Skip to main content
Log in

Is Integrated Reporting Really the Superior Mechanism for the Integration of Ethics into the Core Business Model? An Empirical Analysis

  • Published:
Journal of Business Ethics Aims and scope Submit manuscript


This paper examines the impact of integrated reporting (IR) on the integration of environmental, social, and governance (ESG) issues into the business model and the related economic and ESG performance changes. To investigate these internal and external transformational effects of IR, important differences between IR and alternative ESG reporting strategies are worked out. Using three matched samples of companies from around the world for the sample period 2002–2011, IR companies are matched with companies applying (a) no ESG reporting, (b) stand-alone ESG reporting, or (c) ESG reporting in the annual report. The results suggest that IR is a superior mechanism only for the integration of ESG issues into the core business model when comparing IR with the ESG reporting strategies of (a) no ESG reporting and (c) ESG reporting in annual reports. In comparison with (b), stand-alone ESG reporting, the results indicate that IR is negatively associated with the ESG integration level and with the economic and ESG performance. Moreover, this negative impact is lower for companies that have already implemented ESG management tools prior to the initiation of IR and is stronger for companies residing in countries with legal requirements for the disclosure of ESG information. A separate change analysis reveals that companies do not benefit from a switch from stand-alone ESG reporting to IR. Thus, this paper provides empirical evidence that contradicts the general notion of IR as a superior reporting mechanism, as the benefits of IR are driven by several factors.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Subscribe and save

Springer+ Basic
EUR 32.99 /Month
  • Get 10 units per month
  • Download Article/Chapter or Ebook
  • 1 Unit = 1 Article or 1 Chapter
  • Cancel anytime
Subscribe now

Buy Now

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Fig. 1

Similar content being viewed by others


  1. The International Integrated Reporting Council (IIRC) (previously the International Integrated Reporting Committee) was formed in August 2010 by the Prince’s Accounting for Sustainability Project (A4S) and the Global Reporting Initiative (GRI). The chairman and CEO of the IIRC are Professor Mervyn King and Paul Druckman, respectively. The IIRC brings together a cross section of representatives from civil society and the corporate, accounting, securities, regulatory, NGO, IGO, and standard-setting sectors (IIRC 2010).

  2. In line with previous literature (e.g., Eccles and Krzus 2010), the term stand-alone ‘ESG report’ is used as a synonym for stand-alone sustainability report, corporate social responsibility (CSR) report, triple bottom line report, corporate citizenship (CC) report or other similar terms.

  3. The terms ‘non-financial information’ and ‘ESG information’ are often used interchangeably throughout this paper. Although (per definition) non-financial information additionally comprises information about intangible assets and key performance indicators (KPIs), it seems justified to equate ‘ESG information’ with ‘non-financial information’ because responsible and sustainable business management without the consideration of these two subcategories is not possible.

  4. The recently published empirical study by Churet and Eccles (2014) analyzes the relationship between IR and both the quality of management and financial performance. Hence, their proxy for IR relies on a systematic search of RobecoSAM (asset manager) within annual reports (FY 2011 and 2012) for “management decisions to include, in the main section of the annual report, specific examples of sustainability initiatives and how they impact financial performance” (Churet and Eccles 2014, p. 57). Their findings suggest a significant and positive relationship between IR and the quality of management with regard to ESG issues, but no significant relationship between IR and financial performance. Therefore, their study is fundamentally different from this paper in several ways. First, in this paper, the most direct link is used to measure IR: the integrated report itself. Second, Churet and Eccles (2014) use an ESG score to measure the management quality. This does not constitute a direct internal management measure. This paper strongly differentiates between these two characteristics. Therefore, multiple internal and external proxies measure each of the two dimensions separately, namely the internal management and the ESG performance. Third, Churet and Eccles (2014) measure the financial performance via return on invested capital (ROIC), while the economic performance of the company that is used in this paper represents a company's capacity to generate sustainable growth and a high return on investment through the efficient use of all its resources (ASSET4 database).

  5. For example, Arnold (2012) analyzes in an experimental setting whether the disconnect between financial statements and ESG reports leads to an anchoring effect in the company valuation process. Therefore, participants either received financial and non-financial information separately and successively or simultaneously in an integrated report. They find that financial statement users asymmetrically anchor themselves on their financial value judgments provided that ESG information is given by a stand-alone report (Arnold 2012). Thus, an integrated report may correct distorted valuations.

