Mio Integrated Reporting

A New Accounting Disclosure
1. Auflage 2016
ISBN: 978-1-137-55149-8
Verlag: Palgrave Macmillan UK
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 336 Seiten, eBook

This book is a timely addition to the fast-growing international debate on Integrated Reporting, which offers a holistic view of the evolution and practice of Integrated Reporting. The book covers the determinants and consequences of Integrated Reporting, as well as examining some of the most relevant issues (particularly in the context of the United States) in the debate about Integrated Reporting.

Zielgruppe

Research

Autoren/Hrsg.

Mio, Chiara

Inhaltsverzeichnis

1;Foreword;6
2;Preface;14
3;Contents;18
4;Notes on Contributors;22
5;List of Figures;26
6;List of Tables;28
7;1: Integrated Reporting: The IIRC Framework;30
7.1; Introduction;31
7.2; IIRC Guiding Principles and Content Elements;34
7.3; Guiding Principles and Content Elements: An IR Implementation Perspective;40
7.4; GRI Guidelines and IIRC Framework: A Comparison;41
7.4.1; Stakeholder Relationships;41
7.4.2; Materiality;42
7.4.3; Comparability;43
7.4.4; Connectivity of Information;44
7.4.5; Reliability and Conciseness;44
7.5; Conclusions;46
7.6;References;47
8;2: Strategy and Business Model in Integrated Reporting;48
8.1; Introduction;49
8.2; Strategy and Business Model Reporting in the International IR Framework;50
8.2.1; Strategy, Strategic Objectives and Strategic Focus in IR;50
8.2.2; The Business Model in IR;52
8.3; Strategy;53
8.4; Business Model;54
8.4.1; What Is a Business Model? What Is Its Function?;55
8.4.2; What Are the Business Model’s Components?;55
8.4.3; How a Business Model Relates with Strategy?;56
8.5; Examples;57
8.5.1; British American Tobacco;58
8.5.2; Eni;59
8.5.3; Iberdrola;61
8.5.4; Sage;63
8.6; Conclusions;64
8.7;References;65
9;3: Value Creation: A Core Concept of Integrated Reporting;66
9.1; Introduction;67
9.2; The Concept of ‘Value’ in General;67
9.3; The Concept of ‘Value’ Applied in Business;69
9.4; The Concept of Value in the IIRC’s Framework;72
9.5; The Capitals: Major Value Components;75
9.6; The IIRC’s Value Concept: A Move to Change Business Behavior;79
9.7;References;82
10;4: Empirical Evidence on Current Integrated Reporting Practices;87
10.1; Critical Issues and Theoretical Background;88
10.2; Sample and Methodology;91
10.3; Overall Findings;93
10.4; Content Elements and Capitals: Analysis of Empirical Results;95
10.5; Compliance Score and Conciseness Index per Region;101
10.6; Conclusions;103
10.7;References;106
11;5: Integrated Reporting: Precursor of a Paradigm Shift in Corporate Reporting?;108
11.1; Introduction;109
11.2; Exploring Kuhnian Paradigm in Corporate Reporting;111
11.2.1; The Genesis of Integrated Reporting;111
11.2.2; Kuhnian Definition of Paradigm;112
11.2.3; Methods;114
11.3; Competing Paradigms in Corporate Reporting;120
11.3.1; Unpacking the Disciplinary Matrix of Integrated Reporting;120
11.3.2; Incommensurability of Integrated Reporting with Sustainability Reporting;123
11.3.3; Commensurability of Integrated Reporting with Financial Reporting;127
11.4; Final Remarks: Paradigm Shift in Corporate Reporting?;129
11.5;References;131
12;6: Integrated Reporting: When, Why and How Did It Happen?;136
12.1; Introduction;137
12.1.1; SASB;139
12.1.2; First IFRS & GRI Dialogue in Latin America;139
12.2; Considering That All Companies Do Prepare Annual Financial Reports and Most of Them Also Prepare Sustainability Reports, Is There a Real Need for Integrated Reports?;140
12.3; One Word About IFRS & GRI Dialogue in Latin America;141
12.3.1; IIRC;142
12.4;Reference;143
13;7: Integrated Report: The Cases of Itaú Unibanco Holding S/A and of Natura Cosméticos S/A;144
13.1; Introduction;145
13.2; Itaú Unibanco Case;146
13.2.1; Brief History;146
13.2.2; Areas of Coverage;146
13.2.3; Business Activities;146
13.2.4; Institutional Culture;148
13.2.5; Adherence of Itaú Unibanco to Integrated Reporting;149
13.2.6; Awards Won for the Bank’s Integrated Report;153
13.2.7; Results Achieved from the Publication of Its Integrated Report;153
13.2.8; Improvements and Future Targets to Be Pursued;155
13.3; The Natura Case;156
13.3.1; Brief History;156
13.3.2; Areas Covered;156
13.3.3; Financial Profile;156
13.3.4; Institutional Culture;157
13.3.5; Adhesion to Integrated Reporting;158
13.3.6; Development of the Integrated Report;159
13.3.7; The 2014 Integrated Report;160
13.3.8; Content of the 2014 Report;160
13.4; Conclusions;163
13.5; Reference;165
14;8: The Influence of Institutional Investors on Companies’ Disclosure;166
14.1; Introduction;167
14.2; Background;168
14.2.1; Institutional Investors;168
14.2.2; Institutional Investors and Disclosure Quality;170
