Received: 30 August 2019 Revised: 15 September 2019 Accepted: 3 October 2019

DOI: 10.1002/csr.1869

RESEARCH ARTICLE

What colour is the corporate social responsibility report?

Structural visual rhetoric, impression management strategies,
and stakeholder engagement

Isabel‐María García‐Sánchez | Cristina‐Andrea Araújo‐Bernardo

Departamento de Administración y Economía

de la Empresa, Instituto Multidisciplinar de
Empresa‐IME, Universidad de Salamanca,
Salamanca, Spain
Correspondence
Isabel‐María García‐Sánchez, Departamento
de Administración y Economía de la Empresa,
Instituto Multidisciplinar de Empresa‐IME,
Universidad de Salamanca, Campus Miguel de
Unamuno, Edificio FES, 37007 Salamanca,
Spain.
Email: lajefa@usal.es
Funding information
Ministerio de Ciencia e Innovación, Grant/
Award Number: ECO2013‐43838P; Ministerio
de Ciencia, Innovación y Universidades, Grant/
Award Number: RTI2018‐093423‐B‐I00;
Universidad de Salamanca, Grant/Award
Number: USAL2017‐DISAQ
Abstract
This paper analyses the level of managerial discretion in the practice of disclosing
social and environmental information using impression management techniques
based on visual rhetoric and associated with the structural dimension of the size of
graphics and photographs and the colour of these images and of the animations in
the report. From a sample of 105 non‐financial information statements from the
35 Spanish companies that were part of the IBEX 35 in 2018, 2017, and 2013, the
results suggest two different impression management strategies used by companies
to manage stakeholder's perception, with specific features at the industry level and
with different levels of divergence/convergence in the structural dimensions of size
or colour according to the level of standardisation in the revealed information.
K E Y W OR D S
non‐financial information statement, impression management, visual rhetoric, corporate social
reporting, stakeholder engagement, sustainable development, managerial discretion, institutional
theory

1 | I N T RO D U CT I O N rarely comparable, all limits corporate transparency (Amini, Bienstock,

The disclosure of non‐financial information (NFI) about business perfor-
mance has become part of corporate communication policy within large
companies. Conceptually, these reports should respond to the informa-
tive demands of the stakeholders, reporting in the most transparent way
possible and reflecting relevant information on the social and environ-
mental performance and impacts of the firms (Boiral, 2013; Girella,
Zambon, & Rossi, 2019; Minutolo, Kristjanpoller, & Stakeley, 2019),
which in turn could lead to greater responsibility for corporate actions
(Cho et al., 2014; García‐Sánchez & Martínez‐Ferrero, 2019).
In practice, however, several studies have revealed the existence of
information deficiencies (Asif, Searcy, dos Santos, & Kensah, 2013; Mio,
2010; Moseñe, Burritt, Sanagustín, Moneva, & Tingey‐Holyoak, 2013;
Rodrigue, 2014) that hinder decision‐making by the different stake-
holders (Fonseca, McAllister, & Fitzpatrick, 2012; O’Dwyer, Unerman,
& Hession, 2005). Among other weaknesses, the fact that the informa-
tion disclosed is minimal, of limited effectiveness and credibility, and
& Narcum, 2018; Boiral & Henri, 2017; Cubilla‐Montilla, Nieto‐Librero,
Galindo‐Villardón, Vicente Galindo, & Garcia‐Sanchez, 2019; Hossain,
Momin, Rowe, & Quaddus, 2017; Mio, 2010). In addition, it has been
empirically demonstrated that the relevance of the NFI disclosed is
associated with the existence of firms' incentives.
According to the postulates of economic theories of information dis-
closure, papers such as those of Clarkson, Li, Richardson, and Vasvari
(2008), Prado‐Lorenzo and Garcia‐Sanchez (2010), and García‐Sánchez
and Martínez‐Ferrero (2018) have shown that companies with better
environmental and social performance have economic incentives to
reveal information of a numerical nature, which allows different stake-
holders to compare their performance with that of other companies
and identify a more efficient performance than that of their competi-
tors. In this sense, companies would benefit from the advantages tradi-
tionally associated with increasing organisational transparency and its
impact on the reduction of asymmetric information problems and valu-
ation of future risks (Martínez‐Ferrero, Ruiz‐Cano, & García‐Sánchez,

