The purpose of this paper is to examine companies’ business model disclosures in their integrated reports and to explore the possible determinants of more detailed business model disclosures. Content analysis is used to identify disclosure themes in the integrated reports of 40 companies listed on the Johannesburg Stock Exchange. Descriptive statistics are generated for each disclosure theme/item and hypotheses are tested, using non-parametric testing. The results suggest that financial performance does not have a material effect on how companies explain their business model. This is not the case when it comes to environmental performance as firms with strong environmental performance devote more attention to explaining how financial and non-financial elements are managed. This is consistent with an emerging body of research which suggests that higher-quality integrated reporting can be used to lower information asymmetry and reinforce investors’ ability to understand a firm's performance. This paper complements a growing body of work which has considered the determinants of better-quality environmental or sustainability reporting and answers the call for more research on the factors that may influence the nature and extent of disclosures found in an integrated report.

中文翻译：

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综合报告中商业模式披露的评估

本文的目的是检查公司在其综合报告中的商业模式披露，并探讨更详细的商业模式披露的可能决定因素。内容分析用于识别在约翰内斯堡证券交易所上市的 40 家公司的综合报告中的披露主题。为每个披露主题/项目生成描述性统计数据，并使用非参数测试对假设进行测试。结果表明，财务业绩对公司如何解释其商业模式没有实质性影响。在环境绩效方面并非如此，因为具有强大环境绩效的公司更加关注解释如何管理财务和非财务要素。这与新兴的研究机构一致，该机构表明更高质量的综合报告可用于降低信息不对称并增强投资者了解公司业绩的能力。本文补充了越来越多的工作，这些工作考虑了质量更好的环境或可持续性报告的决定因素，并回应了对可能影响综合报告中披露的性质和程度的因素进行更多研究的呼吁。