14.2.3; Institutional Investors and Integrated Reporting;171
14.3; Hypotheses Development;172
14.4; Methodology;174
14.5; Results and Discussion;174
14.6; Conclusion;178
14.7;References;179
15;9: The Influence of Corporate Governance on the Adoption of The Integrated Report: A first Study on IIRC Pilot Programme;181
15.1; Introduction;182
15.2; Voluntary Disclosure and Integrated Report;184
15.3; The IR Pilot Program;188
15.4; The Influence of Corporate Governance Structures on Disclosure;191
15.5; Size of the Board;192
15.6; The Activity of the Board;192
15.7; Gender Diversity;193
15.8; The Role of Non-executive Within the Board;194
15.9; The Presence of Blockholders;194
15.10; Methodology and Data;195
15.11; Discussion of Results;196
15.12; Summary and Conclusions;200
15.13;References;201
16;10: Institutional Determinants of IR Disclosure Quality;206
16.1; Introduction;207
16.2; Literature Review on the Determinants of IR;208
16.3; Hypothesis Development;212
16.3.1; Legal System;213
16.3.2; Financial System;214
16.3.3; Educational and Labor System;215
16.3.4; Cultural System;215
16.3.5; Economic System;216
16.4; Sample and Methodology;216
16.5; Results and Discussion;221
16.5.1; Legal System;222
16.5.2; Financial System;222
16.5.3; Educational and Labor System;223
16.5.4; Cultural System;224
16.5.5; Economic System;224
16.6; Conclusions;225
16.7;References;225
17;11: Enterprise Risk Management and Integrated Reporting: Is There a Synergism?;229
17.1; Introduction;230
17.2; Looking at Corporate Risks in an Integrated Way: The Enterprise Risk Management (ERM);230
17.2.1; The Evidence of ERM Need;230
17.2.2; The Role Played by Recent Regulation;232
17.2.3; Existing Studies About ERM;233
17.2.4; ERM Applied Approach;234
17.3; ERM E IR: Is There Any Relation?;237
17.3.1; Purpose of the Analysis;237
17.3.2; Dataset;237
17.3.3; Analysis;239
17.3.3.1; First Part: Information Contained in IR;239
17.3.3.2; Second Part: Risk, Risk Management and ERM;241
17.4; Conclusions;252
17.5;References;252
18;12: The Integrated Reporting and the Conference Calls Content;255
18.1; The Disclosure to the Financial Markets: Role and Features of Conference Calls;256
18.1.1; The Conference Calls for the Financial Markets;256
18.1.2; The Conference Calls and Their Content;258
18.2; Levels of IR Adoption and Conference Call Contents;259
18.2.1; The Selected IR Adopters;259
18.3; The Integrated Content of the Conference Calls;261
18.3.1; The ESG Investor Briefing Project;261
18.3.2; The IR Reporters’ Conference Calls;263
18.3.3; The Integrated Disclosure in the Earnings Conference Calls;264
18.3.4; The Tone of the Disclosure;266
18.3.5; The disclosure in the Q&A session;271
18.4;References;273
19;13: The Relationship Between Integrated Reporting and Cost of Capital;277
19.1; Introduction;277
19.2; The Impact of Information Asymmetry on the Cost of Capital;279
19.3; Transparency, Integrated Reporting and Information Asymmetry;281
19.4; Sustainability, Integrated Reporting and the Cost of Capital;283
19.5; Final Remarks;288
19.6;References;290
20;14: Assurance and Other Credibility Enhancing Mechanisms for Integrated Reporting;293
20.1; Introduction;294
20.2; The Consideration of IR Assurance in the 2013 IIRC Consultation Draft Process;295
20.3; The 2014 IIRC Assurance Consultation Process;297
20.4; Feedback from IIRC 2014 Assurance Consultation Process;299
20.5; IAASB Working Group;302
20.6; Alternative Credibility-Enhancing Mechanisms for the Integrated Report;303
20.7; Research Opportunities;306
20.7.1; Drivers and Benefits of Independent Assurance and Other Credibility-Enhancing Mechanisms;306
20.7.2; Informing the Development of Assurance Standards and Guidance and Constructing Assurance Engagements;307
20.8; Discussion and Conclusion;307
20.9;References;308
21;15: IR: The Big Promise and the Expectation Gap;311
21.1; Introduction;312
21.2; Methodology;313
21.3; Companies;314
21.3.1; Motivations and Expectations Towards IR;314
21.3.2; The IR Implementation Process;316
21.3.3; IR Adoption Consequences;318
21.4; Investors;319
21.5; Discussion and Conclusion;320
21.6;References;323
22;Index;325

Über Autor(innen)

Chiara Mio is a Professor at Ca’ Foscari University, Venice, Italy. Professor Mio teaches corporate reporting, management control in international firms and sustainability management. She is the chair of the board at FriulAdria Bank, Italy, and she is chair of ESG (environmental social governance) Reporting Task Force at FEE (Fédérations des Experts-Comptables Européens, Belgium). Her research interests include sustainability, management accounting and integrated reporting. She has previously published Towards a Sustainable University: The Ca’Foscari Experience with Palgrave Macmillan (2012).