The Usefulness of Integrated Reports for Stock Market Investors

The huge risks associated with decisions made by key players in the capital market, i.e. investors, encourage them to explore any useful information. Therefore, stock market investors have an increasing interest in expenditures and achievements in all aspects of business activities of any corporation in which they may invest. Traditionally, they look for financial information, and increasingly for non-financial information as well, that all are about activities which are determined by and have implications to the natural environment, the society, and corporate governance (ESG). As a result, this information creates the image of Corporate Social Responsibility (CSR), and investors, who in the construction of investment portfolios take into account non-economic criteria, create Socially Responsible Investment (SRI) market. The aim of the paper is to highlight the need to satisfy market investors' expectations of CSR information by the companies listed on the stock exchange. Secondly, the aim of this paper is to indicate characteristics that make financial and non-financial information presented in Integrated Reports useful for stock market investors. As a result it has been confirmed that there is a need to produce business reports in which corporate approach to social responsibility is taken into account. Moreover, characteristics of non-financial information which are about their usefulness for investors in the process of decision-making have been identified and whether market regulators show an interest in integrated reporting has been established.