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Is <Ir> worth it? the effects of switching to integrated reporting on firm valuation
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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.
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Integrated Reporting <Ir> Corporate Disclosure Event Study CEMS MIM