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The impact of integrated reporting on financial performance in India: a panel data analysis

Sushila Soriya (Department of Commerce, Central University of Rajasthan, Ajmer, India)
Parthvi Rastogi (Department of Commerce, Central University of Rajasthan, Ajmer, India)

Journal of Applied Accounting Research

ISSN: 0967-5426

Article publication date: 1 June 2022

Issue publication date: 13 January 2023




The study aims to determine the trend of Integrated Reporting (IR) practices and investigates its impact on operational performance (return on assets (ROA)) and firm value (Tobin's Q) of National Stock Exchange (NSE) listed companies in India.


Manual content analysis is used to construct Integrated Reporting Disclosure Quality Index (IRDQI) to assess disclosure practices of 93 integrated annual reports for three years from 2017–2018 to 2019–2020. Further, panel data models are utilized for investigating the relationship between IRDQI and financial performance. The dependent variable consists of ROA and Tobin's Q in regression models, while the independent variable includes IRDQI.


The empirical analysis results show that IRDQI is positively and significantly associated with operational performance (ROA) while insignificantly related to firm value (Tobin's Q). The study also reveals the upward trend of IR elements and guiding principles from 2017–2018 to 2019–2020.

Research limitations/implications

The primary limitation of this study is the scarcity of data as a handful of companies are preparing IR in India. This paper considers two profitability measures, i.e. ROA and Tobin's Q. Future research should consider both long-term and short-term profitability measures to represent the progress of IR in India.

Practical implications

The escalation of IR disclosures represents that Indian companies are utilizing the opportunities offered by IR to meet stakeholders' expectations. Further, the study investigates the financial performance of Indian companies, which is essential for the growth and survival of the companies. The study's findings would enhance the capacity of firms to raise capital from capital markets by enticing investors.


This study contributes to the limited literature of IR disclosure and financial performance in India by employing content analysis and regression analysis. The organizations could utilize the unique IR index constructed in the Indian context to scrutinize their IR practices.



Soriya, S. and Rastogi, P. (2023), "The impact of integrated reporting on financial performance in India: a panel data analysis", Journal of Applied Accounting Research, Vol. 24 No. 1, pp. 199-216.



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