Sup a iwi, Wiwik; Agus ia, Dian; Dianawa i, Wiwiek; Panggabean, To a
A icle
Tex ual a ibu es on in eg a ed epo ing quali y:
E idence in Asia and Eu ope
Cogen Business & Managemen
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Sugges ed Ci a ion: Sup a iwi, Wiwik; Agus ia, Dian; Dianawa i, Wiwiek; Panggabean, To a (2022) :
Tex ual a ibu es on in eg a ed epo ing quali y: E idence in Asia and Eu ope, Cogen Business &
Managemen , ISSN 2331-1975, Taylo & F ancis, Abingdon, Vol. 9, Iss. 1, pp. 1-16,
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Tex ual a ibu es on in eg a ed epo ing quali y:
E idence in Asia and Eu ope
Wiwik Sup a iwi, Dian Agus ia, Wiwiek Dianawa i & To a Panggabean
To ci e his a icle: Wiwik Sup a iwi, Dian Agus ia, Wiwiek Dianawa i & To a Panggabean
(2022) Tex ual a ibu es on in eg a ed epo ing quali y: E idence in Asia and Eu ope, Cogen
Business & Managemen , 9:1, 2111848, DOI: 10.1080/23311975.2022.2111848
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ACCOUNTING, CORPORATE GOVERNANCE & BUSINESS ETHICS |
RESEARCH ARTICLE
Tex ual a ibu es on in eg a ed epo ing
quali y: E idence in Asia and Eu ope
Wiwik Sup a iwi
1
, Dian Agus ia
1
*, Wiwiek Dianawa i
1
and To a Panggabean
2
Abs ac : Tex ual a ibu e in eg a ed epo ing e e s o he di icul y le el o
eadabili y and wo d leng h (na a i e) o he in o ma ion disclosed. The concise-
ness o in o ma ion equi es minimizing he leng h o wo ds (na a i e), o se by
he inc eased eadabili y o he in eg a ed epo ing. A sample o 973 in eg a ed
epo s o companies in Asia and Eu ope om 2016- o 2019 was used. The
hypo heses and esea ch esul s indica e ha eadabili y di icul ies and wo d
leng h (na a i e) nega i ely a ec in eg a ed epo ing quali y. Tha shows ha he
mo e concise he in o ma ion disclosed, he mo e signi ican he educed quali y o
in eg a ed epo ing. Readabili y di icul ies and wo d leng h (na a i e) elimina e
he meaning o he in o ma ion disclosed. S akeholde unde s anding o in o ma-
ion is an aspec ha companies mus conside in mee ing in o ma ion needs.
Subjec s: Accoun ing; Business; Managemen ; Co po a e Go e nance; and Finance
ABOUT THE AUTHOR
Wiwik Sup a iwi is a lec u e in he Facul y o
Economics and Business, Uni e si as Ai langga.
She ob ained he doc o al deg ee in Uni e si as
Ai langga and Mas e o Business Adminis a ion
om Nicholls S a e Uni e si y, Thibodaux, LA.
He cu en esea ch in e es is managemen
accoun ing, sus ainabili y epo ing, and
accoun ing sys em in o ma ion.
Dian Agus ia is P o esso in he Facul y o
Economics and Business, Uni e si as Ai langga.
She ob ained he doc o al deg ee Uni e si as
Ai langga and mas e ’s deg ee om Uni e si as
Ai langga in Indonesia. He cu en esea ch
in e es in Sus ainabili y Accoun ing, Co po a e
Go e nance, and Managemen Accoun ing
Wiwiek Dianawa i is a lec u e in he Facul y o
Economics and Business, Uni e si as Ai langga.
She ob ained he doc o al deg ee a Uni e si as
Ai langga. He cu en esea ch in e es in man-
agemen accoun ing, co po a e social esponsi-
bili y, and co po a e disclosu e
To a Panggabean is an Assis an P o esso in he
College o Business Adminis a ion, Cali o nia
S a e Uni e si y Sac amen o. His cu en
esea ch in e es in judgmen and decision
making, managemen accoun ing, pe o mance
measu emen , and balanced sco eca d
PUBLIC INTEREST STATEMENT
This pape in es iga es Tex ual A ibu es (di i-
cul y le el o eadabili y and na a i e) on
In eg a ed Repo ing Quali y: E idence in Asia and
Eu ope. The le el o eadabili y o he epo is
a gene al unde s anding o he aspec o he le el
o ease o di icul y in eading in o ma ion.
