INTEGRATED REPORTING ACCORDING TO IIRC FROM 2011 TO 2015

ORTIZ-MARTÍNEZ, ESTHER; MARÍN-HERNÁNDEZ, SALVADOR; SÁNCHEZ-AZNAR, LUIS ALFONSO

doi:10.1590/S0034-759020200305

Acessibilidade / Reportar erro

Brasil

Revista de Administração de Empresas

Español English

Brasil

Español English

sumário « anterior atual seguinte »

Sumário

ARTICLES • Rev. adm. empres. 60 (3) • May-Jun 2020 • https://doi.org/10.1590/S0034-759020200305 copy

INTEGRATED REPORTING ACCORDING TO IIRC FROM 2011 TO 2015

Authorship SCIMAGO INSTITUTIONS RANKINGS

ABSTRACT

The objective of this paper is to check if integrated reporting adheres properly to International Integrated Reporting Council (IIRC) requirements or only follows some guidelines, and whether these are prioritized depending on the effects of other variables. We studied a sample of all the voluntarily issued integrated reports available on the IIRC database at 1st April 2017, for the period 2011-2015, which total 174. The main conclusions are that compliance with IIRC guiding principles is low and heterogeneous, and that some principles are adhered to more than others. There are core principles of the integrated reporting that are determined by the date of publication of the IIRC framework, while the materiality used depends on the type of company.

KEYWORDS
Integrated information; non-financial information; IIRC; directives of integrated information; disclosure

Year	N	IIRC framework	N	Type of company	N	Sector	N	Region	N
2011	37	Before IIRC framework	95	Public listed companies	143	Consumer goods	22	North America	16
2012	19	After IIRC framework	79	Private companies	7	Healthcare	11	South America	13
2013	39	Total	174	Public companies	19	Industrials	22	Asia	22
2014	45			Others	5	Real state	8	Australasia	10
2015	34			Total	174	Basic materials	15	Europe	113
Total	174					Oil and gas	8	Total	174
						Public sector	1
						Consumer services	13
						Financial services	40
						Professional services	11
						Public services	16
						Technology	4
						Telecommunications and utilities	3
						Total	174

Description	Variables	Values	H
If information required in each one of the IIRC guiding principles is included.	P1 P2 P3 P4 P5 P6 P7	By everyone of the seven guiding principles: 1 if there is information required in the guiding principle 0 if there is no information required in the guiding principle	-
Year of the integrated report included in the IIRC database. We have analyzed the last five years with an important number of integrated reports: 2011, 2012, 2013, 2014, and 2015. Year of the integrated report, distinguishing between those issued before the IIRC framework (published in December 2013, and so it includes years 2011, 2012 and 2013) and those disclosed after the IIRC framework (i.e., integrated reports dated on 2014 and 2015)	Year2011 Year2012 Year2013 Year2014 Year2015 Before IIRC framework After IIRC framework	1 if the year is that included in the sample 0 if the year is not that included in the sample 1 if the report year is 2011, 2012 or 2013 0 if the report year is 2014 or 2015 1 if the report year is 2014 or 2015 0 if the report year is 2011, 2012 or 2013	H₂ H₂
Type of company according to the IIRC classification. Four types: Public listed companies, public companies, private companies and others, which are all reorganized into three groups: Public companies, private companies, and others.	Public company Private company Others	1 if the type of company is one included in the classification 0 if the type of company is not one included in the classification	H₃
Sector of activity. Classification of companies from IIRC classification: Basic materials, consumer goods, consumer services, financial services, healthcare, industrials, professional services, public sector, oil and gas, real state, technology, telecommunications and utilities, and public services. These groups are reclassified into two big groups depending on if they are environmentally sensitive or not according to Stacchezzini et al. (2016). Industrials, basic materials, oil and gas, public sector and public services are considered environmentally sensitive sectors.	Sensitive Non sensitive	1 if the company operates in one of the environmentally sensitive sectors 0 if the company does not operate in one of the environmentally sensitive sectors	H₃
Region of company's origin according to the IIRC database: North America, South America, Asia, Australasia, and Europe. These are reclassified as America, Asia and Australasia, and Europe.	America Asia and Australasia Europe	1 if the company is in one of the regions included in the sample 0 if the company is not in the region included in the sample	H₃

