Along with the introduction of private sector management tools, public servants are expected to act more entrepreneurially-as public managers. However, research lacks quantitative evidence on what drives entrepreneurial orientation (EO) in this context. Our article examines the antecedents of department-level EO in public sector organizations. By integrating different research streams into one study, we combine partly opposing discourses. This deductive study develops and empirically tests hypotheses on antecedents identified from private sector corporate entrepreneurship literature and from the current debate on new public management and public value management. It uses data from 250 middle managers of Germany's Federal Labor Agency to do so. Contrary to expectations, the influence of management support, work discretion, and resources is only limited. Furthermore, a focus on key performance indicators and goal ambiguity does not seem to impede EO. Instead, a multitude of expectations, middle managers' localism, and position tenure have the greatest impact on department-level EO. As a result, this study provides insights into the strong role of antecedents outside of administration. The article concludes with a discussion of implications for both theory and practice.

This study investigates how integrated reporting (IR) creates value for investors. It examines how providers of financial capital benefit from an improved firm information environment provided by IR. Specifically, this study investigates the effect of voluntary IR disclosure on analyst earnings forecast accuracy as well as on firm value. To do so, we use an international sample of 167 listed companies that voluntarily publish an integrated report. Our analysis shows no significant effect of a voluntary IR publication on analyst earnings forecast accuracy and no significant effect on firm value. We thus do not find evidence for the fulfillment of IR's promises regarding improved information environment and value creation of voluntary adopters. We conclude that such companies might already have a relatively high level of transparency leading to an absent additional effect of IR disclosure. Positive effects of IR appear to be more relevant in environments where IR is mandatory.

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