Integrated reporting useful for investors

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Integrated reporting useful for investors

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IUR Münsteraner Schriften zur Internationalen Unternehmensrechnung Herausgegeben von Peter Kajüter Stefan Hannen Integrated Reporting Useful for investors? Band 15 Integrated Reporting MÜNSTERANER SCHRIFTEN ZUR INTERNATIONALEN UNTERNEHMENSRECHNUNG Herausgegeben von Peter Kajüter Band 15 Zu Qualitätssicherung und Peer Review der vorliegenden Publikation Die Qualität der in dieser Reihe erscheinenden Arbeiten wird vor der Publikation durch den Herausgeber der Reihe geprüft Notes on the quality assurance and peer review of this publication Prior to publication, the quality of the work published in this series is reviewed by the editor of the series Stefan Hannen Integrated Reporting Useful for investors? Bibliographic Information published by the Deutsche Nationalbibliothek The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data is available in the internet at http://dnb.d-nb.de Zugl.: Münster (Westfalen), Univ., Diss., 2016 Library of Congress Cataloging-in-Publication Data A CIP catalog record for this book has been applied for at the Library of Congress D6 ISSN 1868-7687 ISBN 978-3-631-73247-2 (Print) E-ISBN 978-3-631-73323-3 (E-PDF) E-ISBN 978-3-631-73324-0 (EPUB) E-ISBN 978-3-631-73325-7 (MOBI) DOI 10.3726/b11722 © Peter Lang GmbH Internationaler Verlag der Wissenschaften Frankfurt am Main 2017 All rights reserved PL Academic Research is an Imprint of Peter Lang GmbH Peter Lang – Frankfurt am Main ∙ Bern ∙ Bruxelles ∙ New York ∙ Oxford ∙ Warszawa ∙ Wien All parts of this publication are protected by copyright Any utilisation outside the strict limits of the copyright law, without the permission of the publisher, is forbidden and liable to prosecution This applies in particular to reproductions, translations, microfilming, and storage and processing in electronic retrieval systems This publication has been peer reviewed www.peterlang.com Preface V Preface Integrated Reporting intends to address current deficiencies of corporate reporting practice – in particular information overload, redundancies and poor readability Improvements in corporate reporting are of interest for investors, the primary addressees of corporate reports, as it may have consequences for their investment decisions By promoting Integrated Reporting and by developing the International Framework, the International Integrated Reporting Council made a considerable effort aiming at improving corporate reporting However, this new holistic approach to corporate reporting raises a number of questions This thesis deals with several of these issues, analyzing whether Integrated Reporting can achieve its objective to provide useful information for investors’ decision-making From a conceptual perspective, Stefan Hannen investigates if the IIRC’s International Framework offers a suitable basis for the preparation of decision-useful reports Moreover, the study takes a look at the practice of Integrated Reporting Using content analysis, it examines reports in South Africa and the USA at two different points in time Thus, this thesis documents in how far the Integrated Reporting principles had already been present in “conventional” annual reports and in how far the introduction of a quasi-obligation for firms to engage in Integrated Reporting, as in South Africa, changed this situation In addition, Stefan Hannen investigates potential consequences of Integrated Reporting for the capital market The study examines whether this reporting format possibly moderates an existing investor underreaction to the release of a firm’s report These findings support the assertion that Integrated Reporting may make a difference for the corporate reporting landscape Conceptually speaking, the International Framework introduces a useful set of requirements for firms’ reports to support investors’ decisions From the empirical perspective, the descriptive study shows that reports prepared under the quasi-obligation to implement Integrated Reporting indeed yield (innovative) features that traditional reports not exhibit In addition, the capital-market study reveals a negative association between the degree of Integrated Reporting in firms’ reports and investor underreaction following the report release The study contributes to the young field of literature on Integrated Reporting in several ways In addition to providing a thorough conceptual analysis from an investor’s perspective, it supplements existing research on Integrated Reporting practice, extending the range of countries examined in the literature and drawing on a solid research design Furthermore, the capital market study contributes to the field of impact studies on Integrated Reporting while connecting this field with research on other topics such as investor underreaction The results yield several implications, most importantly for investors However, the study also discusses potential implications for other parties like the reporting firms or regulators Considering these contributions as well as the rigor of the study and the great topicality of Integrated Reporting, I am convinced that this thesis will draw a lot of attention and will be popular among academics and practitioners alike Münster, May 2017 Prof Dr Peter Kajüter Acknowledgment VII Acknowledgment I have conducted this study during my time at the Chair of International Accounting at the University of Münster The School of Business and Economics accepted this thesis as a dissertation in September 2016 In this acknowledgment I want to express my gratitude for all the support I have received First, I would like to thank my academic teacher and supervisor Prof Dr Peter Kajüter Since I was a student in the bachelor’s program I have been affiliated to his chair in many ways During all these years he gave