Integrated reporting and stakeholder management: a research agenda<sup>,</sup>

Santos, Anne Carolina dos; Favato, Kelli Juliane; Neumann, Marguit

doi:10.1590/1808-057x202112030

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Original Article • Rev. contab. finanç. 32 (87) • Sep-Dec 2021 • https://doi.org/10.1590/1808-057x202112030 copy

Integrated reporting and stakeholder management: a research agenda^* * Work presented at the XIX USP International Conference in Accounting, São Paulo, SP, Brazil, July 2019. ^,^ The authors would like to thank the Coordination for the Improvement of Higher Education Personnel (Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - Capes) for the financial support in carrying out this research.

Authorship SCIMAGO INSTITUTIONS RANKINGS

Abstract

The purpose of this article was to propose an agenda for future research on stakeholder management in integrated reporting. Framework 1.0 of integrated reporting addresses the management of stakeholders as a routine in the course of business, without further details. In turn, the academy can contribute in this regard. Integrated reporting is a recent development achieved after 30 years (or more) of attempts to effectively expand accountability to stakeholders. The engagement with stakeholders produces successful results in the long term, highlighting the need to indicate to them the value of using integrated reports. Due to the absence of details in Framework 1.0, it is up to academics to actively and cautiously monitor its development and implementation. This article’s contribution is to raise research to bring the practice of integrated reporting closer, as well as generate discussions to involve academics, the International Integrated Reporting Council, national councils, and report writers. Thus, the integrated report was discussed considering that its framework must be updated (how to do it) to impact the practice (the act of doing it). For this, we used a bibliographic methodology and content analysis. We also used the literature review methodology and content analysis. We mapped 11 factors, established 10 qualitative propositions, and 35 insights for future studies. The results indicate that the stakeholder management may have reached its potential in a ceremonial way, but it lacks definitions. For the academy and the International Integrated Reporting Council, the study contributes by mapping factors and suggesting the implementation of guidelines and debates with local commissions to overcome the deficiencies pointed out by this study.

Keywords:
integrated reporting; stakeholder management; literature review; agenda for future research

Databases	Keywords	Number of articles*
1. Periódicos Capes 2. Web of Science 3. Scopus 4. Science Direct 5. Scielo	1. “Integrated reporting” or “relato integrado”; 2. “Stakeholders”.	June 2017	February 2019	November 2019
		12 articles	3 articles	3 articles

(i) Pre-analysis	(ii) Material exploration	(iii) Treatment of results, inference, and interpretation.
Previous reading of the data encoded in Table 5.	Establishment of category, the unit of analysis, and codes for treatment of results	With the inference of the data, we established 11 factors (Table 5). With their interpretation, we defined 10 propositions (Table 6), which contributed to the elaboration of the research agenda (Table 7).
Previous reading of the data encoded in Table 5.	Category: stakeholders Unit of analysis: paragraph Generated codes: 17 codes (Figure 1) from Table 5, Table 6, and Table 7.