  6. The Integrated Reporting Committee (IRC) of South Africa was established in May 2010 to develop guidelines on good practice in IR. The founding organizations are the Association for Savings & Investment South Africa (ASISA), Business Unity South Africa (BUSA), the Institute of Directors in Southern Africa (IoDSA), JSE Ltd, and SAICA (The South African Institute of Chartered Accountants). The IRC is chaired by Professor Mervyn King.

  7. In February 2010, the principles of the King Code of Governance of 2009 (King III) were incorporated into the Johannesburg Stock Exchange‘s listings requirements. King III recommends that companies adopt IR and prepare an integrated report. Consequently, the obligation of JSE listed companies to apply the King III principles includes the call for companies to prepare an integrated report or explain their reasons for deviating from them for financial years starting on and after 1 March 2010 (Integrated Reporting Committee (IRC) of South Africa 2011).

  8. The following guiding principles shall be applied individually and collectively for an integrated report’s preparation and presentation: strategic focus and future orientation, connectivity of information, stakeholder relationships, materiality, conciseness, reliability and completeness, consistency, and comparability (IIRC 2013b). The following content elements shall provide a rough draft of how an integrated report could be structured: organizational overview and external environment, governance, business model, risks and opportunities, strategy and resource allocation, performance, outlook, basis of preparation and presentation (IIRC 2013b). Additionally, these content elements imply consideration of the underlying general reporting guidance. When the information is presented, the connection between the content elements should become apparent (IIRC 2013b). Consequently, the content of an integrated report depends on the individual information needs of the company, and they can therefore differ from each other (IIRC 2013b).

  9. Although external reporting tends to serve the information provision to external stakeholders in the first place, it can also have a great impact on the internal decision making. Revenue recognition and earnings management are common examples in financial reporting (Eccles and Serafeim 2014). For instance, new information from better corporate reporting strategies puts internal stakeholders (e.g., board members, executives, managers, employees) in the position to actively influence the daily business of the company and make internal transformational processes possible. In this paper, the focus is on this ‘internally-driven transformation.’

  10. The presentation of information in financial and annual reports is often very complex and therefore difficult to understand for stakeholders, especially for those who are not familiar with financial accounting measures and figures. For this reason, the impact of a company’s economic strategies and activities on stakeholders could be misunderstood without a connectivity of information, as most of the financial information is presented on a historical basis. This backward-looking orientation of financial reporting can be understood as a ‘rear-view mirror’ of the company’s performance (Serafeim 2014). In contrast, non-financial information “can provide insights into the company’s expected future financial performance” (Serafeim 2014, p. 3).

  11. The international IR framework defines a matter as material “if it could substantively affect the organization’s ability to create value in the short, medium or long term” (IIRC 2013b, p. 33). Therefore, an integrated report should be a communication tool that reflects relevant and material information in a superior conciseness.

  12. The problem of voluntary initiated and occupied assurance services is obvious: ESG reports receive almost exclusively negative assurance (e.g., ‘nothing came to our attention…’) rather than positive assurance (e.g., ‘in our opinion…’) that is more investor-useful (Eccles and Serafeim 2014; Serafeim 2014; Eccles and Krzus 2010). Third-party assurance of ESG reports largely varies in scope, depth, and frequency, so that “report readers would often have great uncertainty in understanding how the assurance provider undertook the engagement, what they reviewed, [and] what […] the meaning of conclusion [was]” (Deegan et al. 2006b, p. 368). The results from Perego and Kolk (2012) support this view by finding great variability in the adoption of assurance practices. Thus, the diversity of assurance standards and the type of assurance provider seem to shape the quality of ESG assurance statements, limiting the effect of trust and credibility that an assurance statement should actually have (Perego and Kolk 2012).

  13. This is in line with findings by Serafeim (2014). Serafeim (2014, p. 12) finds that “integrated reports are filed on average 22 days earlier after the end of the financial year than sustainability reports.”

  14. In this sense, it is essential to highlight the difference between ESG reporting and ESG performance. As assurance on ESG reports can be chosen independently; the information contained in the reports does not necessarily need to be truthful (Simnett et al. 2009). Stand-alone ESG reports can be misused as ‘advertising brochures’ hiding the true ESG performance of the company. By creating a new picture via ‘window-dressing’ or ‘cheap talk,’ it is possible to influence, or rather manipulate, stakeholders’ external perceptions and evaluations (Marquis and Toffel 2011, 2014). Building corporate reputation and gaining external legitimacy can be the primary reason for a company to engage in ESG issues and their reporting (Simnett et al. 2009; Bebbington et al. 2008; Cho and Patten 2007; O’Dwyer 2002, 2003). Empirical findings even indicate that ESG reporting can be coupled with an intent to negotiate and control the ESG agenda (Larrinaga-Gonzales et al. 2001).

