Evidence on the incremental information content of concurrent financial and non-financial corporate disclosures

Andreas Altendorfer

Finance Research Letters, 2024, vol. 60, issue C

Abstract: This study examines if a firm's regulated non-financial information that is concurrently published with its annual financial disclosures, provides investors with information content beyond that contained in the financial disclosures. Employing an event-study approach for a sample of German firms that can actively choose the disclosure date of regulated non-financial information, I find higher capital market responses to concurrent financial and non-financial disclosures, indicating an incremental information content. The effect is observable if non-financial information is concurrently disclosed in a firm's management report or in a standalone non-financial report. Collectively, my findings have important implications for regulators and reporting firms.

Keywords: Information content; Concurrent disclosure; Market response; Non-financial; ESG; CSR (search for similar items in EconPapers)
JEL-codes: G12 G14 M14 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1544612323013120
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:60:y:2024:i:c:s1544612323013120

DOI: 10.1016/j.frl.2023.104940

Access Statistics for this article

Finance Research Letters is currently edited by R. Gençay

More articles in Finance Research Letters from Elsevier
Bibliographic data for series maintained by Catherine Liu ().