The establishment of the International Sustainability Standards Board (ISSB), and the endorsement by the International Financial Reporting Standards (IFRS) foundation of the principles underlying the Integrated Reporting (IR) Framework, attest to a regulatory intent to develop a disclosure framework better connecting sustainability-related financial disclosures with financial disclosures. Strategic Reporting (SR), effective in the United Kingdom (U.K.) since 2013, is a prime example of such a framework. Utilizing proprietary data from PwC U.K., we find higher SR disclosure quality is associated with higher liquidity, lower cost of capital, and more accurate, less dispersed analysts’ forecasts. We then hypothesize and compare these impacts with the capital market effects of disclosure quality under the reporting framework preceding SR. We find that the effects of higher liquidity and lower cost of capital are more pronounced under SR, suggesting that SR, as a mandated, more connected reporting framework, enables more effective capital market communication. We also find that the incremental capital market benefits are more significant for entities with higher exposure to the change, better sustainability performance and higher organizational complexity. For regulators and standard setters, these findings indicate that their emphasis on greater connectivity of financial and non-financial information is valued by market participants.

中文翻译：

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市场参与者是否重视年度报告中财务和非财务信息的更大连通性？


国际可持续发展标准委员会 (ISSB) 的成立以及国际财务报告准则 (IFRS) 基金会对综合报告 (IR) 框架基本原则的认可，证明了监管机构有意制定一个更好地连接可持续发展的披露框架- 与财务披露相关的财务披露。自 2013 年起在英国 (U.K.) 生效的战略报告 (SR) 就是此类框架的一个典型例子。利用普华永道英国的专有数据，我们发现更高的社会责任披露质量与更高的流动性、更低的资本成本以及更准确、更分散的分析师预测相关。然后，我们假设这些影响，并将其与 SR 之前的报告框架下披露质量对资本市场的影响进行比较。我们发现，在 SR 下，更高的流动性和更低的资本成本的影响更为明显，这表明 SR 作为一个强制性的、联系更紧密的报告框架，可以实现更有效的资本市场沟通。我们还发现，对于变革暴露程度较高、可持续发展绩效较好和组织复杂性较高的实体来说，资本市场的增量收益更为显着。对于监管机构和标准制定者来说，这些调查结果表明，市场参与者重视他们对金融和非金融信息更大连通性的重视。