  15. Most of the following arguments can be transferred to the reporting strategy of including non-financial information in the annual report. For instance, because the non-financial information within annual reports is illustrated under certain sub-sections, the missing link between financial and non-financial information also promotes an isolated view and evaluation. Furthermore, the piece of non-financial information in the annual report is not subject to audit.

  16. The economic definition of externality, namely, external effects, is very narrowly defined as “the activity of one individual [that] externally affects the utility of another individual” (Buchanan and Stubblebine 1962, p. 381). When the term externality is used in this paper, it refers to the product or consequences resulting from IR that can affect both related and unrelated parties. This extended understanding takes into account the general character of ESG issues.

  17. The business model of financial institutions such as banks, insurance companies, and finance companies is fundamentally different. Therefore, ESG reporting and management practices are not likely to be applicable or material to them (Eccles et al. 2013).

  18. In the matched samples, the countries with mandatory ESG reporting are Brazil, France, Ireland, Malaysia, Netherlands, South Africa, and the United Kingdom. Countries without mandatory ESG disclosure requirements in the sample are Australia, Austria, Belgium, Hong Kong, Japan, Mexico, Portugal, Singapore, South Korea, Spain, and Switzerland.


  • Adams, C. A. (2013). Understanding integrated reporting: The concise guide to integrated thinking and the future of corporate reporting (pp. 5–80). Oxford: Dō Sustainability.

    Google Scholar 

  • Adams, C. A., & Frost, G. (2008). Integrating sustainability reporting into management practices. Accounting Forum, 32(4), 288–302.

    Article  Google Scholar 

  • Adams, C. A., & McNicholas, P. (2007). Making a difference. Sustainability reporting, accountability and organisational change. Accounting, Auditing & Accountability Journal, 20(3), 382–402.

    Article  Google Scholar 

  • Arnold, M. C., Bassen, A. & Frank, R. (2012), Integrating Sustainability Reports into Financial Statements: An Experimental Study, Working Paper, Hamburg: University of Hamburg.

  • Barth, M. E., Landsman, W. R., Lang, M. H. & Williams C. D. (2006) Accounting quality: International accounting standards and US GAAP, Working Paper, Stanford, CA: Stanford University.

  • Barth, M. E., Landsman, W. R., & Lang, M. H. (2008). International accounting standards and accounting quality. Journal of Accounting Research, 46, 467–728.

    Article  Google Scholar 

  • Bebbington, J., Larrinaga, C., & Mariano Moneva, J. M. (2008). Corporate social reporting and reputation risk management. Accounting, Auditing and Accountability, 21(3), 337–361.

    Article  Google Scholar 

  • Berger, P. L., & Luckmann, T. (1966). The social construction of reality: A treatise in the sociology of knowledge (pp. 13–233). Garden City, NY: Doubleday.

    Google Scholar 

  • Braaksma, S. (2010). Six reasons why CFOs should be interested in sustainability. In R. G. Eccles, B. Cheng, & D. Saltzman (Eds.), The landscape of integrated reporting: Reflections and next steps (pp. 88–90). Cambridge, MA: The President and Fellows of Harvard College.

    Google Scholar 

  • Brammer, S., & Pavelin, S. (2006). Voluntary environmental disclosures by large UK companies. Journal of Business Finance and Accounting, 33(7–8), 1168–1188.

    Article  Google Scholar 

  • Brown, W., Helland, E., & Smith, J. (2006). Corporate philanthropic practices. Journal of Corporate Finance, 12(5), 855–877.

    Article  Google Scholar 

  • Buchanan, J. M., & Stubblebine, W. C. (1962). Externality. Economica, 29(116), 371–384.

    Article  Google Scholar 

  • Chen, S., & Bouvain, P. (2009). ‘Is corporate responsibility converging? A comparison of corporate responsibility reporting in the USA, UK, Australia, and Germany. Journal of Business Ethics, 87, 299–317.

    Article  Google Scholar 

  • Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1–23.

    Article  Google Scholar 

  • Cho, C. H., & Patten, D. M. (2007). The role of environmental disclosures as tools of legitimacy: A research note. Accounting, Organizations and Society, 32(7–8), 639–647.