Nº	Authors	Methodology	Objective	Main Results
1	Rensburg and Botha (2014Rensburg, R., & Botha, E. (2014). Public relations review is integrated reporting the silver bullet of financial communication? A stakeholder perspective from South Africa. Public Relations Review, 40(2), 144-152.)	Empirical - survey	Investigate how financial information is used under new financial reporting standards.	Stakeholders make little use of IR as the main source of financial or investment information, and they are seen as additional information. Financial reporting is the primary support for financial information.
2	Sierra-García et al. (2015Sierra-García, L., Zorio-Grima, A., & García-Benau, M. A. (2015). Stakeholder engagement, corporate social responsibility and integrated reporting: an exploratory study. Corporate Social Responsibility and Environmental Management, 22, 286-304.)	Empirical - survey	To investigate why organizations are producing IR and what are the guarantee bonds in the Corporate Social Responsibility (CSR) report.	The likelihood of IR disclosure is positively associated with having the CSR report ensured, considering that the results are important to stakeholders.
3	García-Sanchez and Noguera-Gámez (2017García-Sanchez, I.-M., & Noguera-Gámez, L. (2017). Integrated reporting and stakeholder engagement: the effect on information asymmetry. Corporate Social Responsibility and Environmental Management, 24(1), 395-413.)	Empirical - survey	To analyze the possible relationship between the dissemination of integrated information and the degree of information asymmetry.	There is a negative relationship between information asymmetry and the disclosure of an IR, indicating that its use helps to mitigate agency problems, facilitate organizational decision-making and improve information among investors.
4	Fasan and Mio (2017Fasan, M., & Mio, C. (2017). Fostering stakeholder engagement: the role of materiality disclosure in integrated reporting. Business Strategy and the Environment, 26(1), 288-305.)	Empirical - survey	Identify the determinants of materiality dissemination among IIRC pilot program organizations.	The industry and some levels of characteristics (size and diversity of the board) play a significant role in determining the disclosure of materiality. The pilot program organizations released more information about materiality than their competitors who did not join the program.
5	Stubbs and Higgins (2018Stubbs, W., & Higgins, C. (2018). Stakeholders’ perspectives on the role of regulatory reform in integrated reporting. Journal of Business Ethics, 147(3), 489-508.)	Empirical - interviews	Explore stakeholder perspectives on the role of voluntary organizations and regulatory approaches to establishing IR in Australia.	Organizations that draft IRs are changing their processes. However, adoption does not necessarily involve innovations to encourage disclosure mechanisms. When analyzing the perception of stakeholders, no radical changes were found to present an innovative report, but a process of incremental changes to the sustainability report was found.
6	Brusca et al. (2018Brusca, I., Labrador, M., & Larran, M. (2018). The challenge of sustainability and integrated reporting at universities: a case study. Journal of Cleaner Production, 188(1), 347-354.)	Case study	To examine the development to implement sustainability and IR at a university.	The report is mainly focused on social and sustainability values, which cannot be considered an IR that connects all capital. The main driver has been the interests of stakeholders, represented by the university’s social council, to increase competitiveness.
7	Flower (2015Flower, J. (2015). The International Integrated Reporting Council: a story of failure. Critical Perspectives on Accounting, 27(1), 1-17.)	Theoretical - documentary	Trace the history of the IIRC over the four years since its formation (2010).	The IIRC abandoned sustainability-oriented accounting. Thus, the IIRC’s concept of value is “value for investors” and not “value for society”.
8	Wulf et al. (2014Wulf, I., Niemöller, J., & Rentzsch, N. (2014). Development toward integrated reporting, and its impact on corporate governance: a two-dimensional approach to accounting with reference to the German two-tier system. Journal of Management Control, 25(2), 135-164.)	Documentary	Assess an IR’s ability to improve corporate governance.	Even though corporate governance has changed its perspective for stakeholders, its focus is still on shareholders. The German system appears to be an excellent basis for future IR developments, that is, for strengthening the stakeholder approach and corporate governance.
9	Feng et al. (2017Feng, T., Cummings, L., & Tweedie, D. (2017). Exploring integrated thinking in integrated reporting: an exploratory study in Australia. Journal of Intellectual Capital, 18(2), 330-353.)	Empirical - interviews	Explore how key stakeholders interpret integrated thinking and how Pilot Program organizations are applying integrated thinking.	The IIRC did not fully define the concept of integrated thinking, so there is no shared consensus among professionals. There is evidence of an evolutionary understanding of integrated thinking in practice. What is not yet clear is how this understanding will develop over time.
