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

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  • Altendorfer, Andreas

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.

Suggested Citation

  • Altendorfer, Andreas, 2024. "Evidence on the incremental information content of concurrent financial and non-financial corporate disclosures," Finance Research Letters, Elsevier, vol. 60(C).
    • Handle: RePEc:eee:finlet:v:60:y:2024:i:c:s1544612323013120
    DOI: 10.1016/j.frl.2023.104940
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    Keywords

    Information content; Concurrent disclosure; Market response; Non-financial; ESG; CSR;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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