Does non-financial information matter? Mapping and clustering literature on the value relevance of comprehensive disclosure

Rupo Daniela, Rappazzo Nicola, Loprevite Salvatore, Centorrino Giovanna

The paper aims to contribute to understanding the value relevance of comprehensive disclosure, covering different types of information provided in addition to traditional financial reporting. This research is based on an initial sample of 361 documents available on the Scopus database as of December 2022. The study adopts a bibliometric analysis based on the similarity visualization technique on a final sample of 179 articles using the VOSViewer software, and it also performs a content analysis on a subsample of 49 articles. The study mapped and clustered research networks, providing a systematic literature overview.

A steady increase of interest in the topic investigated has been observed in recent years, driven by the growing attention investors and other users deserve on the role of extended information in disclosing how the firm creates value. The network analysis reveals the existence of four main research streams referring to the following topics: Intangibles, Intellectual Capital Disclosure (ICD) and corporate reputation; ESG and Sustainability disclosure; Environmental disclosure and capital market effects; Integrated Reporting and Value Creation. Results highlight prominent research fields and emerging trends, which calls for in-depth consideration of the value relevance of comprehensive disclosure within the academic and political space. This article adds to prior research on the topic investigated, combining quantitative and qualitative methods to systematize literature. In contrast to other review publications that rely primarily on specific reporting tools, our study refers to different types of reports, providing a systematic picture of the state of the art and future directions of literature on the value relevance of non-financial information.

Keywords: Value relevance, Integrated reporting, Intellectual capital, Intangibles, Sustainability reporting, Non-financial disclosure, Bibliometric analysis

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