The effects of oxidative damage on peptide-lipid interactions in human lung surfactant and model lipid membranes

Wang, Vivian Xueyi (2024) The effects of oxidative damage on peptide-lipid interactions in human lung surfactant and model lipid membranes. PhD thesis, Birkbeck, University of London.

Abstract

Integrated Reporting (IR) is a principle-based reporting framework that aims to enhance the quality of information available to capital providers in the context of value creation. However, the literature provides evidence on both meaningful and meaningless application of IR. The aim of this thesis is to investigate whether one of the fundamental characteristics of information – relevance – has improved after the advent of IR. To this end, the thesis investigates the effectiveness of IR through exploring its influence on the value relevance of accounting information. To achieve this purpose, the thesis utilises a quantitative design and adopts different regression models such as Least Squared, Seemingly Unrelated, and Quantile Regressions on a South African sample where IR is mandatorily applied. The findings suggest that – on average – the application of IR by firms in South Africa did not influence the value relevance of accounting summary. The findings contradict those of Baboukardos and Rimmel (2016) and show that their conclusion about the significant influence of IR on the value relevance of equity book value and earnings were conditional on using “Cook’s distance” to trim the sample. Further investigations demonstrate that only medium-size firms have experienced a change in the value relevance of accounting summary and possibly because of their financial needs. Moreover, large firms with international reporting experience were also found to enhance the value relevance of their earnings. Furthermore, the management of both large cross-listed firms and medium-size non-cross-listed firms demonstrate evidence of using market information in their appraisals of investments. This was observable by the sensitivity of long-term investments in the previous firms to their market value measured by Tobin’s Q as following Foucault and Frésard (2012). The thesis provides deeper insights on the granular influence of IR on value relevance of accounting summary. It demonstrates the importance of exploring the role of IR from a firm size point of view. Furthermore, it provides empirical evidence on the importance of providing internal motives and mechanisms of IR application along with reporting standards.

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