	N	Minimum	Maximum	Mean	Standard deviation
P1	108	2.00	10.00	5.0648	1.77350
P2	118	2.002	10.00	5.0847	1.80017
P3	71	2.00	10.00	5.0563	1.84304
P4	47	2.002	10.00	5.4894	2.25420
P5	86	2.00	10.00	5.2326	2.02150
P6	15	2.00	10.00	5.0000	2.29907
P7	15	2.00	10.00	5.8000	1.93465
Before IIRC framework
P1	69	2.00	10.00	5.2319	1.79169
P2	73	3.00	10.00	5.3014	1.80035
P3	40	2.00	9.00	5.4250	1.72296
P4	27	3.00	9.00	5.7407	2.06793
P5	59	2.00	10.00	5.3729	1.93781
P6	8	3.00	7.00	4.7500	1.38873
P7	12	3.00	9.00	5.8333	1.69670
After IIRC framework
P1	39	3.00	10.00	4.7692	1.72385
P2	45	2.00	10.00	4.7333	1.76326
P3	31	2.00	10.00	4.5806	1.91092
P4	20	2.00	10.00	5.1500	2.49789
P5	27	2.00	10.00	4.9259	2.20010
P6	7	2.00	10.00	5.2857	3.14718
P7	3	2.00	8.00	5.6667	3.21455

95% Confidence interval		Mean	Standard deviation	Error	Inferior	Superior	t	df	Sig. (bilateral)
Pair 1	P1&P2	-.18519	1.45010	.16112	-.50583	.13546	-1.149	80	.254
Pair 2	P1&P3	-.05000	1.89399	.29947	-.65573	.55573	-.167	39	.868
Pair 3	P1&P4	-1.12500	1.98500	.40519	-1.96319	-.28681	-2.777	23	.011^* *** p-value< .01 p-value< .05
Pair 4	P1&P5	-.03448	1.76680	.23199	-.49904	.43007	-.149	57	.882
Pair 5	P1&P6	-.18182	2.22792	.67174	-1.67856	1.31492	-.271	10	.792
Pair 6	P1&P7	.16667	1.46339	.19914	-.23276	.56610	.837	53	.406
Pair 7	P2&P3	-.25806	1.06357	.19102	-.64819	.13206	-1.351	30	.187^* * p-value< .1
Pair 8	P2&P4	-.03125	1.89376	.23672	-.50430	.44180	-.132	63	.895
Pair 9	P2&P5	.10000	2.13177	.67412	-1.42498	1.62498	.148	9	.885
Pair 10	P2&P6	-.58333	1.72986	.49937	-1.68244	.51577	-1.168	11	.267
Pair 11	P2&P7	-.59091	1.86851	.39837	-1.41936	.23754	-1.483	21	.153^* * p-value< .1
Pair 12	P3&P4	-.02703	2.62981	.43234	-.90385	.84980	-.063	36	.950
Pair 13	P3&P5	-.37500	2.77424	.98084	-2.69433	1.94433	-.382	7	.714
Pair 14	P3&P6	-.66667	1.63299	.66667	-2.38039	1.04705	-1.000	5	.363
Pair 15	P3&P7	-.25000	1.48177	.30247	-.87570	.37570	-.827	23	.417
Pair 16	P4&P5	-.25000	1.48177	.30247	-.87570	.37570	-.827	23	.417
Pair 17	P4&P6	2.00000	2.44949	1.00000	-.57058	4.57058	2.000	5	.102^* * p-value< .1
Pair 18	P4&P7	-1.50000	3.00000	1.50000	-6.27367	3.27367	-1.000	3	.391
Pair 19	P5&P6	1.37500	2.77424	.98084	-.94433	3.69433	1.402	7	.204
Pair 20	P5&P7	-.44444	.88192	.29397	-1.12235	.23346	-1.512	8	.169^* * p-value< .1
Pair 21	P6&P7	-2.50000	3.53553	2.50000	-34.26551	29.26551	-1.000	1	.500

	P1	P2	P3	P4	P5	P6	P7
2011	5.10	5.39	5.50	6.25	5.65	4.00	5.89
2012	5.27	5.12	5.63	6.00	5.36	5.00	6.50
2013	5.36	5.31	5.24	5.47	5.16	5.00	4.00
2014	5.08	5.13	4.95	6.33	5.42	5.40	7.50
2015	4.15	3.93	3.67	3.37	3.75	5.00	2.00
Before IIRC framework	5.23	5.30	5.42	5.74	5.37	4.75	5.83
After IIRC framework	4.77	4.73	4.58	5.15	4.93	5.29	5.67
Total	5.06	5.08	5.06	5.49	5.23	5.00	5.80

