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Book part
Publication date: 28 July 2014

Tineke Lambooy, Rosemarie Hordijk and Willem Bijveld

The authors have examined the developments in law and in practice concerning integrated reporting. An integrated report combines the most material elements of information…

Abstract

Purpose

The authors have examined the developments in law and in practice concerning integrated reporting. An integrated report combines the most material elements of information about corporate performance (re: financial, governance, social and environmental functioning) – currently reported in separate reports – into one coherent whole. The authors first explore the motivation of companies and legislators to introduce integrating reporting. Next, they analyse how integrated reporting can be supported by legislation thereby taking into account the existing regulatory environment.

Methodology/approach

Literature study; desk research, analysing integrated reports; organisation of an international academic conference (30 May 2012 in Rotterdam, the Netherlands).

Findings

EU law needs adjusting in the field of corporate annual reporting. Although integrated reporting is currently being explored by some frontrunners of the business community and is being encouraged by investors, the existing legal framework does not offer any incentive, nor is uniformity and credibility in the reporting of non-financial information stimulated. The law gives scant guidance to companies to that end. The authors argue that amending the mandatory EU framework can support the comparability and reliability of the corporate information. Moreover, a clear and sound EU framework on integrated corporate reporting will assist international companies in their reporting. Presently, companies have to comply with various regulations at an EU and a national level, which do not enhance a holistic view in corporate reporting. The authors provide options on how to do this. They suggest combining EU mandatory corporate reporting rules with the private regulatory reporting regime developed by the Global Reporting Initiative (GRI).

Research limitations/implications

Focus on EU and Dutch corporate reporting laws, non-legislative frameworks, and corporate practices of frontrunners.

Practical and social implications and originality/value of the chapter

The chapter can provide guidance to policymakers, companies and other stakeholders who want to form an opinion on how to legally support integrated reporting. It addresses important questions, especially concerning how European and domestic legislation could be adjusted in order to (i) reflect the newest insights regarding corporate transparency and (ii) become an adequate framework for companies with added benefits for financiers and investors. Moreover, it reports on the benefits of integrated reporting for reporting companies. The authors argue that integrated reporting can be a critical tool in implementing corporate social responsibility (CSR) in the main corporate strategy of a company.

Details

Communicating Corporate Social Responsibility: Perspectives and Practice
Type: Book
ISBN: 978-1-78350-796-2

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Article
Publication date: 2 March 2015

Roger Simnett and Anna Louise Huggins

This paper aims to provide insights into salient issues in the development of the Integrated Reporting (<IR>) Framework, and emerging issues in the implementation of this…

Abstract

Purpose

This paper aims to provide insights into salient issues in the development of the Integrated Reporting (<IR>) Framework, and emerging issues in the implementation of this Framework, with the aim of identifying opportunities for future research. The International Integrated Reporting Council (IIRC) has recently produced a reporting framework for the preparation of a concise, user-oriented corporate report which expands the scope of a company’s reporting using a multiple capitals concept and requires a description of a company’s business model, allowing a better communication of its value creation proposition. To gain international acceptance, the market-based benefits of adopting the framework must be demonstrated.

Design/methodology/approach

The paper takes the form of an archival analysis of the responses to the IIRC’s public consultation phases, providing insights into arguments for and against salient aspects of the framework, and identifying issues that would benefit from future research.

Findings

Identifying issues that arose during the framework preparation, this paper identifies a range of future research opportunities and outlines the research approaches by which academics can assess the costs and benefits of companies reporting in accordance with the <IR> Framework and assuring this information.

Research limitations/implications

Research opportunities associated with the International <IR>) Framework and associated assurance are identified.

Practical implications

This paper provides insights and details of the process of adoption of <IR> and has implications for adopters and assurance providers of integrated reports, standard setters and regulators. The development of a sophisticated business case informed by rigorous research will be critical to the further uptake of <IR>.

