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The aim of this research is to determine how market reacts to content element disclosure in integrated report. Using panel data from 96 company-year observations across 53 Indonesian firms (2017–2022), the analysis reveals varying market reaction. Market reacts positively to business model and strategy and resource allocation disclosure. In contrast, market reacts negatively to risk and opportunity and outlook disclosure. No significant reactions are observed for organizational overview, governance, performance, or reporting framework disclosure. These findings highlight the signaling value of transparent, content-specific disclosure in integrated report, suggesting that certain elements better reflect management’s commitment to value creation. The results also offer practical insights for companies, policymakers, and regulators to enhance reporting standard and monitor market reactions to integrated report evolve over time. By focusing on granular content element, this research contributes to literature by identifying which components of integrated report may drive market reaction.

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Corporate Disclosure Through Integrated Reporting: Examining Market Reactions from Emerging Market

  • 章节

  • 发表日期：

    2026年

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  • Nindya Annisa Putri,
  • Linda Kusumaning Wedari

摘要

The aim of this research is to determine how market reacts to content element disclosure in integrated report. Using panel data from 96 company-year observations across 53 Indonesian firms (2017–2022), the analysis reveals varying market reaction. Market reacts positively to business model and strategy and resource allocation disclosure. In contrast, market reacts negatively to risk and opportunity and outlook disclosure. No significant reactions are observed for organizational overview, governance, performance, or reporting framework disclosure. These findings highlight the signaling value of transparent, content-specific disclosure in integrated report, suggesting that certain elements better reflect management’s commitment to value creation. The results also offer practical insights for companies, policymakers, and regulators to enhance reporting standard and monitor market reactions to integrated report evolve over time. By focusing on granular content element, this research contributes to literature by identifying which components of integrated report may drive market reaction.