In eg a ed epo ing is one o he newes objec s
o ex ual analysis in cu en accoun ing esea ch,
which deals wi h epo eadabili y analysis and
ex ual a ibu es. The u gency o his esea ch is
ha one o he cha ac e is ics o in eg a ed
epo ing disclosu e is he conciseness o in o -
ma ion ha can in luence s akeholde s in unde -
s anding he in o ma ion p esen ed. The
esea che belie es ha he inc ease in epo ing
cha ac e is ics mus be balanced wi h ex ual
a ibu es ( eadabili y di icul y and wo d leng h)
o unde s and he conciseness o in o ma ion in
in eg a ed epo ing. The esul s o his s udy
indica e ha he di icul y le el o eadabili y
educes he imp o emen in he quali y o in e-
g a ed epo ing. The mo e concise he in o ma-
ion disclosed in he uni ied epo ing, he g ea e
he di icul y o eadabili y.
Sup a iwi e al., Cogen Business & Managemen (2022), 9: 2111848
h ps://doi.o g/10.1080/23311975.2022.2111848
Page 1 o 16
Recei ed: 16 Janua y 2022
Accep ed: 05 Augus 2022
*Co esponding au ho : Dian Agus ia,
Depa men o Accoun ing,
Uni e si as Ai langga, Su abaya, Eas
Ja a, Indonesia
E-mail: [email p o ec ed]
Re iewing edi o :
Da id McMillan, Uni e si y o S i ling,
Uni ed Kingdom
Addi ional in o ma ion is a ailable a
he end o he a icle
© 2022 The Au ho (s). This open access a icle is dis ibu ed unde a C ea i e Commons
A ibu ion (CC-BY) 4.0 license.
Keywo ds: in eg a ed epo ing quali y; leng h; na a i e; eading di icul y; ex ual
a ibu es
Subjec s: M41; G32; M14
1. In oduc ion
The de elopmen o esea ch ela ed o he ex en o which aspec s o ex ual o linguis ic
a ibu es o inancial disclosu es (e.g., eadabili y, sen imen , and s yle) in luence he decision-
making p ocess o in es o s o o he use s o in o ma ion is s ill ela i ely small (Fakh akh & N im,
2016b; Lang & S ice-Law ence, 2015; Li, 2010; Lough an & McDonald, 2016). Dye e al. (2017),
Guay e al. (2016), and KPMG (2011) and Li (2008) s a ed ha he e was an inabili y o he ex ual
a ibu es o he annual epo o communica e he in o ma ion well epo use s easily unde -
s and ha . The e is an inc easing demand o new disclosu e s yles o p o ide ele an in o ma ion
o s akeholde s ha is easie o unde s and. T anspa ency and connec i i y o inancial and non-
inancial in o ma ion disclosed in in eg a ed epo ing will signal capi al p o ide s o in es o s.
Following he con usion hypo hesis, companies ha disclose in o ma ion p esen ed in annual
epo s o en make i di icul o use s o unde s and he meaning o he epo ed disclosu e.
The ela ionship be ween he le el o eadabili y and he a iabili y o he in o ma ion p esen ed is
ela ed o he in o ma ion’s cla i y and ease o exposu e (Cou is, 1998). So companies mus
imp o e he cohe ence o in o ma ion o make i easy o unde s and and achie e communica ion
goals be ween companies and s akeholde p essu e (Wol & Gibson, 2005).
