Skip Navigation Links
Journal of Environmental Accounting and Management
António Mendes Lopes (editor), Jiazhong Zhang(editor)
António Mendes Lopes (editor)

University of Porto, Portugal


Jiazhong Zhang (editor)

School of Energy and Power Engineering, Xi'an Jiaotong University, Xi'an, Shaanxi Province 710049, China

Fax: +86 29 82668723 Email:

The Impact of Corporate Governance, Financial Performance, Intellectual Capital and Enterprise Size on Integrated Reporting: Evidence from Ukraine

Journal of Environmental Accounting and Management 11(4) (2023) 429--439 | DOI:10.5890/JEAM.2023.12.005

Oleh Vysochan, Vasyl Hyk, Olha Vysochan

Download Full Text PDF



The purpose of the study is to establish the impact of corporate governance, financial performance, intellectual capital and size of the enterprise on the quality of information disclosure in integrated reporting. The study used data from 30 large enterprises in various sectors of the economy of Ukraine, selected from annual financial statements, management reports and integrated reporting for 2018 and 2019, which are published and posted on their official websites. The statistical method of partial least square (PLS) data analysis in the computer program SmartPLS 3 was used to process the information. The results of the study showed that corporate governance, financial indicators, intellectual capital have a significant positive impact on integrated reporting, which did not confirm any dependence. The study conducted a comparative analysis of domestic and international research experience on the subject, identified issues and identified prospects for further development related to integrated reporting.


This study was conducted within 2 scientific topics: ``Accounting in the context of sustainable economic development'' (code of R\&D work -- OA-16) and ``Formation and distribution of information flows between the subjects of the accounting system of the enterprise'' (code of R\&D work -- OA-20).


