Six capitals of integrated reporting, corporate reputation and investors' decision-making: evidence from an emerging economy

Purpose This study aims to examine how institutional investors' perceptions of information disclosed across the six capitals relate to their investment decision-making and whether corporate reputation mediates these relationships in Bangladesh. Design/methodology/approach Data were collected through a survey questionnaire distributed to institutional investors in Bangladesh's capital markets. A total of 182 usable responses were analysed using partial least squares structural equation modelling Findings The relevance of disclosures across the six capitals to institutional investors' decision-making varies by capital category. Human and intellectual capital disclosures are associated with investment decisions only through corporate reputation, whereas natural capital disclosure is associated with investment decisions both directly and indirectly through corporate reputation. Evidence of mediation for social and relationship capital is marginal. Practical implications The findings indicate that institutional investors consider multi-capital disclosures relevant to their investment assessments. In voluntary reporting environments, this evidence may support initiatives to encourage IR adoption and improve the relevance, transparency and quality of reporting practices. Originality/value Prior research on integrated reporting has relied predominantly on archival disclosure indices and firm-level capital market proxies, offering limited insight into how investors directly evaluate disclosures across the six capitals. This study addresses this gap by providing investor-demand-side evidence, distinguishing the effects of each type of capital, and examining the mediating role of corporate reputation in a voluntary, emerging-market reporting environment.