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According to the “strategic focus and future orientation” principle of the integrated reporting (<IR>) framework, <IR> should provide information useful to support investors in assessing the future financial performance of organizations. This study aims to support the operationalization of this function by improving the forward-looking orientation of the integrated report.

Basing on the backward- and forward-looking disclosure in <IR> and the dynamic resource-based view (DRBV), this study develops an explorative case study building a quantitative simulation model based on an integrated report.

This study provides useful insights into how operationalizing the <IR> “future orientation” and obtaining more quantitative information on the organization’s capacity to create value in the future by applying DRBV and quantitative simulation modeling.

The article presents one case study to explore the method suggested to improve the <IR> forward-looking orientation. Additional case studies applying the same research design should be certainly useful to refine the method.

Supporting the <IR> forward-looking orientation, this study provides additional information for the decision-making process of investors, thus contributing to the efficient and productive allocation of capital.

Few studies have investigated forward-looking information in integrated reports, highlighting the existence of an “information gap” referred to such disclosure. Overcoming these previous results, the study provides useful insights on how to improve the <IR> forward-looking orientation.

This study aims to acknowledge that most Indonesian small and medium enterprises (SMEs) experience slow growth. It highlighted that this sluggishness is because of some falsification of Indonesia’s ecological psychology. It focuses on investigating the situated cognition that probably supports this falsification, such as affordance, a community of practice, embodiment and the legitimacy of peripheral participation situated cognition and social intelligence theories.

This study obtained data from published newspapers between October 2016 and February 2019. The authors used the Waikato Environment for Knowledge Analysis and the J48 C.45 algorithm. The authors analyzed the data using the emergence of news probability for both the Government of Indonesia (GoI) and Indonesian society and the situated cognition concerning the improvement of the SMEs. The authors inferred ecological psychology from these published newspapers in Indonesia that the engaged actions were still suppressed, in comparison with being and doing.

This study contributes to the innovation and leadership policies of the SMEs’ managerial systems and the GoI. After this study identified the backward-looking practices, which the GoI and the people of Indonesia held, this study recommended some policies to help create a forward-looking orientation. The second one is also a policy for the GoI, which needs to reduce the discrepancy between the signified and the signifier, as recommended by the structuralist theory. The last one is suggested by the social learning theory; policies are needed that relate to developing the SMEs’ beliefs, attitudes and behavior. It means that the GoI should prepare the required social contexts, which are in motoric production and reinforcement. Explicitly, the authors argue that the GoI facilitates SMEs by emphasizing the internal learning process.

The authors present some possibilities for the limitations of this research. The authors took into account that this study assumes the SMEs are all the same, without industrial clustering. It considers that the need for social learning and social cognition by the unclustered industries is equal. Second, the authors acknowledge that Indonesia is an emerging country, and its economic structure has three levels of contributors; the companies listed on the Indonesian Stock Exchange, then the SMEs and the lowest level is the underground economy. Third, the authors did not distinguish the levels of success for the empowerment programs that are conducted by either the GoI or the local governments. This study recognizes that the authors did not measure success levels. It means that the authors only focused on the knowledge content.

From these pieces of evidence, this study constructed its strategies. The authors offer three kinds of policies. The first is the submission of special allocation funds from which the GoI and local governments develop their budgets for the SMEs’ social learning and social cognition. The second is the development of social learning and social cognition’s curricula for both the SMEs’ owners and executive officers. The third is the need for a national knowledge repository for all the Indonesian SMEs. This repository is used for the dissemination of knowledge.

This study raises argumental novelties with some of the critical reasoning. First, the authors argue that the sluggishness of the Indonesian SMEs is because of some fallacies in their social cognition. This social cognition is derived from the cultural knowledge that the GoI and people of Indonesia disclosed in the newspapers. This study shows the falsifications from the three main perspectives of the structuration, structuralist and social learning theories. Second, this study can elaborate on the causal factor for the sluggishness of Indonesia’s SMEs, which can be explained by philosophical science, especially its fallacies (Hundleby, 2010; Magnus and Callender, 2004). The authors expand the causal factors for each gap in every theory, which determined the SMEs’ sluggishness through the identification of inconsistencies in each dimension of their structuration, structuralism and social learning. This study focused on the fallacy of philosophical science that explains the misconceptions about the SMEs’ improvement because of faulty reasoning, which causes the wrong moves to be made in the future (Dorr, 2017; Pielke, 1999).

The article aims to establish whether the degree of aversion to inflation and the responsiveness to deviations from potential output have changed over time.

This paper assesses time variation in monetary policy rules by applying a time-varying parameter generalised methods of moments (TVP-GMM) framework.