Disclosu e o company in o ma ion mus be p esen ed in quali y wi hou gaps and causing
e o s, which will hinde he decision-making p ocess s akeholde (Adegboyegun e al., 2020; F ias-
Acei uno e al., 2013; Lai e al., 2016). In eg a ed epo ing balances inancial in o ma ion wi h
non- inancial in o ma ion (Vi olla e al., 2019). The company mus conside he emphasis on he
na u e o ma e iali y; his is because he concep o ma e iali y a ec s he p ocess o o mula ing
and implemen ing company s a egies so ha business ac i i ies un well and mi iga e he isks
ha will be aced (Higgins e al., 2014; IIRC, 2013). The impo ance o he concep o ma e iali y
has been emphasized in he backg ound o he in eg a ed epo ing amewo k (IIRC), in which
companies mus conside he p inciple o ma e iali y in p esen ing ma e ial in o ma ion o s ake-
holde s (Ge wanski e al., 2019; IIRC, 2013). Then companies disclosing company in o ma ion mus
pay a en ion o he e ec i eness o in o ma ion o he ype o in o ma ion and he le el o
in o ma ion anspa ency.
Une man (2000) s a es ha o assess he quali y o co po a e disclosu es, i is necessa y o
conside he o e all con en , including i le, w i ing s yle, na u e o in o ma ion, scope, and pe iod
(Asi e al., 2013). P e ious esea ch shows ha co po a e disclosu e’s ex ual a ibu es and
quali a i e aspec s mus be conside ed o c ea e a good in o ma ion en i onmen (Po e &
Sode s om, 2014; Ramanna, 2013). The quali y o disclosu e can be based on wo dimensions o
ex ual a ibu es, namely he dimensions o “amoun ” and “s yle” (Melloni e al., 2017). The
quan i y dimension e e s o he amoun o in o ma ion disclosed by he company, while he
s yle dimension e e s o language ha can emphasize communica ion s yle and eadabili y
(S one & Lodhia, 2019). The company’s ad an age in p ocessing in o ma ion disclosed h ough
in eg a ed epo ing will mi iga e isk unce ain y and assess company pe o mance (Lambe
e al., 2007; Zhou e al., 2017).
The le el o eadabili y o he epo is a gene al unde s anding o he aspec o he le el o ease
o di icul y in eading in o ma ion. This s a emen is suppo ed by p e ious esea ch ha wo d
s uc u e o wo d leng h can a ec in o ma ion use s’ unde s anding o a sen ence, especially
conce ning company epo s (Baye lein & Da idson, 2012; Ge wanski e al., 2019; Vel e, 2018). The
esea ch shows ha eadabili y is a c ucial elemen in p o iding acili ies o use s. Only a ew
s udies ha e p o en ha ex ual a ibu es play a ole in in luencing he quali y o in o ma ion
Sup a iwi e al., Cogen Business & Managemen (2022), 9: 2111848
h ps://doi.o g/10.1080/23311975.2022.2111848
Page 2 o 16
disclosed h ough annual epo ing (Caglio e al., 2020; Po e & Sode s om, 2014; Ramanna,
2013). Re e ing o he in eg a ed epo ing (IIRC) amewo k s a es ha in eg a ed epo ing has
h ee main ex ual cha ac e is ics in in luencing he quali y o in eg a ed epo ing (IR), namely
eading di icul y, leng h, and one (biased one). Resea ch om Cho e al. (2010); Muslu e al.
(2019) examines he ex ual a ibu es o a combina ion o inancial and non- inancial epo ing.
This s udy aims o assess he conciseness o in o ma ion used o in eg a ed epo ing. O he
s udies analyze he ex ual disclosu e o na a i e epo s in inancial epo ing (De F anco e al.,
2015; Lang & S ice-Law ence, 2015; Li, 2008; Lough an & McDonald, 2016).
In eg a ed epo ing is one o he newes objec s o ex ual analysis in cu en accoun ing
esea ch, which deals wi h epo eadabili y analysis and ex ual a ibu es. The conciseness o
he in o ma ion p esen ed in he in eg a ed epo ing is one aspec ha s akeholde s conside
ela ed o he le el o eadabili y in unde s anding he in o ma ion. P e ious esea ch shows ha
elemen s o ex ual a ibu es o g amma ical aspec s in he disclosu e o company inancial
s a emen s ( o example, eadabili y, emphasis, and s yle) can a ec he e ec i eness o submis-
sion o epo use s (Caglio e al., 2020; Lang & S ice-Law ence, 2015; Li, 2008; Li 2010; Lough an &
McDonald, 2016). The impo ance o he eadabili y aspec o co po a e in o ma ion disclosu e
aims o imp o e he quali y o in o ma ion p esen a ion and minimize he occu ence o in o ma-
ion asymme y (Bacha & Ajina, 2020; Hassan e al., 2019; Li, 2010). On he o he hand, he
analysis o he lexical cha ac e is ics o he main language le el o esea ch ela ed o in o ma ion
eadabili y shows ha hese cha ac e is ics can assess he quali y o epo disclosu es (De F anco
e al., 2015; Melloni e al., 2017).