10	Veltri and Silvestri (2015Veltri, S., & Silvestri, A. (2015). The free state university integrated reporting: a critical consideration. Journal of Intellectual Capital, 16(2), 443-462.)	Case study	Explore the IR of a public South African university, comparing it with Framework 1.0 to verify compatibility.	The university’s IR includes the content elements as labels but does not further elaborate on their meaning. Also, it does not follow the principles of the IIRC guidelines. Consequently, relationships with stakeholders are not highlighted and the ability to create value is not disclosed.
11	Clayton et al. (2015Clayton, A. F., Rogerson, J. M., & Rampedi, I. (2015). Integrated reporting vs. sustainability reporting for corporate responsibility in South Africa. Bulletin of Geography, 29(29), 7-17.)	Documentary	Analyze the development of IR by large organizations in South Africa and assess the impact of the necessary transition from sustainability reporting to IR.	Certain trends in the transition from sustainability reporting to IR have been noted: increased assurance of non-financial information; adherence to external guidelines; the emergence of materiality, risk disclosure, and remuneration as new topics; and the evolution of the speech oriented by the stakeholders.
12	Perego et al. (2016Perego, P., Kennedy, S., & Whiteman, G. (2016). A lot of icing but little cake? Taking integrated reporting forward. Journal of Cleaner Production, 136, 53-64.)	Empirical - interviews	Present the impact of sensemaking approaches on IR practice.	Respondents refer to concerns about the marginalization of organizations, with an excessive focus on external reporting. Thus, they note the need to understand the IR as an internal process, observing the stakeholders and asking if the internal management knows the Framework 1.0 for IR, to later structure the IR for the external scope.
13	Baptista (2018Baptista, N. (2018). Integrated reporting stimulates strategic communication of corporate social responsibility? A marketing perspective analysis based on Maignan, Ferrell and Ferrell’s stakeholder model of corporate social responsibility in marketing. Media & Jornalismo, 18(33), 43-60.)	Documentary	Assess the extent to which IRs stimulate CSR strategic communication.	IRs are focused on the information needs of financial capital providers. Thus, they do not require organizations to report the total impact of their activities to other stakeholders.
14	Lai et al. (2018Lai, A., Melloni, G., & Stacchezzini, R. (2018). Integrated reporting and narrative accountability: the role of preparers. Accounting, Auditing & Accountability Journal, 31(5), 1381-1405.)	Empirical - interviews	Analyze how coaches’ cognition influences patterns of accountability associated with IR.	The coaches’ efforts to establish dialogues and accountability with stakeholders reveal the potential of IR as a narrative source. However, financial capital providers remain the main stakeholders in this type of report.
15	Naynar et al. (2018Naynar, N. R., Ram, A. J., & Maroun, W. (2018). Expectation gap between preparers and stakeholders in integrated reporting. Meditari Accountancy Research, 26(2), 241-262.)	Documentary and empirical - interviews	Explore the emphasis given to certain topics in Integrated Reports, as perceived by stakeholders.	There are inconsistencies between the (socio-environmental) content of the report and the importance of its themes given by the interviewed stakeholders. This gap exists due to the lack of communication between the parties.
16	Farneti et al. (2019Farneti, F., Casonato, F., Montecalvo, M., & de Villiers, C. (2019). The influence of integrated reporting and stakeholder information needs on the disclosure of social information in a state-owned enterprise. Meditari Accountancy Research, 27(4), 556-679.)	Empirical - survey	Study changes in IR disclosures to different stakeholder groups	Framework 1.0 presents a normative approach, and taking it into account can lead to improved disclosures. However, the focus is on priority stakeholders.
17	Vitolla et al. (2019aVitolla, F., Raimo, N., Rubino, M., & Garzoni, A. (2019a). The impact of national culture on integrated reporting quality: a stakeholder theory approach. Business Strategy and the Environment, 28(8), 1558-1571.)	Documentary	Investigate the influence of the national cultural context on the quality of IR	Companies that operate in countries with a cultural system different from developed countries have greater prevention of uncertainties, more collectivism, women working in the company, and restrictions, besides a greater emphasis on sustainability, ethics, and governance.
18	Vitolla et al. (2019bVitolla, F., Raimo, N., Rubino, M., & Garzoni, A. (2019b). How pressure from stakeholders affects integrated reporting quality. Corporate Social Responsibility and Environmental Management, 26(6), 1591-1606.)	Documentary	Analyze the relationship between pressure from stakeholders and the quality of IR	Pressures from customers, environmental protection organizations, employees, shareholders, and governments determine the quality of IR.

