From informative to insightful: redefining the measurement of integrated reporting quality
针对现有整合报告质量衡量方法依赖清单式检查的局限，本研究开发了一个整合多维度的新指数，能区分报告是仅引用框架还是真正深入揭示价值创造故事，为研究者、标准制定者和从业者提供更一致的评估工具。
Purpose As investors seek greater transparency in corporate strategy, prospects and sustainability performance, a robust measure of integrated reporting quality (IRQ) has become increasingly important. However, a lack of consensus on how IRQ should be assessed has prompted calls for refinement (De Villiers et al., 2017). This study addresses the limitations of current “checklist”-based measures by developing an index to assess the depth and breadth of disclosures. Design/methodology/approach The revised measure integrates the guiding principles, content elements and fundamental concepts of the Integrated Reporting (IR) Framework into a single, intertwined construct. Its development involved consultations with experts at the Value Reporting Foundation (VRF) and was pilot-tested through the VRF's gap analysis program. This study applies the measure to integrated reports from 51 S&P 1200 companies and compares them with traditional IRQ measures. Findings The revised measure identifies greater variation in IRQ than traditional approaches, distinguishing reports that are merely “informative” (i.e. referencing the IR Framework) from those that provide deeper insights into the organization's value-creation story (“insightful”) and those that demonstrate coherence and reliability (“credible and connected”). Practical implications The measure offers researchers, standard-setters and practitioners a structured basis for evaluating integrated and sustainability-related reports more consistently across firms and periods, thereby improving report comparability and transparency. Originality/value This study advances IRQ measurement beyond checklist compliance by introducing an integrated, multidimensional tool that maps guiding principles onto content elements of the IR Framework to differentiate among levels of disclosure quality.