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Do online financial reports actually improve the information environment? : an empirical investigation of European listed firms

  • Digital reporting is a growing phenomenon in the ongoing practice of advanced financial reporting. Over the past years, the dissemination of financial information via the internet has increased and the use of standardized financial reports that are published in HTML format, called online financial reports (OFR), has become an important part of an integrative disclosure strategy. The results of prior qualitative studies already mentioned the perceived benefits of disseminating financial information using advanced financial reporting formats such as IFR and XBRL. However, there is a lack of empirical evidence on the benefits and consequences of using OFR as part of an integrative disclosure strategy. This study addresses this research gap and investigates the impact of OFR on the information environment of European listed firms. Our baseline results support the perceived benefits of the increasing dissemination of OFR in line with signaling theory. However, these findings are subject to endogeneity (self-selection) and are not robust to instrumental variable analysis. Overall, our findings are informative to different stakeholders on the capital markets such as financial report preparers and investors.

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Metadaten
Document Type:Working Paper
Language:English
Author:Hendrik Pieper, Philipp Ottenstein, Henning ZülchORCiD
Chairs and Professorships:Chair of Accounting and Auditing
Full text/ URN:urn:nbn:de:101:1-2021122014154085663815
Parent Title (English):HHL Working paper
ISSN:1864-4562
Series (Serial Number):HHL-Arbeitspapier / HHL Working paper (194)
Place of publication:Leipzig
Publisher:HHL Leipzig Graduate School of Management
Year of Completion:2021
Page Number:46
Licence (German):License LogoUrheberrechtlich geschützt