	P1	P2	P3	P4	P5	P6	P7
Private companies	6.00	6.00	5.75	7.50	6.50	-	-
Public companies	5.06	5.06	5.06	5.47	5.19	-	-
Others	4.33	4.33	3.50	4.00	4.50	4.00	-
Total	5.06	5.08	5.06	5.49	5.23	5.00	5.80
Before IIRC framework
Private companies	7.00	6.00	5.50	7.00	6.00	-	-
Public companies	5.22	5.29	5.42	5.72	5.37	4.86	5.83
Others	4.33	4.50	-	5.00	4.50	4.00	-
Total	5.23	5.30	5.42	5.74	5.37	4.75	5.83
After IIRC framework
Private companies	4.00	6.00	6.00	8.00	8.00	-	-
Public companies	4.79	4.69	4.56	5.11	4.81	5.29	5.67
Others	-	4.00	3.50	3.00	-	-	-
Total	4.77	4.73	4.58	5.15	4.93	5.29	5.67

	P1	P2	P3	P4	P5	P6	P7
America	4.94	4.60	4.50	5.62	4.82	-	4.75
Asia and Australasia	5.37	5.44	4.74	4.40	5.13	4.50	5.67
Europe	5.03	5.13	5.29	5.83	5.39	5.08	6.37
Total	5.06	5.08	5.06	5.49	5.23	5.00	5.80
Before IIRC framework
America	4.92	4.93	4.67	5.80	5.00	-	4.50
Asia and Australasia	5.91	5.58	5.45	5.80	5.27	6.00	5.67
Europe	5.16	5.34	5.61	5.71	5.56	4.57	6.29
Total	5.23	5.30	5.43	5.74	5.37	4.75	5.83
After IIRC framework
America	5.00	3.83	4.00	5.33	4.00	-	5.00
Asia and Australasia	4.20	5.00	3.75	3.00	4.75	3.00	-
Europe	4.83	4.86	4.95	6.00	5.10	5.67	7.00
Total	4.77	4.73	4.58	5.15	4.93	5.29	5.67

	P1	P2	P3	P4	P5	P6	P7
Environmentally sensitive sectors	5.13	5.22	5.21	5.28	5.23	4.60	5.29
Non-environmentally sensitive sectors	5.03	5.00	5.00	5.62	5.24	5.20	6.25
Total	5.06	5.08	5.06	5.49	5.23	5.00	5.80
Before IIRC framework
Environmentally sensitive sectors	5.50	5.52	5.69	5.92	5.61	5.33	5.83
Non-environmentally sensitive sectors	5.05	5.14	5.25	5.57	5.22	4.40	5.83
Total	5.23	5.30	5.42	5.74	5.37	4.75	5.83
After IIRC framework
Environmentally sensitive sectors	4.18	4.57	4.25	3.60	4.12	3.50	2.00
Non-environmentally sensitive sectors	5.00	4.81	4.70	5.67	5.26	6.00	7.50
Total	4.77	4.73	4.58	5.15	4.93	5.29	5.67

	Dependent variables
	Strategic focus and future orientation (P1)		Materiality (P4)		Reliability and completeness (P6)
	Beta(SE)	p	Beta(SE)	P	Beta(SE)	P
Constant	0.557(0.380)	.002	1.954(1.675)	.232	0.557(1.978)	.544
Before IIRC framework	0.082(0.041)	.032	1.432(1.236)	.010	1.532(0.987)	.022
Public companies	0.072(0.093)	.269	0.843(0.976)	.032	-1.452(0.040)	.432
Private companies	0.014(0.055)	.432	1.345(1.988)	.025	-1.356(0.342)	.246
Sensitive	0.051(0.110)	.121	0.670(1.654)	.321	-0.301(1.672)	.123
America	0.013(0.094)	.193	0.967(0.899)	.412	0.139(0.168)	.180
Europe	0.033(0.042)	.028	0.086(1.278)	.274	-0.148(0.078)	.237
Adjusted R² (%)	29.9		27.9		30.3
Model	F(10) = 2.243^ p-value< .05;		F(10) = 2.134^ p-value< .05;		F(9) = 2.765^* * p-value< .10. Standard errors are in brackets.

Fundação Getulio Vargas, Escola de Administração de Empresas de S.Paulo Av 9 de Julho, 2029, 01313-902 S. Paulo - SP Brasil, Tel.: (55 11) 3799-7999, Fax: (55 11) 3799-7871 - São Paulo - SP - Brazil
E-mail: rae@fgv.br

Acompanhe os números deste periódico no seu leitor de RSS

[1] esther@um.es

Guiding principles	P1	Strategic focus and future orientation
	P2	Connectivity of information
	P3	Stakeholder relationships
	P4	Materiality
	P5	Conciseness
	P6	Reliability and completeness
	P7	Consistency and comparability
Content elements	Organizational overview and external environment
	Governance
	Business model
	Risks and opportunities
	Strategy and resource allocation
	Performance
	Outlook
	Basis of preparation and presentation
Fundamental concepts	Value creation
	The capitals