Corp Soc Resp Env Ma. 2019;1–26. wileyonlinelibrary.com/journal/csr © 2019 John Wiley & Sons, Ltd and ERP Environment 1
2 GARCÍA‐SÁNCHEZ AND ARAÚJO‐BERNARDO
2016). Benefits include those of an economic nature associated with
access to better sources of financing and with better conditions (i.e.,
Dhaliwal, Li, Tsang, & Yang, 2014; García‐Sánchez, Hussain, Martínez‐
Ferrero, & Ruiz‐Barbadillo, 2019), as well as others of an intangible
nature linked to image and business reputation (Cormier, Magnan, &
Van Velthoven, 2005; Amran, Periasamy, & Zulkafli, 2014).
In contrast, according to the political theory of legitimacy, the
companies with the worst performance will configure their sustain-
ability reports towards the projection of an idyllic image of the com-
pany for third parties, reporting superficial information of a non‐
numerical nature (Martínez‐Ferrero, Suárez‐Fernández, & García‐
Sánchez, 2018) and using the logic of marketing as impression man-
agement aimed at seducing and persuading instead of presenting the
real situation of the firm (Boiral, Heras‐Saizarbitoria, & Brotherton,
2017; Boiral, Heras‐Saizarbitoria, Brotherton, & Bernard, 2018;
Cho, Michelon, & Patten, 2012). Many authors thus question the
reliability of this information and confirm that companies often use
sustainability reports as marketing tools aimed at legitimising the
company before society, improving its image and reputation by
offering an idealised image, partially disconnected from the reality
of business performance (Cho & Patten, 2007; Deegan, Cooper, &
Shelly, 2006; Duchon & Drake, 2009; Laufer, 2003). Companies
make use of various impression management techniques to do so,
such as an optimistic narrative rhetoric (García‐Sánchez, Hussain,
et al., 2019; Merkl‐Davies & Brennan, 2007), the use of artificial rep-
resentations of their reality based on photographs that appear to be
authentic and legitimate (Boiral, 2013), and the use of distorted
graphics to represent best business practices (Cho et al., 2012).
According to the evidence of Hrasky (2012), we must consider the
existence of several legitimation tactics that differ between compa-
nies, depending on their level of sustainability. Less sustainable com-
panies thus pursue symbolic legitimacy using these tatics, whereas
more sustainable companies use images to more effectively convey
information about their real impacts and achievements.
With this last approach, this paper aims to expand the previous
empirical evidence considering the different structural dimensions
of the impression management techniques associated with the visual
rhetoric that companies use in their NFI statements. More specifi-
cally, the final objective is to identify the existence of different strat-
egies in the use of visual resources within the NFI, considering the
level of standardisation of the information that these reports contain
and their sector disparity. As a contribution to previous empirical
evidence, in this work, we thus consider the structural dimension
of the size of graphics and photographs and the colour of these
images and of the animations in a document. Images—graphics and
photographs—are the most powerful tools for drawing a reader's
attention to the aspects that most interest companies. They can also
redirect user perceptions of a report by combining images and text
(Zillmann, Gibson, & Sargent, 1999). All these effects are conditioned
by the size of the images. Larger images dominate the text, whereas
those of smaller size can help to focus the attention of the stake-
holders on the performance of a company that also reports numeri-
cally. We also take into account the inclusion of colour, which
enhances the effects of images through the evocation of feelings
(Birren, 1997).
We analyse 105 NFI—sustainability reports or corporate social
responsibility (CSR) and integrated reports—of the 35 Spanish compa-
nies that are part of the IBEX 35 in the years 2018, 2017, and 2013.
The choice of years is a consequence of the evolution of the Spanish
legislative framework in relation to the obligation to disclose informa-
tion on the social and environmental aspects of business performance
without establishing a mandatory standard: the publication in 2014 of
Directive 2014/95 of the European Commission and its transposition
in Spain as Real Decreto‐Ley 18/2017, replaced on December 30,
2018 by Law 11/2018. In addition to business incentives, information
disclosing practices are determined by institutional pressures at the
country and industry level (i.e., Garcia‐Sanchez, Cuadrado‐Ballesteros,
& Frias‐Aceituno, 2016), and so in this paper, we consider the sectoral
implications that may exist when working with a country sample and
controlling the legal changes that have occurred in the national con-
text (García‐Sánchez, 2019).
The empirical evidence allows, first, a review of the NFI, identifying
the frequency, application, and type of images and colours that appear
in this reporting. Second, it provides evidence of corporate impression
management strategies at the industry level, with important implica-
tions for information disclosure practices, their meaning, and the
impacts of the visual strategies incorporated in corporate reports.
2 | IMPRESSION MANAGEMENT:
I N F O R M A T I O N ST A N D A RD I S A T I O N A N D
VISUAL RETORICS
The exponential growth in the preparation of reports that inform
about the sustainability of business behaviour or CSR practices has
generated great interest in academia, in identifying the reasons that
lead companies to voluntarily report or issue polyphonic, rhetorical,
or conversely, relevant information (Garcia‐Sanchez et al., 2016;
García‐Sánchez, Hussain, et al., 2019). The previous literature has
shown that the relevance of the NFI disclosed is associated with the
existence of incentives and institutional pressures in firms, as shown in
Figure 1, which allows us to synthesise the theoretical framework of
this work.
Specifically, we know that less sustainable companies show a ten-
dency to disseminate non‐comparable qualitative information (Cho &
Patten, 2007; Patten, 2002), accompanied by impression management
using narrative and visual techniques that allow manipulation of the
perceptions that stakeholders have of the social and environmental
performance of companies (Boiral, 2013; Cho et al., 2012; Martínez‐
Ferrero et al., 2018).
Conversely, when the NFI will contain standardised information
associated with the use of international standards, it will provide a
numerical and comparable nature that will be relevant and useful for
the users or readers of these reports. In general, according with eco-
nomic theories of the disclosure of information, these practices are
common for firms that have a social and environmental performance
GARCÍA‐SÁNCHEZ AND ARAÚJO‐BERNARDO
FIGURE 1 Theoretical framework
superior to that of other companies (Clarkson et al., 2008; García‐
Sánchez & Martínez‐Ferrero, 2018). In this sense, we explain that, in
addition, the best performing companies, although they report
standardised information, will make use of certain printing management
techniques, especially of a visual nature, to attract the attention of the
reader to the information that allows them to differentiate themselves
from the other companies and obtain material and intangible benefits
derived from the use of this information in the decision‐making pro-