Factors (F)	Research	Factor Inference
1. IR is a source of additional information for stakeholders	1 - Rensburg e Botha (2014Rensburg, R., & Botha, E. (2014). Public relations review is integrated reporting the silver bullet of financial communication? A stakeholder perspective from South Africa. Public Relations Review, 40(2), 144-152.)	Stakeholders do not use IR as a primary source of information. One of the biggest challenges for organizations is to communicate their information concisely to all stakeholders, through the communication channels or platforms they prefer.
2. IR is targeted at primary stakeholders	7 - Flower (2015Flower, J. (2015). The International Integrated Reporting Council: a story of failure. Critical Perspectives on Accounting, 27(1), 1-17.)	The IIRC favors the creation of financial value to the detriment of the management of socio-environmental capital, which is an inhibiting factor for IR to achieve sustainability. There is a need to change the perspective of the organization’s relationship with the investor (that can be effectively managed by most), to a perspective of relationship with all stakeholders. This generates uncertainty and dilution of the organization’s power.
	14 - Lai et al. (2018Lai, A., Melloni, G., & Stacchezzini, R. (2018). Integrated reporting and narrative accountability: the role of preparers. Accounting, Auditing & Accountability Journal, 31(5), 1381-1405.)	Some stakeholders are not considered in the process of building value creation, and questions about sustainability are not included in the IR. The interviewed report writers do not recognize the need to customize the report according to the different stakeholders.
	5 - Stubbs e Higgins (2018Stubbs, W., & Higgins, C. (2018). Stakeholders’ perspectives on the role of regulatory reform in integrated reporting. Journal of Business Ethics, 147(3), 489-508.)	Accountability is not at the forefront, as economic decision-making remains the first pillar.
	16 - Farneti et al. (2019Farneti, F., Casonato, F., Montecalvo, M., & de Villiers, C. (2019). The influence of integrated reporting and stakeholder information needs on the disclosure of social information in a state-owned enterprise. Meditari Accountancy Research, 27(4), 556-679.)	Priority is given to meeting the information needs of more powerful stakeholders.
3. Framework 1.0 has inconsistencies, which can hinder the stakeholder management process	7 - Flower (2015Flower, J. (2015). The International Integrated Reporting Council: a story of failure. Critical Perspectives on Accounting, 27(1), 1-17.)	Framework 1.0 for IR is inconsistent with the idea of full reporting regarding the impact of organizational activities on the lives of stakeholders.
	9 - Feng et al. (2017Feng, T., Cummings, L., & Tweedie, D. (2017). Exploring integrated thinking in integrated reporting: an exploratory study in Australia. Journal of Intellectual Capital, 18(2), 330-353.)	IR is failing to attract support from stakeholders due to abstract concept constructions, such as value creation and integrated thinking, making the IIRC structure difficult to implement.
	11 - Clayton et al. (2015Clayton, A. F., Rogerson, J. M., & Rampedi, I. (2015). Integrated reporting vs. sustainability reporting for corporate responsibility in South Africa. Bulletin of Geography, 29(29), 7-17.)	The journey towards integrated thinking needs to be worked on, as organizations are not prepared.
	12 - Perego et al. (2016Perego, P., Kennedy, S., & Whiteman, G. (2016). A lot of icing but little cake? Taking integrated reporting forward. Journal of Cleaner Production, 136, 53-64.)	Experts consider IR to be very diverse and incoherent, which makes it difficult to understand the proposal and its potential. Only after resolving this, can we then consider spreading IR in all organizations. Despite the progress, it is difficult to understand IR, as it has a flawed methodology to support its adoption.
4. Organizations adopt IR as a means of communication with their stakeholders on account of competitiveness and legitimacy	4 - Fasan e Mio (2017Fasan, M., & Mio, C. (2017). Fostering stakeholder engagement: the role of materiality disclosure in integrated reporting. Business Strategy and the Environment, 26(1), 288-305.)	Organizations use IR to demonstrate a socially responsible image to legitimize their behavior.
	9 - Feng et al. (2017Feng, T., Cummings, L., & Tweedie, D. (2017). Exploring integrated thinking in integrated reporting: an exploratory study in Australia. Journal of Intellectual Capital, 18(2), 330-353.)	IR can legitimize the organization’s practices.
	16 - Farneti et al. (2019Farneti, F., Casonato, F., Montecalvo, M., & de Villiers, C. (2019). The influence of integrated reporting and stakeholder information needs on the disclosure of social information in a state-owned enterprise. Meditari Accountancy Research, 27(4), 556-679.)	Organizations adopt IR because they believe in its potential to better meet the information needs of their stakeholders or because they perceive that others adopt it, thus being a normative approach.
	18 - Vitolla et al. (2019bVitolla, F., Raimo, N., Rubino, M., & Garzoni, A. (2019b). How pressure from stakeholders affects integrated reporting quality. Corporate Social Responsibility and Environmental Management, 26(6), 1591-1606.)	There is a risk that IR represents only a formal tool for legitimation.
	10 - Veltri e Silvestri (2015Veltri, S., & Silvestri, A. (2015). The free state university integrated reporting: a critical consideration. Journal of Intellectual Capital, 16(2), 443-462.)	The IR is just a communication tool issued to raise the reputation of the investigated university, with no trace of a dialogue between the organization and its stakeholders.
5. IR can ensure CSR issues, improving the quality of communication with external stakeholders	2 - Sierra-García et al. (2015Sierra-García, L., Zorio-Grima, A., & García-Benau, M. A. (2015). Stakeholder engagement, corporate social responsibility and integrated reporting: an exploratory study. Corporate Social Responsibility and Environmental Management, 22, 286-304.)	The likelihood of IR disclosure is associated with having the CSR report (GRI) insured. Therefore, it becomes a component of the quality of IR.
6. Need for maturing internal practices (learning from internal stakeholders)	11 - Clayton et al. (2015Clayton, A. F., Rogerson, J. M., & Rampedi, I. (2015). Integrated reporting vs. sustainability reporting for corporate responsibility in South Africa. Bulletin of Geography, 29(29), 7-17.)	The investigated organizations use the information disclosed in a sustainability report and strategically place such information on IR. Therefore, there were no changes in communication with stakeholders after joining IR.