me support and encouragement, both before and during my work on the thesis His critical thinking, high standard of demands and constructive comments and suggestions provided a fruitful basis for my work and improved my thesis considerably Moreover, I want to thank Prof Dr Hans-Jürgen Kirsch and Prof Dr Bernd Kempa, the members of the review committee Likewise, I want to pay tribute to my companions at the chair In addition to supporting me with professional advice, our great team gave me a lot of unforgettable memories Many of these are captured in the unbelievable doctoral cap that my colleagues made for me A special thanks goes to Dr Martin Nienhaus who I have been sharing an office with for almost two years The discussions with Martin about my work were of immeasurable value Moreover, I enjoyed spending time with him outside the university, with sports, barbecues, and other activities that made us forget our work for a while Many thanks also to Stephanie Eckerth, particularly for her feedback on my thesis, her hospitality and for all the great talks that we had, especially during the innumerable car drives between Münster and Düsseldorf I also owe thanks to Matthias Nienaber Besides receiving his feedback on my thesis, I enjoyed developing creative ideas with him, on the chair’s PR work and beyond, which resulted in countless pieces of “art” I particularly appreciate the help of Florian Klassmann, whose thorough and constructive feedback on my study considerably improved my work So did the remarks of Friedrich Kalden, who never failed to enrich both professional and private conversations with his cunning comments, as well as the feedback and assistance I received from Henrik Schirmacher Henrik also appeared to be an excellent host, providing me a place to sleep in the apartment I used to live in before him Another dear colleague I had the pleasure to share my office with was Dr Gregor Hagemann Not only were we members of the same team at the chair, but we also sported the same colors in our soccer team, thus celebrating victories together on multiple levels Furthermore, I would like to thank Alexander Schulz for the great collaboration in organizing various rounds of our annual sailing seminar I bet we could easily run a travel agency for sailing trips together if we ever found ourselves fed up with our regular jobs In this regard, I also want to mention Dr Daniel Blaesing He was (and still is) a great co-author and sports buddy, as well as a dear colleague, neighbor, and friend The same holds true for Daniel’s now-wife Christina Blaesing-Voets Thank you very much also to my “veteran” colleagues Dr Maximilian Saucke, Dr Moritz Schröder and Marcel Baki, who not only helped me during my time at the chair, but were always committed to supporting our team as a whole in a multitude of ways In addition, they are really nice and funny people So are all my younger colleagues, namely Daniela Peters, Max Meinhövel, Kai Schaumann and Martin Vogelpohl, who continue to show the same commitment to our invaluable team VIII Acknowledgment I am also very thankful to all other fellow research assistants that made my time at the chair unforgettable, namely Dr Kristian Bachert, Dr Thomas Blades, Julius Hannemann, Charlotte Kaiser, Dr Martin Merschdorf, Dr Matthias Moeschler and Tobias Stadtbäumer In addition, I would like to mention our student assistants who kept things ticking at the chair and supported us in so many ways In particular, I want to highlight the work of Robert Beukmann, Johannes Effenberger, Manuel Herkenhoff and Nils Nürnberg, who were of major assistance during different phases of my study Finally, I would like to show my gratitude for our colleagues in the secretary’s office, Ashly Bills, Tobias Langehaneberg and Leila Prousch, who were always there to guide me through the university’s administrative jungle Beyond the chair, I am also very thankful for the dear friends I have got to know in Münster We had a great time with many unforgettable experiences, but I am more than glad that our friendship did not end with our time in the Westphalian metropolis Instead, we still manage to spend time together as often as possible (e.g., at our annual Christmas party or on vacation), even though we live in different places all over the world The same holds for those friends that have been by my side since I went to school or even before Some of you also spent your studies in Münster, and some have also faced, or are still facing, the challenge of writing doctoral theses on a variety of different topics It is always a pleasure to exchange our views on these and other topics over a couple of beers, to indulge in memories of the good old times, or to simply fool around I could not imagine a better group of friends Most importantly, however, I want to express my gratitude to my family, in particular to my parents Ursula and Peter Hannen You have been there for me during my entire life and have enabled me to become the person I am today, backing me in whatever I wanted to Thank you so much for this unconditional support, and most of all for your love But my parents would not have been able to so without the help of my grandparents, Maria and Josef Hannen and especially Käthe and Walter Schmidt In particular, I want to address the influence of my grandfather Walter You taught me the value of being curious by exploring my surroundings with me when I was a child and setting the example of how important it is to never stop learning You gave me the mindset that enabled me to conduct this study So I dedicate this thesis to you I also want to mention my brother Andreas, my sister Katharina and her boyfriend Nils, as well as my parents-in-law Angelika Banik-Bürger and Michael Bürger, my brothers-in-law Max and Christoph, my sister-in-law Alexandra and her boyfriend Philipp as well as my godfather Hans Stenert and his wife Sylvia Thank you for your patience, as almost