The u gency o his esea ch is ha one o he cha ac e is ics o in eg a ed epo ing disclosu e
is he conciseness o in o ma ion ha can in luence s akeholde s in unde s anding he in o ma ion
p esen ed. Following Pis oni e al. (2018), one aspec o imp o ing he quali y o in eg a ed
epo ing is he conciseness o he in o ma ion p esen ed. The b e i y o he p esen a ion o he
in o ma ion can a ec how use s unde s and he in o ma ion; i may ake a long ime o hink
abou one ype o in o ma ion. Readabili y is one o he undamen al aspec s ha mus be
conside ed as an inc ease in he quali y o sepa a e (consolida ed) inancial epo ing can a ec
he audi in o ma ion p o ided (Fakh akh & N im, 2016a). The le el o eadabili y plays a ole in
knowing how in eg a ed epo ing p esen s in o ma ion ha all s akeholde g oups mus easily
unde s and. This s a emen is suppo ed by Cou is (1986), Cou is (1995), Jones and Shoemake
(1994), and Rahman (2014).
The b e i y o in o ma ion equi es companies o p esen ma e ial, selec ed, and de ailed
in o ma ion so ha companies mus y o p o ide in o ma ion ha does no con use s akeholde s
as use s o in o ma ion. This s a emen ollows s akeholde heo y (F eeman & McVea, 2001; Du
Toi , 2017). Acco ding o s akeholde heo y, his s udy p o es ha ex ual a ibu es can a ec
in eg a ed epo ing quali y ac oss con inen s. Backg ound esea che s assessed he con inen s o
Asia and Eu ope o de e mine whe he in eg a ed epo ing quali y om hese wo con inen s
demons a es he le el o excellen quali y compa ed o o he con inen s. WBCSD (2019) s a es
ha Eu opean coun ies ha e 45% and Asia has 19%, i showed he le el o p e alence in he
deli e y o in o ma ion in in eg a ed epo ing. The signi ican di e ence in he p e alence pe cen-
age be ween Eu ope and Asia encou ages esea che s o examine he le el o eadabili y and
ex ual a ibu es ha in luence he quali y o in eg a ed epo ing. S akeholde heo y emphasizes
ha companies a e likely o adop in eg a ed epo ing disclosu es o mee he in o ma ion needs
o s akeholde s, o hey al eady hink ha wha hey a e doing is he “ igh ” hing o do. In
compa ison, legi imacy heo y emphasizes he aspec o en i onmen al legi imacy om ex e nal
pa ies ha can a ec he ex en o disclosu e by he company. The ex en o disclosu e o
in o ma ion o he public aims o main ain a good epu a ion and ma ke sha e. P e ious s udies
used s akeholde heo y in he con ex o in eg a ed epo ing implemen a ion and quali y le els
(e.g, F ias-Acei uno e al. (2013), Ga cía-Sánchez e al. (2013), and Vaz e al. (2016)). Companies
mus pay a en ion o he conciseness o in o ma ion in in eg a ed epo ing no o con use
Sup a iwi e al., Cogen Business & Managemen (2022), 9: 2111848
h ps://doi.o g/10.1080/23311975.2022.2111848
Page 3 o 16

s akeholde s; his can a ec he decision-making p ocess. This s a emen ollows he legi imacy
heo y (Lehman, 1983). P e ious s udies using legi imacy heo y in he con ex o co po a e
epo ing a e Ahmed Haji (2013), Ahmed Haji and Ani owose (2016), Chen e al. (2016), Lai e al.
(2016), and Mon ecchia e al. (2016), and Du Toi (2017).
