Sustainability reporting and stakeholder engagement inSpain: Different instruments, different quality
比较西班牙上市公司三种报告模式（年报、可持续性报告、综合报告）中可持续性信息的质量，发现可持续性报告和综合报告质量更高，且可持续性报告优于综合报告，表明企业更注重与所有利益相关者的对话。
Abstract The purpose of this paper is to compare the quality of the sustainability information issued following the three most common reporting models: annual report (addressed to shareholders), sustainability report (addressed to stakeholders), and integrated report (addressed to shareholders). To this aim, we create a quality index based on previous literature, analyzing the content of the sustainability information disclosed by Spanish listed companies during the years 2013 to 2015. We find that companies issuing sustainability reports or integrated reports provide higher quality information than companies including their sustainability information within the annual report. We also find that sustainability reports are issued with higher quality than integrated reports. Both findings indicate that companies in Spain are engaged in a dialogue with all stakeholders, not only shareholders. Our results offer insights on the need to improve the framework of the integrated report in order to achieve the objectives of the International Integrated Reporting Council and to get a speed up in the adoption of this new reporting tool.