    Article  Google Scholar 

  • Churet, C., & Eccles, R. G. (2014). Integrated reporting, quality of management, and financial performance. Journal of Applied Corporate Finance, 26(1), 56–64.

    Google Scholar 

  • Cormier, D., & Magnan, M. (2007). The revisited contribution of environmental reporting to investors’ valuation of a firm’s earnings: An international perspective. Ecological Economics, 62, 613–626.

    Article  Google Scholar 

  • Daske, H., Hail, L., Leuz, C., & Verdi, R. (2008). Mandatory IFRS reporting around the world: early evidence on the economic consequences. Journal of Accounting Research, 46, 1085–1142.

    Google Scholar 

  • Deegan, C., Cooper, B. J., & Shelly, M. (2006a). An investigation of TBL report assurance statements: Australian evidence. Australian Accounting Review, 16(39), 2–18.

    Article  Google Scholar 

  • Deegan, C., Cooper, B. J., & Shelly, M. (2006b). An investigation of TBL report assurance statements: UK and European evidence. Managerial Auditing Journal, 21(4), 329–371.

    Article  Google Scholar 

  • Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59–100.

    Article  Google Scholar 

  • Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., & Yang, Y. G. (2012). Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure. The Accounting Review, 87(3), 723–759.

    Article  Google Scholar 

  • Druckman P. (2014) The journey towards IR – insight, examples, benefits. Audit Committee Quarterly I, 18–21.

  • Eccles, R. G., Herz, R., Keegan, E. M., & Phillips, D. M. H. (2001). The value reporting revolution: Moving beyond the earnings game (pp. 1–319). New York, NY: Wiley.

    Google Scholar 

  • Eccles, R. G., Ioannou, I., & Serafeim G. (2013). The Impact of Corporate Sustainability on Organizational Processes and Performance, Working Paper, Cambridge, ME: Harvard Business School.

  • Eccles, R. G., & Krzus, M. (2010). One report: Integrated reporting for a sustainable strategy (pp. 1–224). New York, NY: Wiley.

    Google Scholar 

  • Eccles, R. G., & Serafeim, G. (2011). Accelerating the adoption of integrated reporting. In F. de Leo & M. Vollbracht (Eds.), CSR Index (pp. 70–92). Boston: InnoVatio Publishing Ltd.

    Google Scholar 

  • Eccles, R. G., & Serafeim, G. (2014). Corporate and integrated reporting: A functional perspective, Working Paper, Cambridge, ME: Harvard Business School.

  • Eccles, R. G., Serafeim, G., & Krzus, M. (2011). Market interest in nonfinancial information. Journal of Applied Corporate Finance, 23(4), 113–127.

    Article  Google Scholar 

  • Ethical Corporation (EC) Newsdesk (2010). The future of corporate responsibility and sustainability reporting: Integration. Available at

  • García-Sánchez, I. M., Rodríguez-Ariza, L., & Frías-Aceituno, J. V. (2013). The cultural system and integrated reporting. International Business Review, 22, 828–838.

    Article  Google Scholar 

  • Graafland, J. J., & Smid, H. (2013). Impact measurement and performance analysis of CSR (IMPACT), WP 2 Econometric analysis, IMPACT Working Paper 10. Available at

  • Griffin, P. A., & Sun, Y. (2013) Going green: Market reaction to CSR newswire releases, Working Paper, Davis, CA: University of California.

  • Hahn, R., & Kühnen, M. (2013). Determinants of sustainability reporting: a review of results, trends, theory, and opportunities in an expanding field of research. Journal of Cleaner Production, 59, 5–21.

    Article  Google Scholar 

  • Heckman, J. J. (1976). The common structure of statistical models of truncation, sample selection and limited dependent variables and a simple estimator for such models. Annals of Economic and Social Measurement, 5, 475–492.

    Google Scholar 

  • Hofstede, G. H. (2001). Culture’s consequences, comparing values, behaviors, institutions, and organizations across nations (2nd ed., pp. 1–415). Thousand Oaks, CA: Sage Publications.

    Google Scholar 

  • Hung, M., Shi, J. & Wang, Y. (2013). The Effect of Mandatory CSR Disclosure on Information Asymmetry: Evidence from a Quasi-Natural Experiment in China’, Asian Finance Association (AsFA) 2013 Conference.

