Abstract
Whether sustainability reports provide value-relevant information to shareholders is a question of pressing importance to policymakers, regulators, and standard setters. Extending prior studies on information content in sustainability reports, we present evidence that the report form also matters. Using Korean listed firms for the periods 2010 to 2020, we find that more readable sustainability reports tend to provide more firm-specific information in the financial market. Our findings call for structured regulatory guidelines and active engagement of corporate stakeholders for effective delivery in sustainability reporting.
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