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PublicationInternational Integrated Reporting Framework : Leitfaden für eine moderne Unternehmensberichterstattung?(Verl. Recht und Wirtschaft, 2014-02-10)
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PublicationInvesting in Legitimacy : A Performance Analysis of Public Value Stock Portfolios(ACRN Oxford Ltd., 2015-04-23)
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PublicationAdvancing Value-Relevance Studies on Non-Financial Information : A Complementary Approach(JIAR, 2014-06-07)This study investigates the value-relevance of non-financial information published in the narrative part of SPI annual reports. Our research contributes to the issue by introducing a new and objective approach for measuring non-financial information: based on a combination of content and factorial analysis, we quantify the extent of profitability and sustainability related information and find evidence for a positive relation to share price. The measurement aims to take both quantity and variety of expressions into account and proves that this is of investors' interest. Furthermore, consistent with prior studies based on Ohlson´s (1995) value-relevance model, we consider financial statement data and find that net income and book value of equity are positively related to market value. Our findings implicate that both, numerical and non-numerical information influence investors' perceptions and are therefore, crucial to be included in annual reports as the major communication tool.
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PublicationThe Future of Integrated Reporting : Analysis and Recommendations(Global Science and Technology Forum (GSTF), 2014-04-28)
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PublicationOf Hedgehogs and Foxes : The Influence of Individual Cognition on Public Value(CIRU - Governance Reasarch and Development Centre, 2014-04-04)This study links individual cognitive style as classified by the hedgehog-fox dichotomy originally introduced by Isaiah Berlin to the perception of businesses' value creation for society, building on the public value approach. The empirical study is based on quantitative survey data on cognitive styles and socio-demographic characteristics of the interviewees as well as their perception of public value created by a major Swiss financial institution. Our analysis yields three major results: firstly, it confirms the significant influence of cognitive styles on the perception of public value. Hedgehogs tend to perceive public value more strongly than foxes. Secondly, the study confirms the three dimensions of public value: Institutional Performance, Moral Obligation and Political Stability. These have been identified in previous studies in a public sector environment. Our study demonstrates that the concept is also applicable in the private sector context. Thirdly, we show that the impact of cognitive style does not differ across these dimensions. This points to cognitive styles as different ways of processing new information and a corresponding difference in the intensity of value perception. This research helps to bridge the organizational macro view with the micro view of the individual by accounting for factors at the individual level in the context of an organization's public value. The results are of relevance not only to the academic community, but also to practitioners who may use these insights to align organizational strategies and value propositions.