Social implications

Research opportunities identified include the expansion of the <IR> Framework to reporting entities other than corporations, including government and not-for-profit organisations, as well as measurement and assurance of a broader array of capitals, including social capital.

Originality/value

The paper identifies <IR> research opportunities from an archival analysis of the responses to the IIRC’s public consultation phases, providing insights into arguments for and against salient aspects of the framework that would benefit from future research.

Details

Sustainability Accounting, Management and Policy Journal, vol. 6 no. 1
Type: Research Article
ISSN: 2040-8021

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Article
Publication date: 24 August 2018

Zihan Liu, Christine Jubb and Subhash Abhayawansa

The integrated reports published by companies vary significantly in quality in spite of them claiming to be compliant with the integrated reporting (IR) Framework issued…

Abstract

Purpose

The integrated reports published by companies vary significantly in quality in spite of them claiming to be compliant with the integrated reporting (IR) Framework issued by the International Integrated Reporting Council (IIRC). The purpose of this paper is to develop and apply a normative benchmark against which compliance with the IR Framework, and the extent to which integrated reports make visible how organisations create value, can be evaluated.

Design/methodology/approach

The three pillars of the IR Framework – Capitals, Content Elements and the Guiding Principles – are operationalised by the way of a set of disclosure items that capture the extent to which they manifest within integrated reports. The created disclosure index is applied to analyse reports of five companies that are expected to be superior integrated reporters.

Findings

The normative benchmark that was created to operationalise the IR Framework identifies a vast amount of potentially communicable information and various degrees to which information may be disclosed. The integrated reports analysed differ significantly in the extent to which value-creation stories are made visible, despite some of the companies promoting to have actively engaged with IR as participants of the IIRC Pilot Program Business Network. All selected companies performed poorly in comparison to the normative benchmark.

Originality/value

This paper is the first to provide a comprehensive normative benchmark for analysing and evaluating compliance with the IR Framework and the extent to which integrated reports make visible how organisations create value.

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Article
Publication date: 7 June 2018

Merve Kılıç and Cemil Kuzey

This paper aims to investigate the adherence level of current company reports to the International Integrated Reporting Council (IIRC) integrated reporting framework

Abstract

Purpose

This paper aims to investigate the adherence level of current company reports to the International Integrated Reporting Council (IIRC) integrated reporting framework through analysis of whether and to what extent those reports include the content elements of this framework. This study also aims to examine the impact of corporate sustainability characteristics on the adherence level of current company reports to the integrated reporting framework.

Design/methodology/approach

The sample for this research comprises the non-financial companies which were listed on Borsa Istanbul, the Turkish stock exchange, as of 31 December 2015. The authors constructed a disclosure index based on the content elements of the IIRC reporting framework. They then measured the integrated reporting disclosure score (IRS) of each company through a manual content analysis of its annual reports and stand-alone sustainability reports. To test the hypotheses, the authors performed a number of statistical analyses.

Findings

The authors determined that current company reports mainly present generic risks rather than company-specific; provide positive information while dismissing negative information; present financial and non-financial initiatives separately; lack a strategic focus; and include backward-looking information rather than forward-looking information. Consistent with the predictions, the authors found that the IRS is significantly and positively associated with sustainability reporting, Global Reporting Initiative (GRI) adoption, sustainability index listing and the presence of a sustainability committee.

Originality/value

This study contributes to the literature by enhancing the understanding of integrated reporting practices through the application of a checklist based upon the IIRC integrated reporting framework. Further, this study contributes to the literature by evaluating the impact of corporate sustainability characteristics on IRS.

Details

Meditari Accountancy Research, vol. 26 no. 2
Type: Research Article
ISSN: 2049-372X

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Article
Publication date: 11 July 2016

Reijo Savolainen

The purpose of this paper is to elaborate the picture of the nature of integrated models for information behaviour from the perspective of conceptual growth in this field…

Abstract

Purpose

The purpose of this paper is to elaborate the picture of the nature of integrated models for information behaviour from the perspective of conceptual growth in this field of study.