  1. [1] Zhuk, V.M. (2019), Integrated reporting: retrospective and perspective in Ukraine, Accounting and Finance, 1(83), 20-27.
  2. [2]  Bezverkhyi, K.V. (2014), Methodological bases of creating the enterprise's integrated reporting, Accounting and Finance, 3(65), 8-14.
  3. [3]  Holov, S.F., Kostjuchenko, V.M., and Kuzina, R.V. (2018), Integrated reporting: concept, methodology and organization, Kherson: Gheljvetyka. 252 p.
  4. [4]  Hyk, V., Vysochan, O., and Vysochan, O. (2022), Integrated reporting of mining enterprises: bibliometric analysis, Studies in Business and Economics, 17(3), 90-99.
  5. [5]  Davydyuk, T.V. (2012), Convergence of accounting and social reporting in terms of human capital: the development of existing approaches, Economy: the realities of time, 2(3), 123-129. Retrieved from
  6. [6]  Kutsyk, P.O. and Koryagin, M.V. (2015), Integrated reporting as a new paradigm of financial reporting development, Accounting and auditing, 5, 11-18.
  7. [7]  Kostyrko, R.O. (2013), Integrated model of company reporting: preconditions, principles, components, Economy of Ukraine, 2, 18-28.
  8. [8]  Nesterenko, O.O. (2018), Integrated reporting: theory, methodology, practice: monograph. Kh., 410 p.
  9. [9]  Vysochan, O., Vysochan, O., Hyk, V., and Hryniv, T. (2021), Attributive-spatial tourist clusteration of regions of Ukraine. GeoJournal of Tourism and Geosites, 35(2), 480-489.
  10. [10]  Zamula, I., Prodanchuk, M., Kovalchuk, T., Kolesnikova, O., and Myhalkiv, A. (2020), Indicators of ecological condition of natural resources in integrated reporting of the enterprise, Scientific Bulletin of National Mining University, 6, 180-186.
  11. [11]  GRI Sustainability Reporting Guidelines Version 4.0 (G4), Retrieved from /2016/gri\_2016\_e.pdf.
  12. [12]  Tilt, C.A. (1994), The influence of external pressure groups on corporate social disclosure: some empirical evidence, Accounting, Auditing \& Accountability Journal, 7(4), 47-72.
  13. [13]  Vysochan, O., Hyk, V., Vysochan, O., and Olshanska, M. (2021), Sustainability Accounting: A Systematic Literature Review and Bibliometric Analysis, Quality - Access to Success, 22(185), 95-102.
  14. [14]  Mysaka, H., Derun, I., and Skliaruk, I. (2021), The role of non-financial reporting in modern ecological problems updating and solving, Journal of Environmental Management and Tourism, 1(49), 18-29.
  15. [15]  Alexander, D. and Blum, V. (2016), Ecological economics: a Luhmannian analysis of integrated reporting, Ecological Economics, 129, 241-251.
  16. [16]  International Integrated Reporting Council (2015), Assurance on $\mathrm{<}$IR$\mathrm{>}$: Overview of Feedback and Call to Action. Retrieved from
  17. [17]  Wang, R., Zhou, S., and Wang, T. (2020), Corporate governance, integrated reporting and the use of credibility-enhancing mechanisms on integrated reports, European Accounting Review, 29(4), 631-663.
  18. [18]  Vysochan, O., Hyk, V., and Vysochan, O. (2021), Institutional theory of accounting as a tool of social ideology. Cogito - Multidisciplinary research journal, XIII(4), 198-208.
  19. [19]  Mawardani, H.A. and Harymawan, I. (2021), The relationship between corporate governance and integrated reporting, Journal of Accounting and Investment, 22(1), 51-79.
  20. [20]  Cooray, T., Gunarathne, N., and Senaratne, S. (2020), Does corporate governance affect the quality of integrated reporting? Sustainability, 12, 4262.
  21. [21]  Suttipun, M. and Bomlai, A. (2019), The relationship between corporate governance and integrated reporting: Thai evidence. International Journal of Business and Society, 20(1), 348-364.
  22. [22]  Roxana-Ioana, B. and Petru, S. (2017), Integrated reporting for a good corporate governance, Ovidius University Annals, 17(1), 424-428.
  23. [23]  Siryk, Z., Popadynets, N., Pityulych, M., Chakii, O., Irtyshcheva, I., Panukhnyk, O., Hyk, V., Fedotova, Y., Rohozian, Y., and Lysyak, N. (2021), Decentralization of local self-government under the conditions of administrative-territorial reform in Ukraine, Accounting, 7(4), 781-790.
  24. [24]  Suttipun, M. (2017), The effect of integrated reporting on corporate financial performance: evidence from Thailand, Corporate Ownership $\&$ Control, 15(1), 133-142.
  25. [25]  Wen, L.P., Kiew Heong, A.Y., and Chee Hooi, S.L. (2017), Integrated reporting and financial performance. Management $\&$ Accounting Review, 16(2), 101-130.
  26. [26]  Abdulrahman Albetairi, H.T., Kukreja, G., and Hamdan, A. (2018), Integrated reporting and financial performance: empirical evidences from Bahraini listed insurance companies, Accounting and Finance Research, 7(3), 102-110.
  27. [27]  Bandoi, A., Bocean, C.G., Del Baldo, M., Mandache, L., Manescu, L.G., and Sitnikov, C.S. (2021), Including sustainable reporting practices in corporate management reports: assessing the impact of transparency on economic performance, Sustainability, 13, 940.
  28. [28]  Hyk, V.V. (2021), Optimization of costs for innovations of industrial enterprises Western Ukraine in ensuring sustainable environmental development, E3S Web of Conferences, 234, 1-4.
  29. [29]  Hyk, V., Vysochan, O., and Vysochan, O. (2021), Modeling the options for accounting for the innovation costs of industrial enterprises in Ukraine, Intellectual economics, 15(1), 88-103.
  30. [30]  Vysochan, O., Vysochan, O., Hyk, V., and Boychuk, A. (2022), Multi-criteria evaluation of innovative projects by means of ELECTRE application. Business: Theory and Practice, 23(2), 445-455.
  31. [31]  Melloni, G. (2015), Intellectual capital disclosure in integrated reporting: an impression management analysis, Journal of Intellectual Capital, 16(3), 661-680.
  32. [32]  Salvi, A., Vitolla, F., Giakoumelou, A., Raimo, N., and Rubino, M. (2020), Intellectual capital disclosure in integrated reports: the effect on firm value, Technological Forecasting and Social Change, 160, 120228.
  33. [33]  Salvi, A., Vitolla, F., Raimo, N., Rubino, M., and Petruzzella, F. (2020), Does intellectual capital disclosure affect the cost of equity capital? An empirical analysis in the integrated reporting context, Journal of Intellectual Capital, 21(6), 985-1007.
  34. [34]  Santis, S., Bianchi, M., Incollingo, A., and Bisogno, M. (2019), Disclosure of intellectual capital components in integrated reporting: an empirical analysis, Sustainability, 11, 62.
  35. [35]  De Villiers, C. and Sharma, U. (2017), A critical reflection on the future of financial, intellectual capital, sustainability and integrated reporting, Critical Perspectives on Accounting. Retrieved from\_Critical\_2020.pdf? sequence=1
  36. [36]  Garanina, T., and Dumay, J. (2017), Forward-looking intellectual capital disclosure in IPOs: implications for intellectual capital and integrated reporting, Journal of Intellectual Capital, 18(1), 128-148.
  37. [37]  Indrianingsih, I. and Agustina, L. (2020), The effect of company size, financial performance, and corporate governance on the disclosure of sustainability report, Accounting Analysis Journal, 9(2), 116-122.
  38. [38]  Kaya, C. T., and T\"{u}reg\"{u}n, N. (2014), Integrated reporting for Turkish small and medium-sized enterprises, International Journal of Academic Research in Accounting, Finance and Management Sciences. 4(1), 358-364.
  39. [39]  Swandari, F. and Sadikin, A. (2016), The effect of ownership structure, profitability, leverage, and company size on corporate social responsibility (CSR), Binus Business Review, 7(3), 315-320.
  40. [40]  Waluyo, W. (2017), Firm size, firm age, and firm growth on corporate social responsibility in Indonesia: the case of real estate companies, European Research Studies Journal, 20(4A), 360-369.
  41. [41]  Schreck, P. and Raithel, S. (2015), Corporate social performance, firm size, and organizational visibility: distinct and joint effects on voluntary sustainability reporting, Business $\&$ Society, 57(4), 742-778.
  42. [42]  Hair, F., Jr, J., Sarstedt, M., Hopkins, L., and Kuppelwieser, V. (2014), Partial least squares structural equation modeling (PLS-SEM): An emerging tool in business research, European Business Review, 26(2), 106-121.