cesses of stakeholders.
The term “impression management” has its origin in social psychol-
ogy and refers to the process by which a person, more or less con-
sciously, manages and controls the image they project before others
with the aim of creating certain impressions in them (Hooghiemstra,
2000). Using a dramaturgical metaphor, the process would consist of
presenting oneself to an audience (Goffman, 1959). These actions,
according to Leary and Kowalski (1990), are the result of (a)
motivational processes aimed at achieving certain objectives that
may not be achieved due to the discrepancy between the current
and the desired image (without the need to be associated only with
3
the construction of an artificial image) (b) cognitive processes that lead
to the selection of the most appropriate types of strategies to con-
struct the image; and (c) affective processes associated with the
impact of affections and moods when using impression management
techniques.
Translated into the business setting, it is necessary to consider the
existence of two behaviours, those of the company itself and the
evaluations that others make of business actions. Impression manage-
ment refers to the process by which managers try to control, more or
less consciously or intentionally, the transmission of their image in
order to be perceived, evaluated, and treated as favourably as possi-
ble. Various assertive (self‐promotion) and defensive (excuses and jus-
tifications) techniques can be used for this, including not only
verbal/written communication but also non‐verbal/unwritten commu-
nication (Bozeman & Kacmar, 1997).
In this sense, Godfrey, Mather, and Ramsay (2003) confirm that
impression management is used when management creates biases in
the information it discloses and presents it in a visually structured
way in order to distort the perceptions of readers (illusion effect)
4 GARCÍA‐SÁNCHEZ AND ARAÚJO‐BERNARDO
regarding corporate performance, as an attempt to maintain or
improve the corporate image (Cho, 2009; Livesey & Kearins, 2002;
Merkl‐Davies & Brennan, 2007). Companies can also make use of
impression management techniques to more effectively transmit infor-
mation (Hrasky, 2012); however, it focuses reader attention on actual
figures or data that could be overlooked and that differentiates the
company from less sustainable companies.
Visual impression management techniques or visual
communication/rhetoric involve the use of images—photographs and
graphics—and colour as a communication device that improves the
effectiveness of the transmission of information by allowing users to
view data and business actions directly and immediately (Beattie &
Jones, 2000a). These are extremely important aspects because
corporate reports tend not to be thoroughly read by users due to
the numerical type of their content (Hines, 1982) and the fact that
the human capacity to interpret visual patterns is superior to text
memory or numerical tabulations (Beattie & Jones, 1992). It is thus
an increasingly common practice for companies to turn to graphic
designers to make their annual reports more visually appealing
(Preston, Wright, & Young, 1996).
2.1 Visual rhetoric in corporate reports: State of
| (1992, 1997, 1999, 2000a, 2000b, 2002), Mather, Ramsay, and Steen
the art
The concept of visual rhetoric is based on an expanded notion of
images, wherein someone is trying to make someone else do, think, or
feel something (Kenney & Scott, 2003). It is a form of human communi-
cation that seeks to persuade through the use of images and colour
(Kenney & Scott, 2003). Visual rhetoric assumes that these visual ele-
ments convey messages with meaning and specific effects. Clear exam-
ples are found in marketing, where visual rhetoric refers to the images
used in advertising, or the packaging itself, to encourage purchases
and attract new consumers in order to increase current sales and the
reputation of the advertiser (Anderson, 1988; Sparkman, 1980).
The use of images—graphics and photographs—has been studied to
a limited extent by academia, which focused its efforts on the content
and accuracy of these images, obviating their structural aspects.
2.1.1 | The inclusion of graphics
Graphics are a particular form of visual communication that could be
used to support corporate transparency. Their use brings additional
benefits to those already mentioned, such as revealing and clarifying
trends that may not be evident when mentally scanning numerical
data (Beattie & Jones, 2008). Graphic representations must be free
of biases in this case, allowing the reader to draw conclusions consis-
tent with those that would result from a more formal quantitative
analysis of the data (Steinbart, 1989). The graphics may have a selec-
tive bias in the information represented graphically in favour of that
which shows a positive performance and/or the existence of a distor-
tion by the use of non‐zero axes, broken axes, or non‐arithmetic scales
that can exaggerate the positive trends or underestimate the negative
trends of the underlying data (Taylor & Anderson, 1986).
The literature on impression management suggests that reports
seem to be systematically manipulative in the visual presentation of
social and environmental information, so as to project a favourable
image of the sustainability performance of companies. Using this
approach, corporations may be systematically using graphics in their
sustainability reports to favourably skew the perceptions that stake-
holders have of their social and environmental performance. Jones
(2011) shows that the graphics of companies in industrial sectors with
high environmental impact correspond to information related to the
level of air pollution, waste treatment, energy use, and employees.
The graphics are used overwhelmingly to represent good news. Cho
et al. (2012) show that corporations manipulate the reader's opinion
through the use (and abuse) of graphics presenting a more favourable
view of their social and environmental performance. This use differs
between social and environmental dimensions, and it is used more fre-
quently for social information. Cho et al. (2012) identify a selectivity
bias in the choice of plotted elements towards portraying elements
exhibiting favourable performance trends. They also obtain moderate
evidence of bias favourability with respect to the use of materially
distorted graphics. Such practices had already been identified in finan-
cial reporting by Steinbart (1989), Courtis (1997), Beattie and Jones
(2000), Godfrey et al. (2003), Muino and Trombetta (2009).
2.1.2 | The inclusion of photographs
Photographic images are one of the most powerful tools in impression
management strategies due to their ability to attract the attention of
the reader and be the first thing on which they focus their attention
(Zillmann, Knobloch, & Yu, 2001). Along these lines, some studies have
shown that annual financial reports have progressively become public
relations material full of images (Campbell, McPhail, & Slack, 2009;
Preston & Young, 2000). Images and text can be combined to achieve
a perception that differs from that actually presented in the text,
aligning people with artificial representations (Boiral, 2013), but they
can also be incorporated to visually emphasise the numerical informa-
tion offered by the company, focusing the attention of stakeholders
