit from a switch from stand-alone ESG reporting to IR. Thus, this paper provides empirical evidence that contradicts the general notion of IR as a superior reporting mechanism, as the benefits of IR are driven by several factors.
This commentary analyses the paper by John Flower that critiques the sustainability of the IIRC proposed framework for Integrated Reporting. This commentary largely supports the criticisms and ...conclusions of this paper and provides some additional insights into the possible impact of Integrated Reporting.
Externalities comprise economic, social and/or environmental impacts arising from the activities of an entity that are borne by others, at least in the short term. As they do not feedback directly ...into immediate financial consequences for the entity, they tend to be outside the remit of financial reporting. A dispersed academic accounting literature on externalities has hitherto developed separately from concerns about what information is appropriate to report on corporate performance. This paper develops insights into accounting for, and reporting of, externalities that are intended to improve the use of externalities information in breaking down silos between the traditionally discrete domains of financial reporting and sustainability reporting, and between silos within sustainability reporting. Challenges in such use of externalities information are explored, including difficulties inherent in the quantification of externalities. The paper also highlights ways in which externalities can progressively become internalised, thereby bringing them more readily within the domain of economically focused financial reporting practices. An agenda for further research to help enhance the accounting for, and reporting of, externalities is also proposed.
This study highlights the influence of sustainability reporting on investor sentiments in the China Stock Exchange. The study starts by utilizing an Ordinary Least Squares regression model to test ...the hypotheses. Advanced econometric techniques are then applied to identify the existence of heteroskedasticity. To address potential endogeneity concerns, the analysis incorporates fixed-effect, two-stage least squares, and two-step generalized method of moments regression models. Findings suggest that sustainability reporting has a positive influence on investor sentiments. Conversely, environmental, social, and governance sustainability reporting also positively associations with investor sentiment in fixed-effect, two-stage least squares, and two-step generalized method of moments results. The findings suggest that companies prioritizing transparent and responsible practices enhance their market standing and contribute significantly to sustainable and ethical investing. The research indicates the importance of context-specific sustainability reporting. It provides insights into sustainability's impact on investor sentiments, promoting responsible practices for a sustainable global economy.
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