We examine the market reaction to two events associated with voluntary integrated reporting adoption of companies participating in the pilot programme of the International Integrated Reporting Council (IIRC). Compared to a matched sample of non-initiators of integrated reporting, we find a positive market reaction to the announcement of a firm to participate in the IIRC pilot programme. The second event we examine is the release of the first integrated report of participants of the IIRC pilot programme. We do not find evidence, that investors value the disclosure of an integrated report as opposed to the disclosure of an annual report. However, for those companies who issued their first integrated report after the release of the
Lea-Victoria Jablowski, Thomas Berndt
Sep 2019