Integrated Reporting, Stakeholders' Perspective and Sustainable Disclosure: Systematic Insights From Empirical Research

Abstract

Over the past decade, there has been a surge in academic and professional debates regarding the role of integrated reporting (IR) as a potential instrument for disclosing a set of comprehensive information to the stakeholder, integrating the company's sustainability performance. Although the literature on IR has rapidly progressed, the role of IR in the sustainability domain remains controversial, partly due to differing interpretations and insufficient focus on holistic frameworks. By drawing upon the theoretical foundations of stakeholder theory, this study aims to address this issue with a systematic review of 170 empirical studies published in high-quality journals between 2012 and 2023. Our analysis shows that the empirical research has evolved around four key themes—IR adoption, IR quality, IR assurance, IR Efficiency—each contributing to clarifying the role of IR as a stakeholder-oriented reporting practice. We found that the literature is almost balanced between qualitative and quantitative approaches, with stakeholder theory most often employed to examine the benefits of IR in managing stakeholder relationships as part of corporate strategy. The review opens future research avenues for investigation on less explored topics and sub-fields in IR for supporting the role of a holistic-integrated approach in the sustainability agenda.