Integrated reporting quality, readability, and sustainable firm performance: The moderating role of board size in ASEAN

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Abstract

This study examines the effect of integrated reporting quality (IRQ) and integrated reporting readability (IRR) on firm performance, with corporate governance as a moderating variable. The research sample is from companies listed in the Association of Southeast Asian Nations (ASEAN) countries during the COVID-19 pandemic. Panel data regression analysis involves 104 non-financial companies listed on the Indonesia, Malaysia, Thailand, and Singapore stock exchanges from 2020–2022. Firm performance is measured using return on assets (ROA). IRQ is measured using content element analysis, and IRR is measured using the Flesch reading ease (FRE) score. The analysis results show that IRQ and IRR do not affect firm performance. These results contradict the findings of Anna (2024), Chouaibi et al. (2022), Islam (2020), and Vitolla et al. (2019). However, when moderating variables are added, the effect becomes significant. The board size (BS) as a moderating variable weakens the effect of IRQ and strengthens the effect of IRR on firm performance. These findings contribute to the role of corporate governance in moderating the relationship between the quality and readability of integrated reporting with firm performance and provide insight into the importance of transparent and accountable reporting policies in dealing with global crises such as the COVID-19 pandemic.

Keywords: Firm Performance, Integrated Reporting, Quality, Readability, Corporate Governance

Authors’ individual contribution: Conceptualization — V.A. and L.K.W.; Methodology — V.A. and L.K.W.; Validation — V.A. and L.K.W.; Formal Analysis — V.A. and L.K.W.; Investigation — V.A.; Resources — V.A.; Data Curation — V.A.; Writing — Original Draft— V.A. and L.K.W.; Writing — Review & Editing — V.A. and L.K.W.; Visualization — V.A. and L.K.W.; Supervision — L.K.W.; Project Administration — V.A. and L.K.W.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: F43, F65, G18, O11, P24, P35

Received: 23.05.2025
Revised: 02.08.2025, 12.08.2025; 12.11.2025
Accepted: 02.12.2025
Published online: 05.12.2025

How to cite this paper: Andini, V., & Wedari, L. K. (2025). Integrated reporting quality, readability, and sustainable firm performance: The moderating role of board size in ASEAN. Corporate Governance and Sustainability Review, 9(4), 135–147. https://doi.org/10.22495/cgsrv9i4p12