on the performance of the company. That is, they can be used to rein-
force certain messages, highlight complex problems that are difficult
to describe, or give credibility to claims (Caron & Turcotte, 2009).
Systematic studies of the use of photographs in corporate reports
suggest rhetorical purposes to convey certain aspects of corporate
identity and performance, while hiding others. Specifically, in the field
of financial reports, abstract images are used that convey symbolic
meanings, highlighting and reinforcing qualities not reflected in numer-
ical items (Anderson & Imperia, 2002; Benschop & Meihuizen, 2002;
Bernardi, Bean, & Weippart, 2002; David, 2001; Davison, 2008,
2009, 2010; Tinker & Neimark, 1987). In the case of sustainability
reports, companies present images that do not reflect reality in a neu-
tral and transparent manner, creating an idealised representation of
the company, its alleged concern for the environment, or its positive
relationships with stakeholders. They can even hide the negative
externalities that are found in reality. More specifically, Boiral (2013)
GARCÍA‐SÁNCHEZ AND ARAÚJO‐BERNARDO
observed that the photos often occupy more space in reports than the
data, to the point of becoming photo albums of idyllic non‐monolithic
environmental images on recurring themes such as (a) the virgin nature
that is associated with the role of companies as a defender of nature
(photos of nature in nature, including rare animals, majestic trees, trop-
ical forests, green meadows, crystalline lakes, waterfalls, rivers, and
salmon); (b) innocence and happiness to show the business contribu-
tion to respect for human rights and the fact that the company's activ-
ities contribute to social welfare, especially in countries with less
economic development, or indigenous populations where the compa-
nies have settled (images of children or, more rarely, adults having
fun, laughing, or participating in recreational activities); (c) care and
protection, photographs intended to illustrate the efforts of the com-
panies to protect the environment and favour the care of people
(images of hands planting a tree or medical attention for the popula-
tion); (d) cooperation and external recognition, photographs that aim
to value business excellence (images that reflect teamwork and
awards, certificates, and other external awards for sustainability
achievements); and (e) ingenuity and innovation, photographs that
evoke science, innovation and creative solutions for sustainable devel-
opment (standard photos of scientists in laboratories, technical draw-
ings, and green technologies).
2.2 | Structural dimensions and colour of visual
rhetoric: Research hypothesis
Hrasky (2012) analyses the use of graphics and photographs in CSR
reports, identifying various legitimation tactics. On the one hand, less
sustainable companies are seen to pursue symbolic legitimacy with the
content of these images, whereas more sustainable companies use
images to convey information about their real impacts and achieve-
ments more effectively. Our work complements this approach by
analysing these strategies based on the structural dimensions of visual
rhetoric techniques related to size and colour.
2.2.1 | The structural dimension of size
Image size is one of the most powerful tools in print management
strategies due to its ability to attract the attention of the reader.
Readers first focus their attention on the larger photographs, followed
by the smaller images, and finally consider the text (Garcia & Stark,
1991; Knobloch, Hastall, Zillmann, & Callison, 2003; Zillmann et al.,
2001). The larger the image, the greater the reader's attraction to it
(Zillmann et al., 2001). There is a “superiority of the image” effect
(David, 1998; Zillmann et al., 1999) associated with the fact that
images are dominant in the perception processes (Zillmann et al.,
1999), which means that the text associated with a photograph is
more likely to be read and remembered (Knobloch et al., 2003; Wolf
& Grotta, 1985; Zillmann et al., 2001). There is also a "fusion of images
and text" effect that occurs over time in the reader's mind and that
allows a reader's perceptions to be biased in the direction suggested
by the accompanying photographs (Zillmann et al., 1999).
5
In this sense, we believe that although companies will incorporate
different visual techniques in their NFI statements, their strategies will
differ, depending on the level of standardisation of the information
issued. We thus hope that companies that disclose a greater volume
of standardised information will include images (graphics and photo-
graphs) in their reports, aimed at focusing the reader's attention on
the most important aspects of social and environmental performance.
In this sense, they would be expected to use a smaller number of
images, and that these would be of a smaller size, because their use
would be oriented to favour the analysis of the firms' performance
and to encourage a greater mental retention of the same, so that it
could be used in the decision‐making processes of the different stake-
holders (clients, analysts, investors, etc.).
Conversely, companies that issue a smaller volume of standardised
information will incorporate a larger number of images, and these will
be larger due to the associated advantages they have in managing or
manipulating the user's perception of these reports. It seems feasible
that the trend would be more pronounced in photographs than in
graphics because of their greater ability to represent
artificial/symbolic situations that allow the creation of a rhetorical
image that distracts the reader from actual performance. That is, the
expectation is that photographs will be used more frequently than
graphics among companies reporting less comparable information
(driven by legitimacy) and less frequent in those that report more com-
parable numerical information (driven by sustainability).
It could be expected that companies that issue standardised infor-
mation would use smaller images to attract the reader's attention to
the page with the relevant information, but then rely on more objec-
tive disclosures to influence their evaluation of the company. In this
sense, given that graphics present less ambiguous information than
photographs, it is likely that these companies will use more graphics
than photographs due to their usefulness in the visual analysis of the
tabulated numerical information.
The research hypotheses is thus established that the impression
management strategy of companies that issue standardised informa-
tion will be based on the incorporation of a smaller number of images
of a smaller size, showing a preference for graphics over photographs.
The strategies of companies that disseminate less standardised infor-
mation will involve a larger number of larger images, with photographs
prevailing over graphics.
2.2.2 | The strategic use of the structural dimension
of colour
Colour is essential for sight, identification, interpretation, perceptions,
and senses and can even evoke psychological reactions, impress, and
affect moods and behaviours. Within the business field, Birren
(1997) has shown that the strategic use of colour allows order to be
created from chaos and helps the reader to concentrate on mental
tasks. Benbasat and Dexter (1985, 1986) have shown that the use of
