Is the capital market of Bangladesh ready to reap the benefits of voluntary integrated reporting disclosures? Insights from the equity investment experts
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Abstract
The study investigates the competitive economic advantage of voluntary integrated reporting (IR) disclosures by publicly listed companies in Bangladesh. Thematic analysis of fifteen semi-structured interview transcripts reveals that investors consider both financial and non-financial factors where the emphasis is placed on the economic, business model, and governance factors. Many investors lack IR knowledge, whereas IR-familiar investors do not even regard IR adoption as value-adding due to certain limiting factors. A bit longer time frame and a developed market ecosystem are required to comment on the significance of IR for investment decisions in Bangladesh. Additionally, from an institutional theoretical lens, this study stipulates how an efficient capital market will trigger both the demand and supply of IR information and make voluntary IR adoption value relevant for appraising investment targets. It brings forward an important notion that fixing the capital market environment should be emphasized before attempts to make IR mandatory.
期刊介绍：
The International Journal of Disclosure and Governance publishes a balance between academic and practitioner perspectives in law and accounting on subjects related to corporate governance and disclosure. In its emphasis on practical issues, it is the only such journal in these fields. All rigorous and thoughtful conceptual papers are encouraged.
To date, International Journal of Disclosure and Governance has published articles by a former general counsel and a former commissioner of the SEC, practitioners from Cleary Gottlieb, Skadden Arps, Wachtell Lipton, and Latham & Watkins as well as articles by academics from Harvard, Yale and NYU. The readership of the journal includes lawyers, accountants, and corporate directors and managers.
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