Readability: An Evaluative Criterion of Stockholder Reaction to Annual Reports

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Abstract
Past research indicates that readability levels of annual reports are "restric tive. " But are they "restrictive" to their most important audience-the stockholder? This article reports an attempt to determine if stockholder reactions to corporate annual reports are related to the readability levels of those reports. Based on the findings of the study, it is concluded that stockholder reactions to annual reports and readability levels of the reports are not related. Reasons for this lack of correlation and implications of the findings and conclusions are then discussed.

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