colour in graphics can help users of financial information to improve
decisions regarding the allocation of resources, especially in environ-
ments with high time constraints, although the use of colour can be
6 GARCÍA‐SÁNCHEZ AND ARAÚJO‐BERNARDO
redundant due to the ability to identify information through other
forms of representations (dotted lines, etc.). So and Smith (2002) note
that the use of colour in corporate reports is motivational, more aes-
thetic, facilitates understanding, attracts attention, and facilitates
recall, and that it is less effective in men than in women.
Courtis (2004) analysed the use of visual colour rhetoric in financial
information, showing that companies discovered that they used more
colours when profitability both increased and decreased, to enhance
and correct these variations. The colours used do not have neutral
effects on the communication of the annual statements and play a role
in the formation of the perceptions and the judgments involving
investment. Along these lines, marketing research shows that colour
can attract attention, help interpret product attributes, revitalise a bor-
ing advertisement, and emphasise or highlight a distinctive brand or
symbol (Barnes, 1990). Colour makes a report pleasant or nasty, gen-
erating a favourable predisposition for reading, or not (Bohle & Garcia,
1987; Caudill, 1986). It attracts the attention of the reader and implies
a prioritisation of the information presented. Like images, as a visual
technique, it favours the speed of recognition of information (Christ,
1975) and can help readers to understand and remember it while pro-
ducing less physical and visual fatigue (Jeffrey & Beck, 1972). Several
studies show that the impressions created by the colour in a subject
are made in the first 90 s and that colour represents 60% of the accep-
tance or rejection of an object, place, individual, or circumstance
(Meyers‐Levy & Peracchio, 1995).
Because colour prints are made quickly and are durable (Walker,
1988), decisions regarding the choice of colour can be very important
for reading and using the information in a sustainability report. In this
sense, sensations and perceptions are linked to inextricable images in
a colour context. Companies will use affective colours and their juxta-
positions due to their usefulness as a compelling visual signal for per-
suasive communication purposes (Garber & Hyatt, 2003). Within
corporate communication policies, however, colour can also be used
to differentiate and emphasise items, identify or group items of a
related nature, and order items sequentially (Johnson, 1992). Accord-
ing to Courtis (2004), the differentiation of elements can be shown
by colours that contrast in pie or bar charts. Emphasis or importance
can be given to information highlighted in colour. Essential elements
can be identified or grouped in the same colour. Finally, the informa-
tion can be sequentially or hierarchically sorted through the applica-
tion of colour, especially through shading gradations.
The technical use of colour allows distinctions of meaning
between primary colours (red, yellow, and blue), secondary colours
(green, orange and violet), and subordinate mixtures (e.g., as pink,
grey, or brown). There is debate about whether white and black
are true colours, and gold and silver are generally ignored, although
in a psychological sense, each of these 13 colours is an independent
colour that cannot be substituted for any other, and they all have
the same importance (Heller, 2008). These colours are associated
with an emotional reaction. As a psychological visual stimulus colour
can evoke different feelings, perhaps as a consequence of each per-
son's unique past experiences, colour associations can be ambiguous
(Birren, 1997). Although there are no pure associations between
colour and specific feelings, we can talk about consensus associa-
tions or non‐universal stereotypes, such as those reflected in
Table 1. In addition to these sensations, people tend to prefer spe-
cific colours that, according to Birren (1997), would imply that blue,
red, grey, orange, and yellow are the best rated colours, without
any differences between sex and nationality. Labrecque and Milne
(2011) emphasise the supremacy of blue, the coldest colour, accord-
ing to gender, and the disparity in purple; the colour yellow, followed
by red, is the first that is perceived visually although their excessive
use can generate concern. Green is the most relaxing colour to the
human eye. Black is used to intensify the other colours, increasing
the contrast and attention to the other colours. Grey is a neutral col-
our that complements the rest of the colours very well.
In 1993, the Canadian Institute of Chartered Accountants analysed
the annual reports of 200 listed companies, observing that the most
commonly used colours were blue, green, purple, gold, red, grey, and
yellow. Courtis (2004) shows that in a sample of 100 public companies
listed on the Hong Kong Stock Exchange, the most commonly used col-
ours are blue, ivory, green, pink, purple, grey, and yellow. Investors asso-
ciated ivory, grey, and green with more optimistic perceptions of
corporate health, whereas pink and purple were associated with less
optimistic perceptions. In the field of CSR, DeLong and Goncu‐Berk
(2012) found in a sample of students that the colours most associated
with CSR are in this order: green, brown, beige, blue, white, and yellow.
The difference between each colour is four points except for blue and
white that were equally important. We can thus speak of a predominant
acceptance that green is the colour naturally associated with the con-
cepts of sustainability, respect for the environment, and CSR, although
it is becoming an "ecocliche." Barchiesi, Castellan, and Costa (2016)
show that despite the prevailing association of green with the concepts
of sustainability and CSR, it is not the most appropriate colour to clearly
and credibly convey a CSR message to consumers. The study reveals
that blue is always considered the most attractive colour for conveying
a clear and credible message. White also performs better than green.
In this sense, we believe that specific colours can be used to
achieve predetermined impressions of the social and environmental
performance of a corporation. On the one hand, it can be a subtle
form of persuasion and can contribute to perception engineering,
used to divert attention to less important and trivial things. On the
other hand, colour is able to direct attention to important informa-
tive elements so that they can be remembered by the reader of
the report without distractions. In this sense, our hypothesis about
the structural dimension of colour implies that companies that issue
standardised information will use fewer colours, with more neutral
and less evocative tones in their reports in order to avoid
distractions and direct the analytical attention of the reader to infor-
mation that might otherwise not have been examined. The use of
colour will therefore be instructive and intended to clarify the
information and to highlight important information. Companies
reporting less standardised information will use a greater number
of colours with evocative tones associated with nature to divert
the user's attention, configured as a persuasive visual rhetoric
technique.
GARCÍA‐SÁNCHEZ AND ARAÚJO‐BERNARDO 7

