Does the readability of target firms' annual reports matter to bidders?

Article

Balachandran, Balasingham, Faff, Robert W., Minnick, Kristina and Shams, Syed. 2025. "Does the readability of target firms' annual reports matter to bidders?" International Review of Financial Analysis. 105. https://doi.org/10.1016/j.irfa.2025.104425
Article Title

Does the readability of target firms' annual reports matter to bidders?

ERA Journal ID19556
Article CategoryArticle
AuthorsBalachandran, Balasingham, Faff, Robert W., Minnick, Kristina and Shams, Syed
Journal TitleInternational Review of Financial Analysis
Journal Citation105
Article Number104425
Number of Pages22
Year2025
PublisherElsevier
Place of PublicationNetherlands
ISSN1057-5219
Digital Object Identifier (DOI)https://doi.org/10.1016/j.irfa.2025.104425
Web Address (URL)https://www.sciencedirect.com/science/article/abs/pii/S1057521925005125
Abstract

and stock market reactions to mergers and acquisitions (M&A). Higher readability is positively associated with
bidders' market reactions and bid premiums and negatively related to the time needed to complete the deal.
However, while readability improves market reactions, higher bid premiums reduce these gains. The results are
robust, accounting for endogeneity using instrumental variable analysis and sample selection bias through
propensity score matching and entropy balancing. The effects of readability on market reactions and bid premiums are more pronounced in non-tender offers, deals involving bidders without top legal teams, and target
firms with higher information asymmetry (lower analyst following) and uncertainty (higher R&D intensity).
Overall, this study highlights that the readability of target firms' financial reports enhances transparency and
signals firm quality, making it an important factor for acquirers in evaluating M&A opportunities.

KeywordsAnnual report readability; Acquisition performance; Mergers and acquisitions; Information asymmetry
Contains Sensitive ContentDoes not contain sensitive content
ANZSRC Field of Research 2020350299. Banking, finance and investment not elsewhere classified
Public Notes

© 2025. This manuscript version is made available under the CC-BY-NC-ND 4.0 license https://creativecommons.org/licenses/by-nc-nd/4.0/

Byline AffiliationsMonash University, Malaysia
La Trobe University
University of Queensland
Corvinus University of Budapest, Hungary
Bond University
Bentley University, United States
School of Business
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