  • Hung, M., & Subramanyam, K. (2007). Financial statement effects of adopting international accounting standards: The case of Germany. Review of Accounting Studies, 12(4), 623–657.

    Article  Google Scholar 

  • Integrated Reporting Committee (IRC) (2010). An integrated report is a new requirement, Press Release available at:

  • Integrated Reporting Committee (IRC) of South Africa (2011). Framework for Integrated Reporting and the Integrated Report, Discussion Paper, Integrated Reporting Committee (IRC) of South Africa.

  • International Integrated Reporting Council (IIRC) (2010). Formation of the International Integrated Reporting Committee (IIRC). Available at

  • International Integrated Reporting Council (IIRC) (2012). Understanding transformation - Building the Business Case for Integrated Reporting, International Integrated Reporting Council (IIRC).

  • International Integrated Reporting Council (IIRC) (2013a). Integrated ReportingThe Pilot Programme 2013 Yearbook: Business and Investors explore the sustainability perspective of Integrated Reporting, International Integrated Reporting Council (IIRC).

  • International Integrated Reporting Council (IIRC) (2013b). The international Integrated Reporting Framework, International Integrated Reporting Council (IIRC).

  • International Integrated Reporting Council (IIRC) (2014). The IIRC Available at:

  • Ioannou, I., & Serafeim, G. (2012). The consequences of mandatory corporate sustainability reporting, Working Paper 11-100, Cambridge, ME: Harvard Business School.

  • Ioannou, I., & Serafeim, G. (2014). The impact of corporate social responsibility on investment recommendations, Working Paper 11-017, Cambridge, ME: Harvard Business School.

  • Jensen, J. C., & Berg, N. (2012). Determinants of traditional sustainability reporting versus integrated reporting. An institutionalist approach. Business Strategy and Environment, 21, 299–316.

    Article  Google Scholar 

  • Kolk, A., & Perego, P. (2010). Determinants of the adoption of sustainability assurance statements: an international investigation. Business Strategy and the Environment, 19(3), 182–198.

    Google Scholar 

  • KPMG (2011). KPMG International Survey of Corporate Responsibility Reporting 2011. Available at

  • KPMG (2012). Integrated Reporting: Performance insight through better business reporting, Issue 2, KPMG.

  • KPMG (2013). Carrots and sticks: sustainability reporting policies worldwide - today’s best practice, tomorrow’s trends, KPMG.

  • Krippendorff, K. (1995). Internalization. In F. Heylighen, C. Joslyn, & V. Turchin (Eds.), Principia cybernetica web. Brussels: Free University of Brussels.

    Google Scholar 

  • Lang, M. H., Lins, K. V., & Maffett, M. G. (2012). Transparency, liquidity, and valuation: International evidence on when transparency matters most. Journal of Accounting Research, 50(3), 729–774.

    Article  Google Scholar 

  • Lang, M., Lins, K. V., & Miller, D. (2003). ADRs, analysts, and accuracy: Does cross-listing in the United States improve a firm’s information environment and increase market value? Journal of Accounting Research, 41(2), 317–345.

    Article  Google Scholar 

  • Larrinaga-Gonzalez, C., Carrasco-Fenech, F., Caro-Gonzalez, F. J., Correa-Ruiz, C., & Paez-Sandubete, J. M. (2001). The role of environmental accounting in organizational change: An exploration of Spanish companies. Accounting, Auditing & Accountability Journal, 14(2), 213–239.

    Article  Google Scholar 

  • Lennox, C. S., Francis, J. R., & Wang, Z. (2012). Selection models in accounting research. The Accounting Review, 87(2), 589–616.

    Article  Google Scholar 

  • Leuz, C., & Verrecchia, R. E. (2000). The economic consequences of increased disclosure. Journal of Accounting Research, 38, 91–124.

    Article  Google Scholar 

  • Lev, B. (2003). Remarks on the measurement, valuation, and reporting of intangible assets. Economic Policy Review, 9(3), 17–22.

    Google Scholar 

  • Margolis, J. D., & Walsh, J. P. (2003). Misery loves companies: Rethinking social initiatives by business. Administrative Science Quarterly, 48(2), 268–305.

    Article  Google Scholar 

  • Marquis, C., & Toffel, M. (2011). The globalization of corporate environmental disclosure: Accountability or greenwashing?’, Working Paper, Cambridge, ME: Harvard Business School.

