Is <Ir> worth it? the effects of switching to integrated reporting on firm valuation

• Autor(a) principal: Hansen, Sara Elisabeth
• Data de Publicação: 2022
• Tipo de documento: Dissertação
• Idioma: eng
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10362/153455
• topic: Integrated Reporting; <Ir>; Corporate Disclosure; Event Study; CEMS MIM; Domínio/Área Científica::Ciências Sociais::Economia e Gestão

This work project studies the effect of switching to the reporting strategy of Integrated Report ing (<IR>) on the stock prices of adopter companies. Using data for 24 European companies active in the energy utility industry; two event studies, statistical testing and regression analyses were conducted to investigate whether capital markets are affected by firms switching to <IR>. Results indicate that adopting <IR> can have a statistically significant impact on share prices and the effects are, on average, slightly negative. Keywords: Integrated Reporting, <IR>, corporate disclosure, event study Acknowledgements: I would like to thank my supervisor, Prof. Fernando Anjos, for his helpful suggestions and pleasant collaboration style, both during the CEMS business project and this work project. Moreover, I would like to thank my CEMS business project teammates Adrian Doppler, Florian Powalla, Philipp Rothenberger and Ngoc Tran for their hard work, valuable input, enjoyable company and friendship. Lastly, I would like to thank EDP’s entire Investor Relations department -especially Angela Valluerca Solana and Catarina Novais- as well as Nuno Joia -working in EDP’s sustainability department- for their time, feedback and valuable suggestions during the entire business project process.