This s udy p o ides empi ical e idence ha ex ual a ibu es o conciseness o in o ma ion can
a ec in eg a ed epo ing quali y. The esea che belie es ha he inc ease in epo ing cha -
ac e is ics mus be balanced wi h ex ual a ibu es ( eadabili y di icul y and wo d leng h) o
unde s and he conciseness o in o ma ion in in eg a ed epo ing. In eg a ed epo ing was
de eloped as a po en ial esponse o he demand o in o ma ion needs o s akeholde s. Tex ual
a ibu es in his s udy used wo dimensions o measu emen , namely he dimensions o quan i y
and s yle. The esea che uses he o al wo ds in he in eg a ed epo ing in he numbe dimen-
sion. In con as , he s yle dimension uses he eadabili y aspec o he in eg a ed epo ing by
combining he h ee eadabili y measu emen s om he Flesch Kincaid G ade Le el, Gunning Fog
Index, and SMOG Index. This measu emen dimension has been used by p e ious esea che s,
namely Caglio e al. (2020) and Melloni e al. (2017).
This s udy indica es ha ex ual a ibu es, namely he le el o eadabili y di icul y and wo d
leng h (na a i e), ha e a signi ican ad e se e ec on imp o ing he quali y o in eg a ed epo -
ing. P esen ing mo e concise in o ma ion in in eg a ed epo ing can inc ease eadabili y di icul y.
Na a i e ex in he epo is exp essed b ie ly in images, g aphics, o o he isual ep esen a ions,
which can inc ease eadabili y and a e e y in luen ial in p o iding unde s anding o in o ma ion
use s. The b e i y o in o ma ion equi es companies o p esen ma e ial, selec ed, and de ailed
in o ma ion o y o p esen in o ma ion ha does no con use s akeholde s as use s o in o ma-
ion. Companies mus unde s and ha he componen s o na a i e in o ma ion a e p esen ed in
an app op ia e composi ion. Tha leads o one o he quali y cha ac e is ics o in eg a ed epo ing,
namely he b e i y o in o ma ion.
The nex sec ion o his pape is s uc u ed as ollows. Sec ion 2 desc ibes he li e a u e e iew
and de elopmen o esea ch hypo heses. Sec ion 3 desc ibes he esea ch me hodology and
esea ch da a. Sec ions 4–6 p esen he empi ical esul s and discussion. Finally, sec ion 7 con-
cludes his pape .
2. Li e a u e e iew
2.1. Tex ual a ibu es o in eg a ed epo ing quali y
In eg a ed epo ing quali y is a connec ed, in eg a ed epo o he ype and amoun o in o ma-
ion disclosed by conside ing he IR amewo k and he igh mindse (Eccles & Se a eim, 2017;
Pis oni e al., 2018; P icewa e houseCoope s, 2014). Measu emen o in eg a ed epo ing quali y
uses he model in eg a ed epo ing sco eboa d (IRS) de eloped by Pis oni e al. (2018). The
sco eca d conside s ou a eas: backg ound, con en , o m, assu ance, and eliabili y. Companies
ace di icul ies in adop ing in eg a ed epo ing; his is ela ed o oo many i ems o in o ma ion
ha canno be disclosed in in eg a ed epo ing (Agus ia, S iani, Wicaksono & Gani, 2020). IIRC
(2011) s a es ha companies should inc ease he amoun o in o ma ion add essed o s ake-
holde s, namely in o ma ion ela ed o complex inancial pe o mance epo s, managemen
s a emen s, axes, emune a ion, co po a e s a egy, isk managemen , and sus ainabili y pe o -
mance. The main p oblems in assessing he quali y o in eg a ed epo ing a e he lack o
connec i i y be ween s a egy, business models, pe o mance, and p ospec s, poo na a i e and
p esen a ion o diag ams, in o ma i e gaps, in ol emen o s akeholde s, comple eness o he
in o ma ion, and limi ed hi d-pa y e i ica ion (Eccles & Se a eim, 2017).