Design/methodology/approach

Conceptual analysis focusing on the ways in which the researchers have developed integrated models. The study concentrates on seven key models proposed by Bates, Choo and associates, Godbold, Robson and Robinson, and Wilson.

Findings

Researchers have employed four main approaches to develop integrated models. First, such frameworks are based on the juxtaposition of individual models. Second, integrated models are built by cross-tabulating the components of diverse models. Third, such models are constructed by relating similar components of individual models. Finally, integrated models are built by incorporating components taken from diverse frameworks. The integrated models have contributed to conceptual growth in three major ways: first, by integrating formerly separate parts of knowledge; second, by generalizing and explaining lower abstraction-level knowledge through higher level constructs; and third, by expanding knowledge by identifying new characteristics of the object of study.

Research limitations/implications

The findings are based on the comparison of seven models only. The integrated frameworks of information retrieval were excluded from the study.

Originality/value

The study pioneers by providing an in-depth analysis the nature of integrated models for information behaviour. The findings contribute to the identification of the key factors of information behaviour.

Details

Journal of Documentation, vol. 72 no. 4
Type: Research Article
ISSN: 0022-0418

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Article
Publication date: 8 December 2017

Pei-Chi Kelly Hsiao and Martin Kelly

Integrated reporting (IR) aims to improve the quality of information available to capital providers. While IR is associated with decreases in investor uncertainty and…

Abstract

Purpose

Integrated reporting (IR) aims to improve the quality of information available to capital providers. While IR is associated with decreases in investor uncertainty and increases in firm value, it is unclear how IR information directly influences investment decisions. This paper aims to investigate the investment considerations of Taiwanese investors and their initial impressions of the International Integrated Reporting Framework (IIRC Framework). In doing so, this study examines the relationships between investment considerations and the IIRC Framework’s concepts.

Design/methodology/approach

Semi-structured interviews were undertaken with 16 investors in Taiwan. Thematic analysis was used to analyse the data collected.

Findings

In addition to economic and financial outlook, competitive advantages and ownership structure, Taiwanese investors emphasise management credibility as an important factor that influences investment decisions. Investors are reliant on private information sources and quantitative data. Sustainability disclosures and sustainability performance beyond legal requirements are often not considered. Taiwanese investors lack awareness of the IIRC Framework and are sceptical about the premise that integrated reports can provide information material to investment appraisal. The assertion that integrated reports reduce information asymmetry and influence investment decisions has to be treated with caution.

Research limitations/implications

Self-selection bias and a potential lack of transferability in the findings are issues inherent in the research method and sample used.

Practical implications

IR information needs to be frequently updated rather than disclosed in a periodic report. Furthermore, integrated reports need to demonstrate a direct link between non-financial performance and financial value creation.

Social implications

Mandating the supply of integrated reports is unlikely to influence investors’ capital allocation decisions unless investor demand is a driver of the regulation.

Originality/value

This study is one of the few to investigate IR from the investor’s perspective. Observations from this preliminary study warrant further investigations into the relevance of IR to investment communities globally.

Details

Sustainability Accounting, Management and Policy Journal, vol. 9 no. 1
Type: Research Article
ISSN: 2040-8021

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Book part
Publication date: 12 March 2020

Sergio Paternostro

There are still many different theoretical approaches and practical interpretations about what an integrated report is. Starting from this premise, the overall purpose of…

Abstract

There are still many different theoretical approaches and practical interpretations about what an integrated report is. Starting from this premise, the overall purpose of this chapter is to critically analyze the relationship between integrated reporting (IR) and social/sustainability disclosure. Indeed, although some scholars considered IR as a tool to improve the sustainability approach of the companies allowing to disclose more relevant social information, others are more critical about the potentiality of IR to improve social disclosure. Therefore, the general research question is: Is there a natural link between IR and social disclosure (true love) or is the IR a practice to “normalize” the social disclosure and accounting (forced marriage)?

