دیدگاه های بازار سهام اصلی
Abstract
1- Introduction
2- Literature review
3- Method
4- Findings
5- Concluding comments
References
Abstract
The International Integrated Reporting (<IR>) Framework (2013) identified providers of financial capital as its primary users. This research provides evidence from 22 mainstream equity market actors, employed by global investment houses, regarding the decision usefulness of and resistances to <IR>, as a reporting framework. Despite institutional-level support for <IR>, the interviews reveal that its usefulness to fund managers and equity analysts is low. Concerns are evident over the Framework design and its relevance to more structural issues pertaining to equity market culture. The implication of this is that <IR> may become a reporting fad, not embedded into mainstream investment thinking.
Introduction
The International Integrated Reporting (< IR >) Framework was released by the International Integrated Reporting Council (IIRC) in December 2013. The Framework, which is non-mandatory, states that “the primary purpose of an integrated report is to explain to providers of financial capital how an organisation creates value over time” (IIRC, 2013a, p. 4). A fundamental concept within the < IR > Framework is the capitals model,1 which “provide[s] insight about the resources and relationships used and affected by an organization [in their value creation]” (IIRC, 2013a, p. 4). Further, it is claimed that the Framework reflects an “inclusive market-led approach” (IIRC, 2016) designed to “improve the quality of information available to providers of financial capital [such as the equity markets] to enable a more efficient and productive allocation of capital” (IIRC, 2013a, p. 2) and improve analyst investment assessments (EY, 2015). More recently, the IIRC (2015, p. 9) affirm that “…integrated reports give investors information more relevant to decisions over the longer term”. Despite such claims, academic studies (see Davies, Haldane, Nielsen, & Pezzini, 2014; Hughes, 2014) and practice based statements (see CFA, 2006, 2013, 2014; Kay, 2012) confirm short-termism in modern capital markets. This background raises concerns about the level of use and effectively the decision usefulness of < IR > from an equity investment perspective. Indeed, the IIRC itself recognises that < IR > is in a breakthrough phase (2014–17) in terms of investor demand and use (IIRC, 2014).