Environmental,social and governance disclosure,integrated reporting,and the accuracy of analyst forecasts |
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| Affiliation: | 1. Roma TRE University, Italy;2. Alliance Manchester Business School, University of Manchester, United Kingdom;1. Durham University Business School, Durham University, Queen''s Campus, H115, Wolfson Building, University Boulevard, Thornaby, Stockton on Tees, TS17 6BH, England, UK;2. Adam Smith Business School, University of Glasgow, West Quadrangle, Main Building, Room G683, University Avenue, Glasgow, G12 8QQ, Scotland, UK;1. School of Accounting and Finance, The Hong Kong Polytechnic University, Hong Kong;2. Nottingham Business School, Nottingham Trent University, UK;3. Department of Economics and Economic History, Rhodes University, Grahamstown, Eastern Province, South Africa;4. King Abdullah Petroleum Studies and Research Center (KAPSARC), Riyadh, Saudi Arabia;5. Surrey Energy Economics Centre (SEEC), School of Economics, University of Surrey, Guildford, UK;6. Portsmouth Business School, University of Portsmouth, Portsmouth, UK;1. University of Thessaly, Department of Economics, Volos, Greece;2. EDHEC Business School, Lille, France |
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| Abstract: | The International Integrated Reporting Council advocates that integrated reporting (IR) should become the worldwide norm for corporate reporting aimed at serving the needs of investors. Nonetheless, only in South Africa has IR been mandated. We study the impact of the reporting regime change in South Africa on analyst forecast accuracy over the period 2008 to 2012, as a way of evaluating users’ perceptions of the usefulness of IR. We theorise that any effects of IR will be greater the greater is the level of disclosures of environmental, social and governance performance. We find results consistent with those who support IR and our theory that the level of environmental, social and governance disclosures is a mediating variable in determining the effectiveness of IR. The results are driven by the levels of environmental disclosure and, to a lesser extent, governance disclosure. Our results provide some support for those who advocate the virtues of integrated reporting. |
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| Keywords: | Integrated reporting Environmental, social and governance disclosures Analyst forecasts |
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