Using monthly data until December 2022 for five inflation targeting countries (the UK, Canada, Australia, New Zealand, Sweden) and five countries with alternative monetary regimes (the US, Japan, Denmark, the Euro Area, Switzerland), we find that monetary policy has become more averse to inflation and more responsive to the output gap in both sets of countries over time. In particular, there has been a clear shift in inflation targeting countries towards a more hawkish stance on inflation since the adoption of this regime and a greater response to both inflation and the output gap in most countries after the global financial crisis, which indicates a stronger reliance on monetary rules to stabilise the economy in recent years. It also appears that inflation targeting countries pay greater attention to the exchange rate pass-through channel when setting interest rates. Finally, monetary surprises do not seem to be an important determinant of the evolution over time of the Taylor rule parameters, which suggests a high degree of monetary policy transparency in the countries under examination.

It provides new evidence on changes over time in monetary policy rules.

The study aims to analyse annual reports of the non-financial European firms listed at the EURO STOXX 50 index over the period of 2007 and 2011.

This study intends to address two main issues: to what extent the country-level institutional forces compel (directly) firm's risk reporting (RR) behaviour and in which way these country-level institutional forces moderate the relationship between RR and firm-level characteristics.

Main findings indicate that, during this period, the European listed companies disclosed more risk information on a voluntary basis (such as operational and strategic risks) and with better informative content (more forward-looking and focused on positive news). Consistent with institutional theory, findings confirm that the country-level institutional forces explain variations on RR. Additionally, it also indicates that the relationship between RR and leveraged firms is weaker among countries with stronger institutional forces. These findings have several implications for investors and regulators in Europe basically in helping achieve efficiency in investment decisions and to stimulate further efforts to improve RR regulations.

This study makes two major contributions. First, it extends Elshandidy's et al. (2015) work by using other country-level institutional forces that capture the efficacy of corporate boards, the protection of minority shareholders' interests, country's level of democracy, law enforcement mechanisms and press freedom. Second, it uses firms that are considered as a blue-chip representation of super-sector leaders in the Eurozone (but from different institutional contexts). This research setting can be more insightful in shedding some light towards our understanding on how these leading firms can promote innovative and high quality level of RR and how country-level driving forces influence these variables.

The measure of companies' Innovation Performance is fundamental for enhancing the value and decision-making processes of firms. The purpose of this paper is to present a new measure of Innovation Performance, called Innovation Patent Index (IPI), which makes it possible to quantitatively summarize different aspects of firms' innovation.

In order to define the IPI, a secondary source, i.e. patent data, has been used. The five dimensions of IPI, i.e. efficiency, time, diversification, quality and internationalization have been defined both analyzing the literature and applying three different machine learning algorithms (regularized least squares, deep neural networks and decision trees), considering patent forward citations as a proxy of the innovation performance.

Results show that the IPI index is a very useful tool, simple to use and very promptly. In fact, it is possible to get important results without making time consuming analysis with primary sources. It is a tool that can be used by managers, businessmen, policymakers, organizations, patent experts and financiers to evaluate and plan future activities, to enhance the innovation capability, to find financing and to support and improve innovation.

Patent data are not widely used in all the sectors. Moreover, the pure number of forward citations is not the only forward looking indicator suggested by the literature.

The demand for a useable Innovation Performance tool, as well as the lack of tools able to grasp different aspects of the innovation, highlight the need to develop new instruments. In fact, although previous studies provide several measures of Innovation Performance, these are often difficult for managers to use, do not appreciate different aspects of the innovation and are not forward looking.

The paper identifies the types of risks disclosed by Italian organisations using integrated reporting (IR). This paper aims to understand the level and features of risk disclosure with the adoption of IR.

The authors use risk classifications already provided in the literature to develop a content analysis of Italian organisations’ integrated reports published.

The content analysis reveals that most of the Italian organisations incorporate many types of risk disclosure into their integrated reports. Organisations use this alternative form of reporting to communicate risk differently from how they disclose risks in traditional annual financial reporting. That is, the study finds that the organisations use their integrated reports to disclose a broader group of risks, related to the environment and society, and do so using narrative and visual representation.

The paper contributes to a narrow stream of research investigating risk disclosure provided through IR, contributing to the understanding of the role of IR in representing an organisational risk.

The purpose of this paper is to provide an empirical evidence concerning the influence of Corporate governance and voluntary disclosures in annual reports: a post-International Financial Reporting Standards adoption evidence from an emerging capital market.