The annual epo canno be p esen ed ex ually well, so epo use s canno unde s and i (Dye
e al., 2017; Guay e al., 2016; KPMG, 2011; Li, 2008). In o de o p o ide ele an in o ma ion o
s akeholde s in an easy- o-unde s and manne , he demand o new disclosu e s yles needs o
Sup a iwi e al., Cogen Business & Managemen (2022), 9: 2111848
h ps://doi.o g/10.1080/23311975.2022.2111848
Page 4 o 16
inc ease. T anspa ency and connec i i y o inancial and non- inancial in o ma ion disclosed in he
in eg a ed epo ing signal o capi al p o ide s o in es o s. Acco ding o he ob usca ion hypo h-
esis, o ganiza ions ha disclose in o ma ion o en ind i di icul o use s o p o ide less clea
in o ma ion. The ela ionship be ween he le el o eadabili y and in o ma ion ola ili y p esen ed
is ela ed o he cla i y and clea ness o he in o ma ion (Cou is, 1998). The quali y o disclosu e
can be based on wo dimensions o ex a ibu es: “quan i y” and “s yle” (Melloni e al., 2017). The
quan i y dimension e e s o he amoun o in o ma ion disclosed by he company, while he s yle
dimension e e s o language ha can emphasize communica ion s yle and eadabili y (S one &
Lodhia, 2019).
Wo d s uc u e o wo d leng h can a ec use s’ unde s anding o a sen ence, especially con-
ce ning company epo s (Baye lein & Da idson, 2012; Ge wanski e al., 2019). The impo an
eadabili y aspec o co po a e in o ma ion disclosu e aims o imp o e he quali y o in o ma ion
p esen a ion and minimize he occu ence o in o ma ion asymme y (Bacha & Ajina, 2020; Hassan
e al., 2019). On he o he hand, he analysis o lexical cha ac e is ics o he le el o p ima y
language as s udying he le el o eadabili y in assessing he quali y o a disclosu e (De F anco
e al., 2015; Li, 2010; Melloni e al., 2017).
2.2. Reading di icul y and leng h (Na a i e) on in eg a ed epo ing quali y
Companies a e equi ed o pay a en ion o he ex ual aspec s o a ibu es o ex ual analysis in
he epo ing p ocess; his aims o build a good image and s eng hen he legi imacy o s ake-
holde s owa ds he company (Hopwood, 2009). The quali y o he in o ma ion p esen ed in he
in eg a ed epo ing concisely pu s p essu e on he company ha he ma e iali y o he in o ma-
ion p esen ed will no educe he meaning o he in o ma ion. P e ious esea ch has examined
how he na a i e o a company’s annual epo can imp o e s akeholde unde s anding o he
in o ma ion disclosed. The esul s show ha he le el o eadabili y o na a i e aspec posi i ely
in luences s akeholde pe cep ions o he company (Cla wo hy & Jones, 2001; Smi h & Ta le ,
1992; Sydse & Wee man, 2002; Yu has e al., 2002). Readabili y is one o he undamen al
aspec s ha is conside ed an inc ease he quali y o sepa a e (consolida ed) inancial epo ing
(Fakh akh & N im, 2016a).
The le el o eadabili y o inancial s a emen s is an impo an aspec ha mus be conside ed in
e ms o how he in o ma ion disclosed can explain he meaning. In o ma ion conciseness is one
o he cha ac e is ics o in eg a ed disclosu e. The conciseness o he p esen a ion o in o ma ion
can a ec how use s unde s and in o ma ion, and i may ake a long ime o hink abou one ype
o in o ma ion. Resea ch by Melloni e al. (2017), Cheung and Lau (2016), Jang and Rho (2016), and
Zappe ini and Une man (2016) show ha he ex ual analysis in he annual epo does no
p o ide a pic u e o he company’s ac ual pe o mance. This s a emen shows ha adi ional
annual epo s s ill canno p o ide an unde s anding o s akeholde s; he annual epo in
a amewo k s ill pays a en ion o he na a i e aspec as an explana ion o he in o ma ion.
Meanwhile, in eg a ed epo ing has he cha ac e is ics o concise epo ing o limi he na a i e
aspec s o in o ma ion.
