Integrated Reporting and financial analysts perception. Empirical evidence from Italy

The present research aims to assess the information needs of the users of integrated reports from large private sectors and for profit companies. The information users’ are grouped in two different categories: 1) different equity and debt holders and others who provide financial capital including the ultimate beneficiaries of investments, collective asset owners, and asset or fund managers; 2) the wider group of stakeholders likely to be interested in an organization’s ability to create value over time. This study concerns the first category of users, and in particular, the category of the advisers of different equity or debt holders or others who provide financial capitals, that refers to financial analysts, brokers and rating agencies. The main research question of this survey is the following: what are financial analysts’ perceptions about Integrated Reporting and what are their needs and expectations about this new model of corporate reporting? To our knowledge, this survey represents the first attempt to investigate the perception of financial analysts about Integrated Reporting and in general about the non-financial information disclosure in Italy.