TABLE 1 Meaning and evocation of colour

Preferences

Colour Evocation Global Male Female

Blue Colour with greater general acceptance 1 1 1

It is the colour of the sky and the sea.
It is usually associated with stability, depth, calm, serenity, tranquillity, truth, trust, loyalty, wisdom, conscience,
intelligence, professionalism, precision, and authority.
Green The main colour of nature 2 2 3
Representative of feelings such as peace, freshness, hope, health, tranquillity, security, abundance, wealth, stability,
resistance, responsibility, and growth
Turquoise Visually, it is a mixture of blue and green with a feminine orientation.
Evokes tranquility, responsibility, trust, loyalty, and sophistication
Red Second place in the perception scale 3 4 4
It symbolises strength, determination, desire, love/passion, success, and intensity. It inspires energy and evokes
strong emotions such as seduction, but also anger, violence, and danger (used for prohibitions and caution).
Pink Romantic and feminine
It currentlya represents sweetness, innocence, delicacy, femininity, and fantasy.
Purple Great gender disparity in preference 2 2
As it is not commonly found in nature, it is related to magic and mystery.
Denotes feelings of power, luxury, wealth, ambition, creativity, extravagance, independence, and dignity
Yellow First place in the perception scale 6 8 7
Sunlight colour
It symbolises joy, happiness, intelligence, creativity, optimism, youth, energy, and heat
Orange A mixture of the sensation of energy in the colour red and the happiness projected by yellow 5 5 6
It carries emotions of warmth, youth, fun, good health, vitality, joy, enthusiasm, emotion, adventure, attraction,
creativity, determination, energy, success, and encouragement.
Brown Masculine and autumnal 6 9 7
Colour of the earth and its materials, which distances it from the artificial and associates it with the natural
Colour of the simple and the humble, whose warmth allows us to suggest adaptation without claiming to stand out
It symbolises acceptance, security, perseverance, robustness, reliability, and reflection
White Colour of light, purity, goodness, innocence, truth, cleanliness, and freshness 7 7 8
It symbolises simplicity, perfection, and sobriety.
Grey Neutral colour that favours combination with other colours 7 6 8
It transmits authority, respect, stability, sobriety, tenacity, and tranquillity but also, conformity, doubt, and
melancholy.
Black Powers the other colours 4 3 5
It is associated with classic, luxury, or high‐end products.
It transmits emotions of depth, perspective, strength, intransigence, authority, power, prestige, seriousness,
formality, neatness, elegance, and mystery.

Source: Prepared by the authors based on Birren (1997) and Labrecque and Milne (2011)aUntil 1940, pink used to represent strength and was once a colour
associated with men/boys for that reason (just as blue was once associated with women/girls).

3 | I N S T I T U TI O N A L P R E S SU R E S E F F E C T S
As shown in Figure 1, corporate disclosure policies are determined by
a firm's incentives and the institutional pressures that they support
(García‐Sánchez & Noguera‐Gámez, 2018; Sun, Zhao, & Cho, 2019;
Tolmie, Lehnert, & Zhao, 2019). NFI disclosure policies, understood
as business practices and commitments to sustainability, present
generalised behaviour patterns worldwide, and their development
and evolution varies substantially according to the institutional
pressures that characterise the environment in which the companies
operate (Garcia‐Sanchez et al., 2016). These evolutionary differences
are due to the fact that the institutional environment establishes a
series of opportunities and barriers around these business decisions
associated with the specific expectations of the actors and the stan-
dards of behaviour in force in the society in which it operates (Camp-
bell, 2007). According to institutional theory, adopting patterns of
homogeneous behaviours according to institutional pressures thus
entails a business isomorphism that facilitates the survival of the firm.
According to Matten and Moon (2004), the expectations and rules
of behaviour that cause business isomorphism come from three forces
or pressures: (a) normative, formal, and informal pressures exerted by
supra‐organisations or imposed by prevailing cultural values in society;
(b) coercive, which emanate from the standards, rules, or laws that
determine the legal and/or professional framework of business
practices; and (c) mimetic, traditionally associated with the practices
that leading companies impose in their industry. As our sample
8 GARCÍA‐SÁNCHEZ AND ARAÚJO‐BERNARDO
corresponds to a specific country, Spain, we are going to focus on
mimetic pressures because the other two pressures are constant for
all the companies considered. Due to the evolution of the legal frame-
work that has occurred in recent years, we will consider the existence
of coercive pressures by examining different time periods.
In this sense, mimetic isomorphism is associated with follower
companies, who, in order to survive, imitate the behaviours of leading
and successful companies, which are referents in their industry. There
is a selection of competing companies at sector level because they
face similar challenges associated with their economic activity and
the expectations of their stakeholders. Interest groups and society in
general perceive different social and environmental risks according
to the economic activity developed by companies (Amor‐Esteban,
Galindo‐Vicente, & García‐Sánchez, 2018a; Amor‐Esteban,
García‐Sánchez, & Galindo‐Vicente, 2019). Several authors—Branco
and Rodrigues (2008), Parasa and Deng (2008), Wanderley, Lucian,
Farache, and De Sousa Filho (2008), Bayoud, Kavanagh, and Slaughter
(2012)—have observed that the way of reporting to stakeholders
varies depending on the industry in which the company operates.
We argue that this effect can be extended to the techniques of visual
rhetoric used by companies.
Coercive pressures are associated with the strength of the legal
systems in countries. In relation to corporate transparency, companies
in Spain have a legal obligation to prepare information of a non‐
financial nature as a result of the legal effects of Real Decreto Ley
18/2017, replaced since December 30, 2018 by Law 11/2018, which
has led to the modification of the informative obligations of the large
companies for the fiscal years that began since January 1, 2018d,
requiring a greater disclosure of information of a non‐financial nature
or linked to CSR. We understand that this regulation may favour the
normalisation of the NFI disclosed, modifying the techniques of visual
impression management of the NFI although it must be borne in mind
that companies have total freedom to determine the information that
they disclose without the use of specific standards.
In summary, as a consequence of the important role that institu-
tional pressures have in information disclosure policies (i.e., García‐
Sánchez, et al., 2016, 2019), we believe that the structural dimensions
of impression management techniques differ between sectors of
activity due to the mimetic isomorphism effect (Amor‐Esteban et al.,
2018c) and between periods of time due to legal changes in Spain that
have regulated these informative practices as mandatory, favouring
the normalisation of information (coercive effect).
4 | M E TH OD O LO GY
4.1 | Population and sample
In order to test the hypotheses proposed in the previous sections, we
selected the main Spanish companies listed on the IBEX 35 in the first
half of 2019 as the target population. These companies, although not
necessarily the largest according to their stock market value, are the
most liquid companies in the Spanish market. Their price in the IBEX
35 is associated with the fact that during the control period, which
is 6 months, a company must have an average capitalisation greater
than 0.30% of the average capitalisation of the index, and its value
FIGURE 2 Population description [Colour
figure can be viewed at wileyonlinelibrary.
com]
GARCÍA‐SÁNCHEZ AND ARAÚJO‐BERNARDO 9

