Modelos combinados de avaliação e avaliação da sustentabilidade: impactos na liquidez do mercado e na precisão das previsões dos analistas na África do Sul

In emerging markets, growing regulatory demands and investor scrutiny have intensified concerns regarding the credibility of sustainability disclosures. This study investigates how the assurance of Integrated Reports (IR), particularly through Combined Assurance Models (CAMS), affects market liquidity and analysts’ forecast accuracy in South Africa, a market recognized for its early adoption of integrated reporting practices. Using 630 reports from Johannesburg Stock Exchange-listed firms during the initial phase following the IR Framework launch (2013-2015), we examine whether assurance mechanisms enhance information reliability and capital market efficiency. Our findings reveal that while IR assurance alone does not significantly improve forecast accuracy, CAM implementation is significantly associated with reduced bid-ask spreads and lower forecast errors, suggesting that integrated assurance structures mitigate information asymmetry more effectively than traditional assurance practices. Unlike prior research, which has focused primarily on disclosure quality, this study uniquely isolates the market effects of CAM as a structural assurance mechanism. Despite relying on historical data, our results provide valuable empirical benchmarks for understanding how assurance architectures might function under emerging standards such as ISSA 5000 and the CSRD. Limitations include the study’s specific setting and the binary measurement of assurance practices. Future research should explore how assurance depth and evolving regulatory contexts influence the utility of sustainability information for financial markets.