Visual disclosure through integrated reporting

Purpose: This study, based on stakeholder theory, aims to analyse the factors that can affect the level of visual disclosure in the context of integrated reporting (IR), which represents the last frontier of corporate disclosure. Design/methodology/approach: This study develops an innovative measure to measure the level of visual disclosure of integrated reports that takes into account the use and degree of integration of images and graphs. Furthermore, to test the hypotheses, this study uses a regression model on a sample of 134 international companies that published an integrated report in 2018. Findings: The results show that firm size, firm profitability and industry environmental sensitivity positively affect the level of visual disclosure of the integrated reports. Originality/value: To our knowledge, this is the first study that examines visual disclosure in the IR context. It also extends the field of application of the stakeholder theory, still little used to explain visual disclosure strategies, and increases knowledge on the determinants of IR.