TABLE 2 Population and sample

Panel A. Distribution according to time period

NFI CSRD IR
a b
Period Population Frequency % Frequency % Frequency %b

2013 35 28 80.00 18 64.29 10 35.71

2017 35 30 85.71 15 50.00 15 50.00
2018 35 31 88.57 16 51.61 15 48.39
Total 105 89 84.76 49 55.06 40 44.94

Panel B. Distribution according to industry

Population NFI CSRD IR

Sector Frequency %a Frequency %a Frequency %b Frequency %b

1 18 17.14 18 100.00 13 72.22 5 27.78

2 24 22.86 16 66.67 10 62.50 6 37.50
3 12 11.43 10 83.33 5 50.00 5 50.00
4 12 11.43 12 100.00 7 58.33 5 41.67
5 21 20.00 18 85.71 8 44.44 10 55.56
6 12 11.43 9 75.00 3 33.33 6 66.67
7 6 5.71 6 100.00 3 50.00 3 50.00
Total 105 100.00 89 84.76 49 55.06 40 44.94
Panel C. Distribution according to industry and time period
2013

Población NFI CSRD IR

a b
Sector Frequency Frequency % Frequency % Frequency %b

1 6 6 100.00 5 83.33 1 16.67

2 8 5 62.50 4 80.00 1 20.00
3 4 3 75.00 1 33.33 2 66.67
4 4 4 100.00 2 50.00 2 50.00
5 7 6 85.71 4 66.67 2 33.33
6 4 2 50.00 1 50.00 1 50.00
7 2 2 100.00 1 50.00 1 50.00
Total 35 28 80.00 18 64.29 10 35.71
2017
Sector Population NFI CSRD IR
Frequency Frequency %a Frequency %b Frequency %b
1 6 6 100.00 4 66.67 2 33.33
2 8 6 75.00 3 50.00 3 50.00
3 4 3 75.00 2 66.67 1 33.33
4 4 4 100.00 2 50.00 2 50.00
5 7 6 85.71 2 33.33 4 66.67
6 4 3 75.00 1 33.33 2 66.67
7 2 2 100.00 1 50.00 1 50.00
Total 35 30 85.71 15 50.00 15 50.00
2018
Sector Population NFI CSRD IR
Frequency Frequency %ª Frequency %b Frequency %b
1 6 6 100.00 4 66.67 2 33.33

(Continues)
10 GARCÍA‐SÁNCHEZ AND ARAÚJO‐BERNARDO

TABLE 2 (Continued)

Panel C. Distribution according to industry and time period

2013
Población NFI CSRD IR

Sector Frequency Frequency %a Frequency %b Frequency %b

2 8 5 62.50 3 60.00 2 40.00
3 4 4 100.00 2 50.00 2 50.00
4 4 4 100.00 3 75.00 1 25.00
5 7 6 85.71 2 33.33 4 66.67
6 4 4 100.00 1 25.00 3 75.00
7 2 2 100.00 1 50.00 1 50.00
Total 35 31 88.57 16 51.61 15 48.39
Panel D. Mean difference test for the type of NFI by industry and time period

Kruskal–Wallis test NFI CSRD IR

Global 13.347** 10.762* 4.533

2013 6.787 4.648 3.598
2017 3.400 5.084 1.582
2018 7.780 4.106 4.061

Note. Industry code: 1. Oil and Energy; 2. Basic Materials, Industry, and Construction; 3. Consumer Goods; 4. Consumer Services; 5. Financial Services; 6.
Technology and Telecommunications; 7. Real Estate Services.
Abbreviations: CSRD, corporate social responsibility disclosure; IR, integrated report; NFI, non‐financial information.
a
The percentages represent the relative frequencies according to population.
b
The percentages represent the relative frequencies according to the sample.
***p < .01.**p < .05.*p < .1.

