Please use this identifier to cite or link to this item: http://arl.liuc.it/dspace/handle/2468/6680
Title: Integrated reporting and cost of capital: the moderating role of cultural dimensions
Authors: Vena, Luigi
Sciascia, Salvatore
Cortesi, Alessandro
Issue Date: 2019
Publisher: Wiley
Bibliographic citation: Vena Luigi, Sciascia Salvatore, Cortesi Alessandro (2019), Integrated reporting and cost of capital: the moderating role of cultural dimensions. In: Journal of international financial management & accounting. Published electronically 17 December 2019, p. 1-24. ISSN 0954-1314. E-ISSN 1467-646X. DOI 10.1111/jifm.12113.
Abstract: Since its introduction, integrated reporting (IR) has triggered a rich debate covering several aspects, from the structure and the features of a document to the effects of its publication. Very recently, scholars have examined the negative relationship between IR and the cost of capital for firms, completely missing the opportunity to understand whether this fact is contingent on the cultural context that adopting companies operate in. We fill this gap by resorting to a panel sample of 211 adopters from 31 countries over the period spanning 2009–2017, counting 1,455 observations. Our evidence confirms that adopters, on average, benefit from a 1.4% decrease in the cost of capital. Yet, more importantly, IR effectiveness is exalted in countries with low power distance, strong collectivism values, and high level of masculinity, while uncertainty avoidance, long‐term orientation, and indulgence do not seem to play any moderating role.
URI: http://arl.liuc.it/dspace/handle/2468/6680
Journal/Book: Journal of international financial management & accounting
ISSN: 0954-1314
Appears in Collections:Contributo in rivista

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