Integrated reporting and capital markets in an international setting: The role of financial analysts
研究了企业采用综合报告是否帮助财务分析师更准确预测盈利，基于国际样本发现北美比欧洲效果更明显，对政策制定者改善信息披露有参考价值。
Abstract This study investigates the interplay between integrated reporting (IR) and capital markets. In particular, building on voluntary disclosure and information processing theories, we hypothesize and empirically find that IR adoption improves analysts' ability to make accurate earnings forecasts. Whereas previous studies focus on the South African context, we rely on an international sample that also allows us to study the moderating effect of the corporate governance regime (shareholder or stakeholder oriented). The results suggest that IR improves analysts' ability to make accurate predictions to a larger extent in North America than in Europe, and we derive interesting insights on the much‐debated nature of IR. This study offers valuable insights to policy makers interested in improving disclosure practices in the financial market.