Visual annual reports and stock price crash risk

Rui Xiang, Congmin Song, Rongyu Lin and Lu Shen

Accounting and Finance, 2025, vol. 65, issue 2, 2035-2064

Abstract: Using a sample of Chinese A‐Share listed companies during 2018–2023, we explore the influence of visual annual reports (VARs) on stock price crash risk. The results suggest that VARs are negatively associated with crash risk, and several robustness and endogeneity examinations validate our primary findings. Mechanism analyses reveal that reduced information asymmetry and increased internal control quality may serve as potential pathways through which VARs influence crash risk. Additionally, cross‐sectional examinations suggest that the negative relation between VARs and crash risk is more pronounced for companies with poor annual report readability and limited external monitoring.

Date: 2025
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https://doi.org/10.1111/acfi.13402

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