Integrated reporting and investor clientele
By: George Serafeim
Contributors: Harvard Business School
Series: Working paper / Harvard Business School -- 14-069; Working paper (Harvard Business School) -- 14-069
Publisher: Harvard Business School
Published: 2014
Place of publication: Boston
Language: eng
Number of pages: 28
Description: In this paper, I examine the relation between Integrated Reporting (IR) and the composition of the investor base. I hypothesize and find that firms that practice IR have a more long-term oriented investor base with more dedicated and fewer transient investors. In additional analyses, I find that the results are robust to the inclusion of firm fixed effects and that changes in IR lead changes in investor base while changes in investor base do not lead changes in IR, supporting a causal effect of IR on investor base. Finally, I find that investor activism on environmental and social issues leads to firms practicing more IR but this investor-induced IR does not affect the composition of the investor base.
Notes: "January 2014" -- Publisher's Web site.

Includes bibliographical references (pages 18-19).