  • Marquis, C., & Toffel, M. (2014). Scrutiny, norms, and selective disclosure: A global study of greenwashing, Working Paper, Cambridge, ME: Harvard Business School.

  • O’Dwyer, B. (2002). Managerial perceptions of corporate social disclosure: an Irish story. Accounting, Auditing & Accountability Journal, 15(3), 406–436.

    Article  Google Scholar 

  • O’Dwyer, B. (2003). Conceptions of corporate social responsibility: the nature of managerial capture. Accounting, Auditing & Accountability Journal, 16(4), 523–557.

    Article  Google Scholar 

  • Orlitzky, M. (2013). Corporate social responsibility, noise, and stock market volatility. The Academy of Management Perspectives, 27(3), 238–254.

    Article  Google Scholar 

  • Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24(3), 403–441.

    Article  Google Scholar 

  • Perego, P., & Kolk, A. (2012). Multinationals, Accountability on sustainability: The evolution of third-party assurance of sustainability reports’. Journal of Business Ethics, 110(2), 173–190.

    Article  Google Scholar 

  • Plumlee, M., Brown, D., & Marshall, S. (2008). The impact of voluntary environmental disclosure quality on firm value, Working Paper, Salt Lake City, UT: University of Utah.

  • Porter, T., & Miles, P. (2013). CSR longevity: Evidence from long-term practices in large corporations. Corporate Reputation Review, 16, 313–340.

    Article  Google Scholar 

  • Richardson, A. J., & Welker, M. (2001). Social disclosure, financial disclosure and the cost of equity capital. Accounting, Organizations and Society, 26(7), 597–616.

    Article  Google Scholar 

  • Roberts, P. W., & Dowling, G. R. (2002). Corporate reputation and sustained superior financial performance. Strategic Management Journal, 23(12), 1077–1093.

    Article  Google Scholar 

  • Rochlin, S., & Grant, B. (2010) Integrating Integrated Reporting. In R. G. Eccles, B. Cheng, & D. Saltzman (Eds.), The landscape of integrated reporting: Reflections and next steps (pp. 76–80). Massachusetts: The President and Fellows of Harvard College Cambridge, 02138.

  • Rodriguez, P., Siegel, D. S., Hillman, A., & Eden, L. (2006). Three lenses on the multinational enterprise: Politics, corruption and corporate social responsibility. Journal of International Business Studies, 37(6), 733–746.

    Article  Google Scholar 

  • Serafeim, G.: 2014, ‘Integrated Reporting and Investor Clientele’, Working Paper, Cambridge, ME: Harvard Business School.

  • Simnett, R., Vanstraelen, A., & Chua, W. F. (2009). Assurance on sustainability reports: An International comparison. The Accounting Review, 84(3), 937–967.

    Article  Google Scholar 

  • The Institute of Directors in Southern Africa (IoDSA) and the King Committee (2009). King Code of Governance for South Africa 2009 (King III), The Institute of Directors in Southern Africa (IoDSA) and the King Committee.

  • Tucker, J. W. (2011). Selection Bias and Econometric Remedies in Accounting and Finance Research. Journal of Accounting Literature, Winter 2010.

  • Waddock, S. A., & Graves, S. B. (1997). The corporate social performance-financial performance link. Strategic Management Journal, 18(4), 303–319.

    Article  Google Scholar 

  • Watts, R. L., & Zimmermann, J. L. (1978). Towards a positive theory of the determination of accounting standards. The Accounting Review, 53(1), 112–134.

    Google Scholar 

  • Welker, M. (1995). Disclosure policy, information asymmetry, and liquidity in equity markets. Contemporary Accounting Research, 11(2), 801–827.

    Article  Google Scholar 

Download references


The author thanks the editors and the anonymous referees for helpful comments and suggestions. The paper has mainly benefited from the 18th International Symposium on Ethics, Business and Society at the IESE Business School in Barcelona, Spain, 2014. Thanks also go to the 2015 International Accounting Section Mid-year Meeting of the American Accounting Association.

Author information

Authors and Affiliations


Corresponding author

Correspondence to Janine Maniora.

Rights and permissions

Reprints and permissions

About this article

Check for updates. Verify currency and authenticity via CrossMark

Cite this article

Maniora, J. Is Integrated Reporting Really the Superior Mechanism for the Integration of Ethics into the Core Business Model? An Empirical Analysis. J Bus Ethics 140, 755–786 (2017).

Download citation

  • Received:

  • Accepted:

  • Published:

  • Issue Date:

  • DOI: