Seminar by Luigi Vena

Sala Seminari – I° piano, Palazzo Levi Cases, Via del Santo 33, ore 12.30

12.04.2018

Seminar by Luigi Vena, Università Carlo Cattaneo

TITLE: Creating Value through the Integrated Reporting: a Value Relevance Approach (co-authored by A. Cortesi)

ABSTRACT: In the aftermath of the globalization and then the financial crises, the traditional approaches to reporting appeared to be outdated. In response, the Integrated Report (IR) has been proposed with the aim to increase transparency, making the interconnections between all business aspects of the firm and its performance clearer. Our analysis reveals that the IR actually creates value for investors, as adopting firms are rewarded by the market, and increases the value relevance of earnings per share. Our results are robust to the geographical area, the firm size and the country legal system, providing new evidence on the efficacy of IR as well as on the beneficial effects that its wider adoption can create.