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The contents of assurance statements for sustainability reports and information asymmetry

The contents of assurance statements for sustainability reports and information asymmetry

 Stephan Fuhrmann
 2017.
 p. 369-400. English
GRIinformation asymmetryISAE 3000sustainability reportingvoluntary assurance,AA1000AS
Tác giả CN Stephan Fuhrmann
Nhan đề The contents of assurance statements for sustainability reports and information asymmetry / Stephan Fuhrmann, Christian Ott, Elisabeth Looks, Thomas W. Guenther
Thông tin xuất bản 2017.
Mô tả vật lý p. 369-400.
Tóm tắt This paper investigates how the assurance of sustainability reports enhances the credibility of such reports in the eyes of the investors and, thus, results in lower information asymmetries, as measured by bid-ask spreads. We measure the assurance of sustainability reports based on a content analysis of the assurance statements in which the assurance providers describe the design of the assurance process. For a matched sample of 442 STOXX 600 Europe companies with and without assured sustainability reports, our results indicate that a high-quality design of the assurance process reduces the level of information asymmetry. While an assurance process substantiating a high assurance level decreases information asymmetries, an assurance process that ensures only a moderate assurance level is insufficient. If an assurance provider performs tests of details of numerical data, this further reduces information asymmetries. For countries without regulations on sustainability reporting, we provide evidence that analytical tests of aggregated indicators, the description of the assurance provider’s competencies and the description of the sustainability assurance-specific work steps also contribute to a reduction of information asymmetries.
Từ khóa tự do GRI
Từ khóa tự do information asymmetry
Từ khóa tự do ISAE 3000
Từ khóa tự do sustainability reporting
Từ khóa tự do voluntary assurance,
Từ khóa tự do AA1000AS
Tác giả(bs) CN Christian Ott,
Tác giả(bs) CN Elisabeth Looks,
Tác giả(bs) CN Thomas W. Guenther
Nguồn trích Accounting and Business Research - Volume 47, 2017 - Issue 4
MARC
Hiển thị đầy đủ trường & trường con
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520[ ] |a This paper investigates how the assurance of sustainability reports enhances the credibility of such reports in the eyes of the investors and, thus, results in lower information asymmetries, as measured by bid-ask spreads. We measure the assurance of sustainability reports based on a content analysis of the assurance statements in which the assurance providers describe the design of the assurance process. For a matched sample of 442 STOXX 600 Europe companies with and without assured sustainability reports, our results indicate that a high-quality design of the assurance process reduces the level of information asymmetry. While an assurance process substantiating a high assurance level decreases information asymmetries, an assurance process that ensures only a moderate assurance level is insufficient. If an assurance provider performs tests of details of numerical data, this further reduces information asymmetries. For countries without regulations on sustainability reporting, we provide evidence that analytical tests of aggregated indicators, the description of the assurance provider’s competencies and the description of the sustainability assurance-specific work steps also contribute to a reduction of information asymmetries.
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