Relato integrado e relevância da informação financeira em empresas europeias cotadas

Abstract

The International Integrated Reporting Council (IIRC) was an initiative that aimed to create a new, globally accepted integrated reporting model so that organizations could concisely communicate the process of creating value over time, rather than just focusing on measuring impacts (Adams, 2015). The new report, called the Integrated Reporting Framework, was published in December 2013. The aim of integrated reporting is to clearly and succinctly present the company's organizational strategy, governance, performance and prospects for development. It is therefore important to discuss whether the adoption of integrated reporting impacts the value relevance of accounting information compared to companies that do not adopt it. The aim of this study is to determine whether the adoption of integrated reporting is value relevant for the capital markets, and also to determine whether the value relevance of earnings and book value is different in companies with integrated reporting compared to companies without integrated reporting. To this end, we used Ohlson's model (1995) and followed the methodology of Cortesi & Vena (2019). The sample includes listed European companies for the years 2016 to 2022. For all the years under analysis, the estimation results suggest that integrated reporting is value relevant for the capital market, but it was only possible to confirm differences in value relevance for book value per share. However, the robustness analysis suggests that these results are affected by the Covid-19 period. Considering only the years without Covid-19 effects, there are statistically significant differences for both equity and earnings per share.

Date of Award	18 Dec 2023
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Maria José Martins Lourenço da Fonseca (Supervisor)