In the attempt to provide a preliminary answer to the research question, the chapter analyzes what is the approach of three categories: (1) academics; (2) soft-regulators; and (3) companies. From the methodological point of view, a mixed method of analysis has been adopted.

From the analysis of the three different points of view, IR can be considered as a “contested concept” because of the heterogeneous and sometimes conflicting interpretations and implementation that are done on this type of report. This leads to relevant theoretical and practical implications.

Details

Non-Financial Disclosure and Integrated Reporting: Practices and Critical Issues
Type: Book
ISBN: 978-1-83867-964-4

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Article
Publication date: 2 October 2017

Hugo A. Macias and Angelica Farfan-Lievano

The purpose of this paper is to evaluate the implementation of the integrated reporting (IR) framework in a group of Colombian enterprises.

Abstract

Purpose

The purpose of this paper is to evaluate the implementation of the integrated reporting (IR) framework in a group of Colombian enterprises.

Design/methodology/approach

This is a multiple-case study in six enterprises that use the IR framework. The selected enterprises, all of which were located in either Bogota or Medellin, were Argos, EEB, EPM, ISA, Nutresa and Ocensa. The authors conducted individual interviews of reporters and performed a documentary analysis.

Findings

The few Colombian firms that use the IR framework all have ambitious expansion goals in the medium term. The main reason for the adoption of the IR framework in these firms is that it facilitates access to resources from new foreign investors.

Research limitations/implications

Since the framework was published recently, only a few Colombian firms follow it, and several of them do not apply all of its components. In the future, there will be more reports and a higher level of framework application.

Practical implications

In the firms studied, the IR framework is an important tool to support the search strategies of new sources of financial capital.

Social implications

If the use of the International Integrated Reporting Council (IIRC) framework were to diminish the application of the GRI, firms would be less likely to evaluate the impact of their activities on numerous stakeholders (other than shareholders).

Originality/value

This is the first Colombian study of IR to include both documentary analysis and personal interviews.

Details

Meditari Accountancy Research, vol. 25 no. 4
Type: Research Article
ISSN: 2049-372X

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Article
Publication date: 13 May 2020

Som Sekhar Bhattacharyya

The purpose of this study is international business strategy (IBS) has evolved into a complex and vast domain of study. Given this fact, the author first proposed a set of…

Abstract

Purpose

The purpose of this study is international business strategy (IBS) has evolved into a complex and vast domain of study. Given this fact, the author first proposed a set of screens that a firm’s IBS manager was required to assess before venturing into a foreign country. Then the author developed an integrated IBS framework to secure a holistic view regarding IBS. Finally, the author proposed a typology to classify IBS archetypes.

Design/methodology/approach

The author undertook a systematic and integrated literature review of IBS literature. The literature review was carried out with a conceptual perspective in mind. Incremental and argumentative logic was applied to develop the integrated IBS framework from a wide domain of literature. Furthermore, the typology on IBS initiatives was also developed based upon a classification scheme developed in the framework.

Findings

The author developed the integrated conceptual framework based upon six building blocks which were conceptual elements. The framework consisted of the antecedent variable as internationally deployable organizational resources and capabilities (IDORC), the mediating variables as internationally implementable organizational process (IIOP), internationally executable practices and activities (IEPA) and international market product service offerings (IMPSO). The moderating variable was international initiatives management direction and control (IIMDC), while the dependent variable was international market performance assessment (IMPA). Thus, IDORC, IIOP, IEPA, IMPSA, IIMDC and IMPA were the building blocks of IBS framework. There were 12 types of IBS typologies based upon the dominant role played by the home and host countries in the six building block elements of IBS mentioned. The 12 typologies were domestic reproduction (DR), foreign country centric offerings (FCCO), international offerings perspective (IOP), foreign country-driven activities (FCDA), international-driven activities (IDA), foreign country-driven process (FCDP), international-driven process (IDP), foreign country initiatives domestically controlled (FCIDC), international initiatives domestically controlled (IIDC), international initiatives home-dominant foreign dyad controlled (IIHDFDC), international independent initiative (III) and international coordinated network approach (ICNA).