	12 - Perego et al. (2016Perego, P., Kennedy, S., & Whiteman, G. (2016). A lot of icing but little cake? Taking integrated reporting forward. Journal of Cleaner Production, 136, 53-64.)	There is an urgent need for the diffusion of integrated thinking as a crucial step for the field.
	13 - Baptista (2018Baptista, N. (2018). Integrated reporting stimulates strategic communication of corporate social responsibility? A marketing perspective analysis based on Maignan, Ferrell and Ferrell’s stakeholder model of corporate social responsibility in marketing. Media & Jornalismo, 18(33), 43-60.)	It is important to consider all stakeholders. Stakeholder engagement strategies require a continuous dialogue with the organization, being an organizational learning process.
	15 - Naynar et al. (2018Naynar, N. R., Ram, A. J., & Maroun, W. (2018). Expectation gap between preparers and stakeholders in integrated reporting. Meditari Accountancy Research, 26(2), 241-262.)	Organizations do not understand the effect of users and their information needs, as groups have different priorities for the construction of the report known as IR.
	10 - Veltri e Silvestri (2015Veltri, S., & Silvestri, A. (2015). The free state university integrated reporting: a critical consideration. Journal of Intellectual Capital, 16(2), 443-462.)	Providing information in an integrated manner and ensuring the creation of value is a complex process, due to the ability of managers to fulfill this demand and disclose it to stakeholders in the form of reports.
7. Need for motivation of organizational leaders to make changes in practices with stakeholders	18 - Vitolla et al. (2019bVitolla, F., Raimo, N., Rubino, M., & Garzoni, A. (2019b). How pressure from stakeholders affects integrated reporting quality. Corporate Social Responsibility and Environmental Management, 26(6), 1591-1606.)	It is advisable that the organization managements develop the internal culture of integrated thinking and that it permeates business management, going beyond the mere formal adoption of IR.
8. Reduces information asymmetry for communication with stakeholders	3 - García-Sanchez e Nogueira-Gomez (2017García-Sanchez, I.-M., & Noguera-Gámez, L. (2017). Integrated reporting and stakeholder engagement: the effect on information asymmetry. Corporate Social Responsibility and Environmental Management, 24(1), 395-413.)	There is a relationship between IR and the reduction of informational asymmetry. The integration of all key information in a single report allows investors to make estimates, albeit idiosyncratic, of future transaction costs at the time of acquisition.
	8 - Wulf et al. (2014Wulf, I., Niemöller, J., & Rentzsch, N. (2014). Development toward integrated reporting, and its impact on corporate governance: a two-dimensional approach to accounting with reference to the German two-tier system. Journal of Management Control, 25(2), 135-164.)	IR reduces asymmetry, improving users’ interpretation of corporate governance, at the expense of reporting management comments. However, financial reporting and IR indirectly affect corporate governance, generating adequate management control systems.
9. The need for academia to disseminate IR practices in higher education courses	12 - Perego et al. (2016Perego, P., Kennedy, S., & Whiteman, G. (2016). A lot of icing but little cake? Taking integrated reporting forward. Journal of Cleaner Production, 136, 53-64.)	Academics can make a significant contribution to the development of IR through education and research, in particular business education.
10. Primary and non-primary stakeholders can benefit from IR	3 - García-Sanchez e Nogueira-Gomez (2017García-Sanchez, I.-M., & Noguera-Gámez, L. (2017). Integrated reporting and stakeholder engagement: the effect on information asymmetry. Corporate Social Responsibility and Environmental Management, 24(1), 395-413.)	Disclosure can add value to shareholders and other stakeholders, demonstrating the managerial commitment to report non-financial information.
	16 - Farneti et al. (2019Farneti, F., Casonato, F., Montecalvo, M., & de Villiers, C. (2019). The influence of integrated reporting and stakeholder information needs on the disclosure of social information in a state-owned enterprise. Meditari Accountancy Research, 27(4), 556-679.)	Considering both the global prominence and that the IIRC is refining its guidelines, stakeholders with less power benefit from it, including employees, as it is likely that employees’ information needs will focus on social issues..
	17 - Vitolla et al. (2019aVitolla, F., Raimo, N., Rubino, M., & Garzoni, A. (2019a). The impact of national culture on integrated reporting quality: a stakeholder theory approach. Business Strategy and the Environment, 28(8), 1558-1571.)	Collective values are associated with stakeholder management, as opposed to individual interests. The consideration of the interests of external users is closely related to avoiding risks associated with a failure, as well as considering them in the management of the business.
11. The need to listen to stakeholders when starting the IR adoption process	18 - Vitolla et al. (2019aVitolla, F., Raimo, N., Rubino, M., & Garzoni, A. (2019a). The impact of national culture on integrated reporting quality: a stakeholder theory approach. Business Strategy and the Environment, 28(8), 1558-1571.)	Stakeholder pressures are an essential determinant of the quality of IR. However, this does not cause a substantial change in the business model and corporate culture, that is, it does not necessarily encourage integrated thinking.
	15 - Naynar et al. (2018Naynar, N. R., Ram, A. J., & Maroun, W. (2018). Expectation gap between preparers and stakeholders in integrated reporting. Meditari Accountancy Research, 26(2), 241-262.)	Organizations are still in the process of engaging with stakeholders to understand what information they value.
	4 - Fasan e Mio (2017Fasan, M., & Mio, C. (2017). Fostering stakeholder engagement: the role of materiality disclosure in integrated reporting. Business Strategy and the Environment, 26(1), 288-305.)	It is a powerful tool for engagement with stakeholders, which works through the process of determining materiality.
	6 - Brusca et al. (2018Brusca, I., Labrador, M., & Larran, M. (2018). The challenge of sustainability and integrated reporting at universities: a case study. Journal of Cleaner Production, 188(1), 347-354.)	Stakeholders can involve the university (object of study) in a process of change if the leaders positively involve them in that process. Respondents provided evidence of the importance of these aspects in the design of the university’s strategic objectives, legitimizing its practices.