all of our conversations over the last years reflected my study Eventually, I want to say thank you to my beloved wife Kathi I am so grateful that you never lost faith in me no matter how tough my work was, nor how strenuous it could be for myself and for us as a couple Not only did you tolerate my strange ideas and work habits, but you became involved with my research itself, from discussing my thoughts to proofreading the thesis along the way After these years, I cannot wait for my future with you, when I can finally redirect the dedication I have spent on my thesis to all the things that really count in our life Nobody deserves this more than you Münster, May 2017 Stefan Hannen Contents overview IX Contents overview Introduction 1.1 Motivation and objective of the study 1.2 Scientific research strategy 1.3 Outline of the study 11 The Integrated Reporting approach 14 2.1 History and institutional background 14 2.2 The International Framework 19 2.3 Critical discussion of the Framework 33 Corporate reporting in South Africa and the USA 56 3.1 Corporate reporting in South Africa 56 3.2 Corporate reporting in the USA 71 Integrated Reporting in practice 92 4.1 State of research 92 4.2 Theory and hypotheses development 106 4.3 Methodology 113 4.4 Results 128 4.5 Discussion 151 Capital market consequences of Integrated Reporting 155 5.1 State of research 155 5.2 Theory and hypothesis development 164 5.3 Methodology 171 5.4 Results 181 5.5 Discussion 209 Summary and conclusions 213 6.1 Summary of the conceptual and the empirical analysis 213 6.2 Implications 221 6.3 Limitations and outlook 223 Bibliography 279 Sweller, John (1993): Some cognitive processes and their consequences for the organisation and presentation of information, in: Australian Journal of Psychology, Vol 45, No 1, 1993, pp 1-8 Sweller, John (1994): Cognitive Load Theory, Learning Difficulty, and 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Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934”, issued by the Securities and Exchange Commission (SEC), Washington, D.C 2016 NYSE Corporate Governance Guide NYSE: Corporate Governance Guide, issued by the New York Stock Exchange (NYSE), London, UK 2014, URL: https://www.nyse.com/publicdocs/ nyse/listing/NYSE_Corporate_Governance_Guide pdf (29.08.2016) NYSE Listed Company Manual Listed Company Manual, issued by the New York Stock Exchange (NYSE), New York, NY 2016, URL: http://wallstreet.cch.com/LCM/ (29.08.2016) 292 List of cited laws, regulations, standards and guidance materials PCC Private Company Decision-Making Framework Private Company Decision-Making Framework – A Guide for Evaluating Financial Accounting and Reporting for Private Companies, issued by The Financial Accounting Standards Board Private Company Council (PCC), Norwalk, CT 2013, URL: http://www.fasb.org/jsp/FASB/ Document_C/DocumentPage?cid=117616370358 3&acceptedDisclaimer=true (29.08.2016) 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“Materiality”, issued by the Securities and Exchange Commission (SEC) on 13 August 1999, Washington, D.C SAB 108 Staff Accounting Bulletin (SAB) No 108, issued by the Securities and Exchange Commission (SEC) on 13 September 2006, Washington, D.C SASB CF Conceptual Framework, issued by the Sustainability Accounting Standards Board (SASB), San Francisco, CA 2013, URL: http://www.sasb.org/wp-content/ uploads/2013/10/SASB-Conceptual-FrameworkFinal-Formatted-10-22-13.pdf (29.08.2016) List of cited laws, regulations, standards and guidance materials 293 SEC Financial Reporting Release No Securities and Exchange Commission (SEC) Financial Reporting Release No “Adoption of the Financial Reporting Release Series and Codification of Currently Relevant ASRs”, 47 FR 21028, Washington, D.C 1982 SEC Release 33-6835 Securities and Exchange Commission (SEC) Release 33-6835 “SEC Interpretation: Management’s Discussion and Analysis of Financial Condition and Results of Operations; Certain Investment Company Disclosures”, Washington, D.C 1989 SEC Release 33-8124 Securities and Exchange Commission (SEC) Release 33-8124 “Final Rule: Certification of Disclosure in Companies’ Quarterly and Annual Reports”, Washington, D.C 2002 SEC Release 33-8182 Securities and Exchange Commission (SEC) Release 33-8182 “Final Rule: Disclosure in Management’s Discussion and Analysis about Off-Balance Sheet Arrangements and Aggregate Contractual Obligations”, Washington, D.C 2003 SEC Release 33-8221 Securities and Exchange Commission (SEC) Release 33-8221 “Policy Statement: Reaffirming the Status of the FASB as a Designated Private-Sector Standard Setter”, Washington, D.C 2003 SEC Release 33-8350 Securities and Exchange Commission (SEC) Release 33-8350 “Interpretation: Commission Guidance Regarding Management’s Discussion and Analysis of Financial Condition and Results of Operations”, Washington, D.C 2003 SEC Release 33-8995 Securities and Exchange Commission (SEC) Release 33-8995 “Modernization of Oil and Gas Reporting”, Washington, D.C 2008 SEC Release 33-9106 Securities and Exchange Commission (SEC) Release 33-9106 “SEC guidance regarding disclosure related to climate change”, Washington, D.C 2010 SEC Release 33-10064 Securities and Exchange Commission (SEC) Release 33-10064 “Concept Release: Business and Financial Disclosure Required by Regulation S-K”, Washington, D.C 2016 ... Directors in Southern Africa Integrated Reporting Integrated Reporting Framework (“The International Framework”) Integrated Reporting Committee of South Africa Integrated Reporting Committee of... in corporate reporting are of interest for investors, the primary addressees of corporate reports, as it may have consequences for their investment decisions By promoting Integrated Reporting and... thesis deals with several of these issues, analyzing whether Integrated Reporting can achieve its objective to provide useful information for investors decision-making From a conceptual perspective,

