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CPA-AGRC Distinguished Speaker Series - Steven Young Wealthier

Mandatory Annual Report Descriptions of Business Model and Strategy, Investor Uncertainty, and Disclosure Cascade Effects

Date & Time

November 23, 2021


Link provided in reminder email the day before the event


Kathy Cunningham

In conjunction with the Telfer Research Seminar Series

***M.Sc. Students, this event can count towards one of the six mandatory Research Seminars Series needed to attend (MHS6991 or MGT6991).***

Steven Young, PhD

Policymakers view commentary articulating business model and strategy (BMS) as a central pillar of effective corporate reporting. We examine the impact of annual report BMS disclosure on two aspects of the corporate information environment. The first aspect is investor uncertainty. The second aspect is voluntary BMS-related communication via earnings releases and investor presentations. We measure BMS disclosure using the presence of a distinct BMS report section, word counts of BMS n-grams, and BMS disclosure specificity. For identification, we use the revision to the UK Corporate Governance Code 2010 that mandated BMS disclosure for a subset of London Stock Exchange firms. Findings reveal a material post-treatment decline in investor uncertainty. We also document increases in BMS-related voluntary disclosure in complementary communication channels. Using a structural equation model we find that earnings release disclosures and investor presentations mediate the link between annual report disclosures and the decline in investor uncertainty.

About the Speaker

Steven Young is Professor of Accounting and Associate Dean at Lancaster University Management School. His research interests cover topics Steve Young at the interface between accounting and corporate finance including executive remuneration, narrative reporting and natural language processing, and financial reporting quality. His industry research collaborations include the Financial Conduct Authority, the Financial Reporting Council, the CFA Society UK, and the Pensions and Lifetime Savings Association. His research features in leading academic journals including The Accounting Review, Review of Accounting Studies, and Accounting, Organizations and Society. He is Associate Editor for Journal of Business Finance and Accounting and an editorial board member for a range of journals including Accounting, Organizations and Society and Accounting and Business Research.

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