F	+	F	Description
F1	+	F2	PROP1- The IR is a source of additional information for stakeholders, as it is directed to primary stakeholders.
F1	+	F3	PROP2 - The IR is a source of additional information for stakeholders, as Framework 1.0 has inconsistencies, which can hinder the stakeholder management process.
F1	+	F4	PROP3 - IR is a source of additional information for stakeholders, as organizations adopt IR as a source of communication with their stakeholders because of competitiveness and legitimacy.
F2	+	F3	PROP4 - The IR is aimed at primary stakeholders, as Framework 1.0 has inconsistencies, which can hinder the stakeholder management process.
F3	+	F5	PROP5 - Framework 1.0 has inconsistencies, which can hamper the stakeholder management process, but it can ensure themes of Corporate Social Responsibility (CSR), improving the quality of the communication carried out to external stakeholders.
F6	+	F7	PROP6 - There is a need for maturing of internal practices (learning from internal stakeholders), as there is a need to motivate organizational leaders to make changes in the stakeholder practices.
F5	+	F8	PROP7 - IR can ensure Corporate Social Responsibility (CSR) themes by improving the quality of communication with external stakeholders, as it reduces the asymmetry of information for communication with stakeholders.
F9	+	F1	PROP8 - The academy needs to disseminate IR practices in courses in the business area since IR has been a source of additional information for stakeholders until then.
F10	+	F9	PROP9 - Primary and non-primary stakeholders can benefit from the use of IR. However, the academy needs to disseminate IR practices in business courses.
F11	+	F8	PROP10 - There is a need to listen to stakeholders when starting the IR adoption process, as this reduces the information asymmetry for communicating with stakeholders.

