Anjos, FernandoHansen, Sara Elisabeth2023-06-022022-07-072022-05-30http://hdl.handle.net/10362/153455This 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.engIntegrated Reporting<Ir>Corporate DisclosureEvent StudyCEMS MIMmaster thesis203064593