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JOURNAL OF APPLIED BUSINESS AND ECONOMICS
Annual Report Readability: The Case of the Fortune 500
Author(s): Cecilia Wagner Ricci
Citation: Cecilia Wagner Ricci, (2017) "Annual Report Readability: The Case of the Fortune 500," Journal of Applied Business and Economics, Vol. 19, Iss.11, pp.42-50
Article Type: Research paper
Publisher: North American Business Press
Abstract:
This study adds to the literature on the readability of annual reports submitted to the SEC by assessing
current readability, and contemporizing similar studies conducted between 1950 and 1991. The results
show that the sample’s 10-Ks are “Very Difficult” to read, and have scores lower than previous research.
The study also examines the sample by economic sector, and finds that readability levels are similar
among sectors with one exception. These outcomes raise several issues, including the usefulness of the
information transfer of 10-Ks, and whether the goals of the SEC are met if 10-Ks are virtually
unreadable.