Propositions	Insights for future research *
PROP1	1. Identify which groups of stakeholders are disclosed in the IRs and the topics related to these groups; 2. Analyze from the perspective of Voluntary Disclosure whether IR influences the concentration of sophisticated investors. 3. Analyze from the perspective of Voluntary Disclosure whether IR influences the concentration of individual investors. 4. Understand, from the perspective of Sensemaking, if stakeholders who use IR as an information source consider it useful for decision making. 5. Investigate whether cultural, economic, and political aspects interfere with the content disclosed on IR.
PROP2	6. Survey the results of public calls on the IIRC website and check how the council uses the opinion of those involved; 7. Interview IR developers to identify the difficulties in the elaboration in the face of the elements of Framework 1.0; 8. Map and build the limitations of Framework 1.0 in the face of interviews with researchers who have extensive experience in IR.
PROP3	9. Identify whether there is a relationship between the use of accounting conservatism as an instrument for maintaining legitimacy in the disclosed IRs. 10. Analyze the communications present in the IR with assumptions from the Theory of Legitimacy; 11. Analyze whether economic aspects that lead to competitiveness interfere in the preparation of the IR. 12. Identify factors of organizational resistance when establishing stakeholder management.
PROP4	13. Identify with stakeholders (employees, CEO, community, customers, suppliers, investment fund managers, etc.) what their demands for information are and whether such information is included in IR; 14. Raise the inconsistencies of Framework 1.0 identified by research, to help CBARI discuss such inconsistencies with working groups.
PROP5	15. Identify what are the demands for CSR information listed by external stakeholders of certain companies; 16. Raise the inconsistencies of Framework 1.0, identified by research, to help the IIRC discuss the practical difficulties in managing the relationship between the company and its stakeholders and identify their demands for information. 17. Understand the demand for business information in the face of contemporary society.
PROP6	18. Identify the motivations of business leaders to make internal changes in the face of the adoption of IR. 19. Map cognitive effects in the judgments of IR topics by internal teams of IR writers. 20. Map cognitive effects in the judgments of IR topics by external teams of IR writers. 21. Use Institutional Theory, under the Old Institutional Economics approach, to understand factors of resistance to the implementation of IR. 22. Understand whether the integrated thinking proposed by the IIRC influences the internal stakeholder in times of organizational resilience. 23. Discuss the cost-benefit of adopting IR in the context of large, medium, and small businesses.
PROP7	24. Identify, from the perspective of informational asymmetry, if the IR meets the informational demands about the CSR of its stakeholders. 25. Identify the characteristics of the information disclosed on IR, to identify the management of impressions on IR. 26. Identify whether companies are more likely to manage impressions on IR when less than expected results are indicated by financial analysts. 27. Identify whether companies are more likely to manage impressions on IR when socio-environmental scandals occur.
PROP8	28. Develop case studies for the teaching of IR;
PROP9	29. Investigate the dissemination of IR in courses in the business area; 30. Survey which factors contribute to the theme being implemented in the learning plan of higher education institutions. 31. Understand whether the theme of elaborating integrated thinking and IR is relevant for education in business courses 32. Conduct experiments to identify whether the IR proposal, established in the elements of Framework 1.0, has the ability to develop the student to create business models and define what it means to generate value for the business.
PROP10	33. Understand how stakeholder management occurs in organizations that adopt IR. 34. Discuss possible channels and means of maintaining contact with stakeholders, to contribute to business practice. 35. Understand the expectations of stakeholders regarding the value creation of organizations, in an attempt to align the practices adopted.