Data were collected from the annual reports of all 22 listed non-financial firms over a five-year period. Using content analysis, the audited annual reports of the firms were scored on the extent of overall and four specific types of voluntary disclosures made. The panel data obtained were analyzed using a generalized ordinary least squares regression model.

The findings of the study show that voluntary disclosures among the firms are low even after the adoption of IFRS. Corporate governance attributes of board size and board leadership structure are significant determinants of the extent of voluntary disclosures made by the firms. However, board independence and auditor type exhibit only a significant positive effect on voluntary financial and forward-looking information disclosures.

Firms’ voluntary information disclosure and governance variables were restricted to those in annual reports, which may partially reflect the reality of firms’ disclosure and governance practices.

The present study offers useful insights to regulators of the capital market to strengthen monitoring of firms to ensure strict adherence to corporate governance best practice guidelines as a means of improving information environment.

This study is one of the very few ones in Africa, especially in the context of Ghana Stock Exchange, to use post-IFRS data and examine a disaggregated voluntary disclosure by firms.

The study aims to examine the level and extent of forward-looking information (FLI) disclosure and identify the determinants driving the FLI disclosure (FLID) in the context of an emerging and developing economy.

The sample includes annual reports of the top 30 listed companies in Bangladesh for the years 2013–2017. The content analysis approach is used to examine the practice of FLID and to determine the extent of FLID based on the index. Multiple linear regression analysis is performed to identify the determinants of FLID.

This research finds that board size, auditor's global affiliation, leverage and profitability have a substantial positive impact on FLID. By contrast, firm size and listing age have a significant negative association with FLID. Moreover, contrary to our expectation, female representation in the boardroom has an inverse effect on FLID. This study, however, does not suggest any significant impact of board independence.

Small sample size may limit the generalizability of the findings. Besides, the FLID index score may be affected by the subjective judgment while analyzing the content of the annual report.

The findings of this paper may assist the regulators and policymakers in incorporating this new reporting paradigm in regulations. Alternatively, the current research can serve as a basis to further understand the importance of FLID for the stakeholders.

This empirical study contributes to the current FLI literature in Bangladesh. A handful of studies have been done to examine the nature and level of FLID and find out the determinants of FLID in the developing countries. To the best of the authors' knowledge, no study yet has been explored on FLID and its determinants by classifying them as qualitative and quantitative in Bangladesh.

This study aims to develop a high-quality impairment loss allowance model in conformity with Indonesian Financial Accounting Standards 71 (PSAK 71) that has significant contribution to national interests and the banking industry.

The determination of the impairment loss allowance model is settled through 7 stages, using integration of some statistical methods such as Markov chain, exponential smoothing, time series analysis of behavioral inherent trends of probability of default, tail conditional expectation and Monte Carlo simulation.

The model which is developed by the authors is proven to be a high-quality and reliable model. By using the model, it can be shown that the implementation of the expected credit losses model on Indonesian Financial Accounting Standards 71 is more prudent than the implementation of the incurred loss model on Indonesian Financial Accounting Standards 55.

Determination of defaults was based on days past due, and the analysis in this study did not touch the aspects of hedge accounting in general.

This developed model will contribute significantly to national interests as a source of reference for other banks operating in Indonesia in calculating impairment loss allowance (CKPN) and can be used by the Financial Services Authority of Indonesia (OJK) as a guideline in assessing the formation of impairment loss allowance for banks operating in Indonesia.

As so far there is not yet an available standardized model for calculating impairment loss allowance on the basis of Indonesian Financial Accounting Standards 71, the model developed by the authors will be a new breakthrough in Indonesia.

Future is rarely explicitly addressed or problematized in business network research. This study aims to examine the possibilities of developing a business actor’s future orientation to network studies and imports ideas and concepts from futures research to support the development.

The study is conceptual and interdisciplinary. The authors critically analyze how extant studies grounded in the sensemaking view and process research approach integrate future time and how theoretical myopia hinders the adoption of a future orientation.

The prevailing future perspective is restricted to managers’ perceptions and actions at present, ignoring the anticipation and exploration of alternative longer-term futures. Future time is generally conceived as embedded in managers’ cognitive processes or is seen as part of the ongoing interaction, where the time horizon to the future is not noticed or is at best short.

To enable a forward-looking perspective, researchers should move the focus from expectation building in business interaction to purposeful preparation of alternative future(s) and from the view of seeing future as enacted in the present to envisioning of both near-term and more distant futures.

This study addresses the growing need of business actors to anticipate future developments in the rapidly changing market conditions and to innovate and change business practices to save the planet for future generations.

This study elaborates on actors’ future orientation to business markets and networks, proposes the integration of network research concepts with concepts from futures studies and poses new types of research questions for future research.