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Mục lục

  • Integrated Reporting: Useful for investors?

  • Preface

  • Acknowledgment

  • Contents overview

  • Contents

  • List of figures

  • List of tables

  • List of abbreviations

  • List of symbols

  • 1 Introduction

    • 1.1 Motivation and objective of the study

    • 1.2 Scientific research strategy

    • 1.3 Outline of the study

  • 2 The Integrated Reporting approach

    • 2.1 History and institutional background

    • 2.2 The International <IR> Framework

      • 2.2.1 Overview of basic characteristics of IR, the IR Framework and its use

      • 2.2.2 Fundamental Concepts

      • 2.2.3 Guiding Principles

      • 2.2.4 Content Elements

    • 2.3 Critical discussion of the Framework

      • 2.3.1 The purpose of an integrated report

      • 2.3.2 Guiding Principles

      • 2.3.3 Content Elements

  • 3 Corporate reporting in South Africa and the USA

    • 3.1 Corporate reporting in South Africa

      • 3.1.1 Economic and historical background

      • 3.1.2 Institutions regulating corporate reporting

      • 3.1.3 Regulations on corporate reporting

      • 3.1.4 Summary of the South African reporting landscape

    • 3.2 Corporate reporting in the USA

      • 3.2.1 Economic and historical background

      • 3.2.2 Institutions regulating corporate reporting

      • 3.2.3 Regulations on corporate reporting

      • 3.2.4 Summary of the US reporting landscape

  • 4 Integrated Reporting in practice

    • 4.1 State of research

    • 4.2 Theory and hypotheses development

      • 4.2.1 Principal Agent Theory

      • 4.2.2 Positive Accounting Theory

      • 4.2.3 Systems-oriented theories

      • 4.2.4 Hypotheses development

    • 4.3 Methodology

      • 4.3.1 Sample

      • 4.3.2 Content analysis catalogue

        • 4.3.2.1 Content analysis

        • 4.3.2.2 Elements of the catalogue

        • 4.3.2.3 Data collection and scoring

    • 4.4 Results

      • 4.4.1 Basic characteristics of the reports

      • 4.4.2 The degree of Integrated Reporting

        • 4.4.2.1 Total Integrated Reporting score

        • 4.4.2.2 Sub-scores on the Guiding Principles

      • 4.4.3 Supplementary measures

      • 4.4.4 Summary of the results

    • 4.5 Discussion

  • 5 Capital market consequences of Integrated Reporting

    • 5.1 State of research

    • 5.2 Theory and hypothesis development

      • 5.2.1 The investor underreaction effect

      • 5.2.2 Moderation of investor underreaction by Integrated Reporting

      • 5.2.3 Hypothesis development

    • 5.3 Methodology

      • 5.3.1 Regression models

      • 5.3.2 Variables

      • 5.3.3 Assumptions of the OLS regressions

    • 5.4 Results

      • 5.4.1 Univariate and bivariate analyses

      • 5.4.2 Regression analysis

        • 5.4.2.1 Basic model: the investor underreaction effect

        • 5.4.2.2 Moderation of the investor underreaction effect by IR

        • 5.4.2.3 Robustness tests

    • 5.5 Discussion

  • 6 Summary and conclusions

    • 6.1 Summary of the conceptual and the empirical analysis

    • 6.2 Implications

    • 6.3 Limitations and outlook

  • Appendix

    • Appendix 1: Content analysis catalogue based on the International <IR> Framework

    • Appendix 2: Control variables

  • Web appendix

  • Bibliography

  • List of cited annual (integrated) reports

  • List of cited laws, regulations, standards and guidance materials

  • Back Matter

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