Universidade de São Paulo, Faculdade de Economia, Administração e Contabilidade, Departamento de Contabilidade e Atuária Av. Prof. Luciano Gualberto, 908 - prédio 3 - sala 118, 05508 - 010 São Paulo - SP - Brasil, Tel.: (55 11) 2648-6320, Tel.: (55 11) 2648-6321, Fax: (55 11) 3813-0120 - São Paulo - SP - Brazil
E-mail: recont@usp.br

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Nº	Authors	Title	Journal
1	Rensburg and Botha (2014Rensburg, R., & Botha, E. (2014). Public relations review is integrated reporting the silver bullet of financial communication? A stakeholder perspective from South Africa. Public Relations Review, 40(2), 144-152.)	Public relations review is integrated reporting the silver bullet of financial communication? A stakeholder perspective from South Africa.	Public Relations Review
2	Sierra-García, Zorio-Grima and García-Benau (2015Sierra-García, L., Zorio-Grima, A., & García-Benau, M. A. (2015). Stakeholder engagement, corporate social responsibility and integrated reporting: an exploratory study. Corporate Social Responsibility and Environmental Management, 22, 286-304.)	Stakeholder engagement, corporate social responsibility, and integrated reporting: an exploratory study.	Corporate Social Responsibility and Environmental Management
3	García-Sanchez and Noguera-Gámez (2017García-Sanchez, I.-M., & Noguera-Gámez, L. (2017). Integrated reporting and stakeholder engagement: the effect on information asymmetry. Corporate Social Responsibility and Environmental Management, 24(1), 395-413.)	Integrated reporting and stakeholder engagement: the effect on information asymmetry.	Corporate Social Responsibility and Environmental Management
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