Data Visualization in 10-K Filings

The Securities and Exchange Commission encourages the presentation of information or data in graphical form to improve users’ ability to understand financial disclosures. We observe a dramatic increase in the disclosure of both qualitative and quantitative infographics in 10-Ks from 2003-2020. We find substantial variation across industries in firms’ choices regarding picture types, data content, and the placement of infographics within 10-Ks. We also document determinants of firms’ use of infographics, the persistence with which they are disclosed over time, and factors associated with the decision to start or stop disclosure. Overall, we find that infographics have become a key element of corporate disclosure, establishing a foundation for continued research on data visualization in accounting and finance