Research limitations/implications

In this study, an integrated framework on IBS was developed. In the theoretical framework, antecedent (DORC), mediating (IIOP, IEPA and IMPSA), moderating (IIMDC) and dependent variables (IMPA) have been incorporated. This was the first theoretical contribution of this paper toward IBS theorization. Second contribution of this paper was toward typology development regarding IBS initiatives archetypes. The 12 typologies were DR, FCCO, IOP, FCDA, IDA, FCDP, IDP, FCIDC, IIDC, IHDFDC, III and ICNA. The IBS typology is based upon the six constituent concepts developed from literature.

Practical implications

Managers who are responsible for the planning and execution of IBS initiatives could from the integrated IBS framework comprehend what would be the steps required to plan and execute an IBS strategy in its entirety for success in foreign markets. Furthermore, managers could understand the various mediation and moderation roles regarding the IBS factors present in any firm internationalization effort. This would help managers not only to amplify the mediating effects but also to tweak the efforts of moderation so as to arrive at better internationalization performance. The section on typology on IBS initiatives would help managers to secure a better fit for the IBS initiative of the firm. The typology would anchor managerial perspectives regarding how the home country firm organizational contributions on resources and capabilities, processes, practice activities and products and services need to be offered in foreign countries.

Originality/value

To the best of author’s knowledge, this is one of the first frameworks regarding an integrated perspective on IBS and a typology on IBS based upon a set of antecedent (resources and capabilities), mediation (process, activities and market offerings), moderation (management control) and dependent (performance) variables building on firm resource-based view perspectives.

Details

Review of International Business and Strategy, vol. 30 no. 3
Type: Research Article
ISSN: 2059-6014

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Article
Publication date: 16 March 2015

Marek Reuter and Martin Messner

The purpose of this paper is to examine formal participation in the early phase of the International Integrated Reporting Council’s (IIRC’s) standard-setting. The…

Abstract

Purpose

The purpose of this paper is to examine formal participation in the early phase of the International Integrated Reporting Council’s (IIRC’s) standard-setting. The objective of the paper is to shed light on the characteristics of lobbying parties and the determinants of their lobbying behavior toward the IIRC. Additionally, the most important points of contestation regarding the IIRC’s initial proposal for integrated reporting are identified and discussed.

Design/methodology/approach

The authors analyze comment letters issued toward the IIRC’s 2011 discussion paper on the basis of a content analysis. The analysis is guided mainly by Sutton’s (1984) rational-choice model of lobbying and by findings from extant financial accounting lobbying research. The analysis of the data is both quantitative and qualitative.

Findings

The paper improves the understanding of the political nature of standard-setting in the context of integrated reporting. Among other things, the authors find that comment letters toward the IIRC’s discussion paper are mainly written by large multinational firms (as opposed to small- and medium-sized ones) and by preparers (as opposed to users). The authors also observe active lobbying by sustainability service firms and professional bodies which tend to take a critical position vis-à-vis the discussion paper’s emphasis on investor needs and shareholder value creation. Moreover, the qualitative analysis reveals that respondents voice different concerns regarding, for instance, the scope of audience of integrated reporting, issues of materiality and the relationship between integrated reporting and other existing reporting frameworks.

Research limitations/implications

The analysis is limited to a consideration of the 2011 discussion paper of the IIRC. The IIRC’s more recent and forthcoming proposals will likely provide a basis to extend the paper’s findings and allow investigation of the role of lobbying for the further development of the framework.

Originality/value

The paper is, to the best of the knowledge, the first one to explore lobbying behavior by means of comment letters in the context of integrated reporting.

Details

Accounting, Auditing & Accountability Journal, vol. 28 no. 3
Type: Research Article
ISSN: 0951-3574

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