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In this chapter, we address the relationship between Integrated Reporting (IR) and cost of capital. By examining the existing accounting, finance and sustainability literature we argue that there is a negative relationship between IR and the cost of capital, i.e. IR should lower the company’s cost of debt and equity in the medium and long terms. In our view, these effects derive from two main factors: (i) the adoption of a sustainable business model due to integrated thinking and (ii) an information asymmetry reduction caused by greater transparency, allowing more informed forecasts both leading to positive returns to investors and creditors in the long term.
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- The Relationship Between Integrated Reporting and Cost of Capital
Fernando Dal-Ri Murcia
- Palgrave Macmillan UK
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