Does Integrated Reporting Affect Real Activities Manipulation?
Does Integrated Reporting Affect Real Activities Manipulation?
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DOI：
10.3390/su141711110
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发表时间：
2022-09
期刊：
影响因子：
3.9
通讯作者：
Yuji Shirabe;M. Nakano
中科院分区：
文献类型：
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作者：
Yuji Shirabe;M. Nakano
公司的综合报告（IR）不仅旨在提高外部各方可获得的信息的质量，而且旨在提高内部管理决策的质量。投资者关系被认为有助于解决因短期导向股东的压力而造成的公司短期导向。本研究探讨了IR的引入是否会阻碍实际活动操纵（一种短视行为）。该研究利用日本上市公司的大样本，通过面板数据回归分析实证检验了IR对真实活动操纵的影响。我们发现IR的引入与较高水平的异常经营现金流、较低水平的异常生产成本以及较低水平的总活动操纵有关。这些结果通常表明，在引入 IR 后，公司往往不会参与实际的活动操纵。我们的研究结果还表明，虽然在引入投资者关系后，投资者关系公司和非投资者关系公司的实际活动操纵程度没有显着差异，但在引入投资者关系之后的一段时间后，投资者关系公司的实际活动操纵程度普遍小于非投资者关系公司，这与从业者的观点一致，即投资者关系是一个内部决策的持续改进过程。关于非财务方面，额外的分析表明，引入IR与环境、社会和治理（ESG）绩效呈正相关。我们的研究结果表明，投资者关系可以阻止公司的短期行为，促进长期价值创造，这引起了广泛的利益相关者的兴趣。因此，我们的研究结果为对投资者关系在以利益相关者为导向的公司治理机制中的作用感兴趣的研究人员、从业者和政策制定者提供了富有洞察力的证据。
Integrated reporting (IR) by firms is intended to improve not only the quality of information available to external parties, but also internal managerial decision making. IR is considered useful to address the short-term orientation of firms caused by pressure from short-term oriented shareholders. This study examines whether the introduction of IR discourages real activities manipulation, a form of myopic behavior. Using a large sample of Japanese listed companies, the study empirically tests the effect of IR on real activities manipulation through panel data regression analysis. We find that the introduction of IR is related to higher level of abnormal cash flows from operations, lower level of abnormal production costs, and lower level of total activities manipulation. These results generally suggest that firms tend not to engage in real activities manipulation after IR is introduced. Our results also show that while there is insignificant difference in the degree of real activities manipulation between IR and non-IR firms immediately after the introduction of IR, the degree of real activities manipulation is generally smaller in IR firms than in non-IR firms after more time has passed since the introduction of IR, consistent with the view of practitioners that IR is a continuous improvement process of internal decision making. Regarding the non-financial aspects, additional analysis shows that introducing IR is positively associated with the performance of environmental, social and governance (ESG). Our findings suggest that IR could discourage companies’ short-term oriented behavior and promote long-term value creation, which is of interest to a wide range of stakeholders. Thus, our findings provide insightful evidence for researchers, practitioners, and policy makers interested in the role of IR in stakeholder-oriented corporate governance mechanisms.