Resea ch om Cho e al. (2010) and Muslu e al. (2019) examines he ex ual a ibu es o
a combina ion o inancial and non- inancial epo ing. This s udy aims o assess he conciseness
o in o ma ion used as he basis o in eg a ed epo ing. Melloni e al. (2017) show ha in eg a ed
epo ing ha is less concise will end o ha e easy eadabili y; his leads o an ob usca ion
s a egy in which companies disclose in o ma ion, o en making i di icul o use s o p o ide
unclea in o ma ion (Cou is, 1998). The impo an eadabili y aspec o co po a e in o ma ion
disclosu e aims o imp o e he quali y o in o ma ion p esen a ion and minimize he occu ence
o in o ma ion asymme y (Bacha & Ajina, 2020; Hassan e al., 2019). On he o he hand, he
analysis o lexical cha ac e is ics o he le el o p ima y language is one ac o in assessing he
quali y o a disclosu e (De F anco e al., 2015; Melloni e al., 2017).
Sup a iwi e al., Cogen Business & Managemen (2022), 9: 2111848
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Pis oni e al. (2018) showed ha he b e i y o disclosu e could a ec he quali y o in e-
g a ed epo ing; his is because he company al eady knows he needs o s akeholde s ega ding
he in o ma ion o be disclosed. Summa y o in o ma ion is desc ibed wi h in o ma ion in dia-
g ams, ables, o igu es o eplace he na a i e aspec in in eg a ed epo ing. O he esea ch
shows ha he na a i e ex in he epo is exp essed b ie ly in he o m o images, g aphics, o
o he isual ep esen a ions; as a esul , he le el o eadabili y di icul y is e y in luen ial in being
able o p o ide unde s anding o in o ma ion use s (Richa ds & an S aden, 2015; Ru he o d,
2016; S one & Pa ke , 2016). Eccles and Se a eim (2017) s a ed ha he quali y assessmen o
in eg a ed epo ing is based on he absence o connec i i y be ween s a egies, business models,
pe o mance, and p ospec s, poo na a i e and p esen a ion o diag ams, in o ma i e gaps, and
s akeholde s’ in ol emen , comple eness o he in o ma ion and limi ed hi d-pa y e i ica ion.
The e o e, he esea che p oposes he ollowing hypo heses:
H
1:
The le el o eadabili y di icul y can educe he quali y imp o emen o in eg a ed epo ing.
H
2:
The wo d leng h (na a i e) le el can educe he quali y imp o emen o he in eg a ed
epo ing.
3. Resea ch me hodology
3.1. Sample cons uc ion
Resea che s’ esea ch da a is he in eg a ed epo ing o companies in Asia-Eu ope. The sample
pe iod used in his s udy is 2016–2019. We de e mined he epo ing pe iod om 2016 o 2019
because i is a ansi ional pe iod om b eak h ough o building momen um owa ds adop ing
in eg a ed epo ing. This ansi ion pe iod is IIRC’s s a egy o b ing consis ency, cohe ence, and
cla i y o he company’s epo ing amewo k (IIRC, 2017, 2018). In eg a ed epo ing is ob ained
om he o icial websi e, namely he in eg a ed epo ing examples da abase and he company
websi e. Resea che s used unbalanced panel da a (Shao e al., 2011). The basis o de e mining he
popula ion o companies in Asia and Eu ope is because hese wo coun ies p o ide in eg a ed
epo ing ha is s ill olun a y and apidly adop in eg a ed epo ing acco ding o he IR ame-
wo k om IIRC (Deloi e, 2015). The inal da a used by he esea che s we e 973 in eg a ed
epo s, see, Table 1.
