Does Integrated Reporting Matter to the Capital Market?
研究了综合报告与资本市场的关系，发现公司遵循综合报告框架的程度越高，分析师预测误差越小，部分公司的股权资本成本也降低，表明综合报告提供了增量有用信息。
Integrated reporting (<IR>) is an emerging international corporate reporting initiative to address limitations to extant corporate reporting approaches, which are commonly criticized for being both voluminous and disjointed. While <IR> is gaining in popularity, current momentum has been limited due to a lack of clear evidence of its benefits. Utilizing the most suitable setting currently available, being discretionary disclosures made by listed companies on the Johannesburg Stock Exchange, this study provides evidence that analyst forecast error reduces as a company's level of alignment with the <IR> framework increases. Further, the improved alignment is associated with a subsequent reduction in the cost of equity capital for certain reporting companies. The results are obtained after controlling for factors relating to financial transparency and the issuance of standalone non-financial reports, which suggests that <IR> is providing incrementally useful information to the capital market over and above existing reporting mechanisms.