Flores et al (2020)

Flores, Eduardo, Marco Fasan, Wesley Mendes-Da-Silva, and Joelson Oliveira Sampaio. “Integrated Reporting and Capital Markets in an International Setting: The Role of Financial Analysts.” Working paper (University of São Paulo - School of Economics, Business and Accounting), June 30, 2020.

From the authors’ abstract: “This article contributes to the literature studying the capital markets and corporate governance effects of Integrated Reporting (IR). In particular, building on voluntary disclosure and information processing theories, it hypothesizes and empirically finds that IR adoption is correlated with an improvement in analyst forecast accuracy… [W]e rely on an international sample that allows us studying the moderating effect of some country-level variables, such as enforcement and trust. We employ these results to derive interesting insights on the much-debated nature of IR.”

Link:  https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3639271