3.2. Empi ical model
The e ec o eadabili y di icul y and wo d leng h (na a i e) and in eg a ed epo ing quali y
we e es ed by es ima ing he eg ession model as ollows:
IRQ ¼αþβ1 READF þβ2 LEV þβ3 ROA þβ4 FSIZE þβROE þe(1)
IRQ ¼αþβ1 LENGHT þβ2 LEV þβ3 ROA þβ4 FSIZE þβROE þe(2)
We measu e he dependen a iable, i.e IRQ is using a model in eg a ed epo ing sco eboa d
(IRS) de eloped by Pis oni e al. (2018). A model sco eca d conside s ou a eas: backg ound,
con en , o m, assu ance, and eliabili y. The maximum sco e o in eg a ed epo ing quali y is
75. The le el o eliabili y o he sco eboa d o in eg a ed epo ing quali y is es ed h ough
C onbach’s alpha. The alpha o eliabili y es aims o a oid he subjec i i y o con en ela ed o
sco ing on he sco eboa d o in eg a ed epo ing. This es is ca ied ou o educe he subjec i i y
o sco ing om each in eg a ed epo ing assessmen a ea so ha he sco e om he IRQ can
show a eliable alue. This ela es ha e e y 23 i ems on he sco eboa d con ibu e g adually o
he in eg a ed epo ing quali y assessmen (Pis oni e al., 2018).
Then, o measu e he le el o eadabili y di icul y (READ), he esea che s combined measu e-
men s om he eadabili y o mula (Flesch-Kincaid Le el, Gunning Fog Index, and Simple Measu e
Sup a iwi e al., Cogen Business & Managemen (2022), 9: 2111848
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Page 6 o 16
o Gobbledygook; Caglio e al., 2020; Melloni e al., 2017). As o wo d leng h (na a i e), he
esea che used he numbe ( o al) o wo ds in in eg a ed epo ing (Caglio e al., 2020). In
addi ion, a con ol a iable was used in his esea ch model, namely Fi m size (SIZE) measu ed
by he na u al loga i hm o o al asse s (Al ie o e al., 2017; Ga cía-Sánchez e al., 2019; S iani &
Agus ia, 2020). Le e age (LEV) is measu ed by he a io o o al deb o o al equi y (Al ie o e al.,
2017; Ga cía-Sánchez e al., 2019; S iani & Agus ia, 2020). P o i abili y is measu ed using ROA
(Al ie o e al., 2017; Lai e al., 2016; S iani & Agus ia, 2020). Re u n on equi y (ROE) is measu ed by
he a io be ween ne p o i a e ax and o al company equi y (Liu & Anbumozhi, 2009; Vi olla
e al., 2019). Table 2 explains he measu emen o a iables in his esea ch.
4. Resul and discussion
4.1. Resul
Table 2 shows ha he in eg a ed epo ing quali y in Asia and Eu ope has good quali y on
a e age. Tha is indica ed by an a e age (mean) o 61.644; his alue means ha in eg a ed
epo ing quali y is almos pe ec . The quali y o in eg a ed epo ing is no ma ched by he
di icul y le el o eadabili y o he in o ma ion p esen ed. The a e age alue o he di icul y
le el o eadabili y is 20.027; his shows ha some company s akeholde s classi y he le el o
eadabili y o in o ma ion as e y di icul o unde s and. They we e hen ollowed by he wo d
leng h (na a i e) in eg a ed epo ing, wi h an a e age alue (mean) o 27.673. Tha means ha
in eg a ed epo ing in Asia and Eu ope has me he main cha ac e is ics: conciseness o p esen-
a ion. The ollowing Table 3 p esen s desc ip i e s a is ics.
Based on Table 4, i is obse ed ha he eadabili y di icul y le el o he in eg a ed epo ing
based on he yea o obse a ion shows an inc ease. The inc easing di icul y o legibili y illus a es
ha companies in Asia and Eu ope ha e paid a en ion o he conciseness o p esen ing
Table 1. ~TC~
Panel A. Sample selec ion o i m-yea obse a ions
Sample selec ion Fi ms-Yea s
Numbe o i m-yea s wi h a ailable in o ma ion om IIRC da abase
(2016–2019)
1224
Less: No accses download om i ms websi e 98
Less: No Using English 153
Final amoun o obse a ions 973
Panel B. Indus y b eakdown
Indus y Desc ip ions Fi ms-yea s Pe cen age
Ag icul u e, Fo es y and Fishing 122 12,5
Mining 111 11,4
Manu ac u ing 97 9,96
T anspo a ion, Communica ions,
Elec ic, Gas and Sani a y se ice
112 11,5
Wholesale T ade 104 10,6
Re ail T ade 130 13,3
Finance, Insu ance and Real Es a e 104 10,6
Se ices 193 19,8
To al Sample 973
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