has to be negotiated in at least a third of the sessions. Figure 2 shows
the distribution of the population according to the activity sector,
where there is a greater presence of companies that operate in the
basic materials, industry, and construction sector (22.86%), and in
financial services (20%), compared with the real estate sector, which
only represents 5.71%.
Following several authors (i.e., Frías‐Aceituno, Rodríguez‐Ariza, &
García‐Sánchez, 2013; García‐Sánchez, Rodríguez‐Domínguez, &
Gallego‐Álvarez, 2011, 2016; Amorelli & García‐Sánchez, 2019),
NFIs were obtained manually from the methodology of content
analysis on the websites of these companies—the CSR report (CSR
disclosure) or the integrated report—available in the sustainability/
CSR information or in the shareholders and investors section, which
are available online on their pages for the 2018, 2017, and 2013 finan-
cial years. The final sample used for the analysis includes 89 observa-
tions for the period analysed because 7, 5, and 4 companies of the
IBEX 35 do not report on non‐financial issues in a specific report or
NFI during each of the years analysed. Table 2 shows more detailed
information on the configuration of the sample using absolute and rel-
ative frequencies.
In relation to the sample period considered, the years 2017 and
2018 were selected because companies have a legal obligation since
2018 to prepare information of a non‐financial nature, allowing us to
observe the legal effects of Real Decreto Ley 18/2017, replaced since
December 30, 2018 by Law 11/2018, which has led to the
modification of the reporting obligations of large companies for finan-
cial years beginning on January 1, 2018, requiring a greater disclosure
of information of a non‐financial nature or linked to CSR.
As a result of the regulation arising from the transposition of
Directive 2014/95 of the European Commission, the 2013 financial
year is also considered in order to show whether the practices of
disclosure of CSR information differed before the existence of a regu-
latory framework of NFI disclosures for large companies of public
interest.
Panel A of Table 2 shows that, on average, 85% of IBEX 35 com-
panies prepared an NFI in 2013, 2017, and 2018. A favourable evolu-
tion is evinced in the period analysed because the percentage was
80% in 2013 and 89% in 2018, the year in which it became mandatory
to prepare this information. The fact that 11% of companies do not
develop a specific NFI is not indicative that they are not reporting
on environmental and social issues, or those related to personnel, in
relation to human rights and the fight against corruption and bribery
because they have the option to incorporate this information in the
management report. This has not been considered in our work, how-
ever, due to the biases that would be introduced in the analysis of
visual rhetoric—colour, photos, and graphics. Although CSR memory
was initially more commonly used by companies, both CSR memory
and integrated reports are currently used similarly.
Panels B to D show significant differences in the development
path of the NFI for a 95% confidence level between activity sectors.
TABLE 3 Use and primacy of colour: Frequencies of colour use

1 2 3 4 5 6
GARCÍA‐SÁNCHEZ AND ARAÚJO‐BERNARDO

Frequency % Frequency % Frequency % Frequency % Frequency % Frequency % Frequency %

57 64.04 19 21.34 5 5.61 4 4.49 3 3.37 1 1.12
N° Colour
Principal Secondary Tertiary Fourth Fifth Sixth Not present
Frequency % Frequency % Frequency % Frequency % Frequency % Frequency % Frequency %

Green 18 20.22 9 10.11 2 2.25 2 2.25 1 1.12 1 1.12 56 62.92

Blue 39 43.82 6 6.74 2 2.25 1 1.12 41 46.07
Turquoise 1 1.12 6 6.74 3 3.37 79 88.76
Red 12 13.48 2 2.25 1 1.12 74 83.15
Pink 2 2.25 1 1.12 2 2.25 1 1.12 83 93.26
Purple 4 4.49 1 1.12 2 2.25 1 1.12 1 1.12 80 89.89
Brown 1 1.12 2 2.25 86 96.63
Orange 7 7.87 5 5.62 1 1.12 1 1.12 75 84.27
Yellow 2 2.25 2 2.25 1 1.12 84 94.38
White 1 1.12 88 98.88
Grey 3 3.37 1 1.12 85 95.51

Note. The percentages represent the relative frequencies according to the sample.
11
12
FIGURE 3 Frequency of main colours by industry [Colour figure can be viewed at wileyonlinelibrary.com]
Specifically, the Basic Materials, Industry, and Construction sector has
the lowest percentage in the preparation of this report (66.67%),
followed by the Technology and Telecommunications sector (75%).
Conversely, the companies that operate in the Oil and Energy,
Consumer Services, and Real Estate Services industries all prepare this
report in all the years analysed. There are no differences when we
analyse these practices for temporary periods in isolation because
the general practice of the companies by industry is not analysed
and corrected. The Technology and Telecommunications industry
improves its corporate transparency each year, and the Basic Mate-
rials, Industry and Construction sector increases slightly in 2017 to
go back in 2018 to the 2013 situation. Informative practices remain
stable during the three fiscal years considered for the rest of the
companies.
4.2 | Variables and analysis technique
Following Clarkson et al. (2009) and García‐Sánchez et al. (2016),
the information will be standardised according to the dissemination
of the indicators established in the guidelines of the Global
Reporting Initiative (GRI). Specifically, the inclusion of the indicators
established by the GRI G4 guidelines for 2013 and the GRI
Standards, applicable in 2017 and 2018, which involve reporting 91
and 73 indicators, respectively, were manually tabulated. Because
there are small differences in relation to the number of indicators
that companies must report, the percentage of indicators that
appear in the NFI will be used. In order to identify visual rhetoric
strategies in the NFI, we will artificially code the number of
indicators reported in a dummy variable that takes the value 1 if
the company reports 100% of the GRI indicators and takes the
value 0 otherwise. The inclusion of all indicators involves complete
and comparable information, free of biases, which obliges the
GARCÍA‐SÁNCHEZ AND ARAÚJO‐BERNARDO
company to reflect on the positive and negative aspects of its
performance.
In order to determine the visual rhetoric of the NFI disclosed, we
analyse the size and colour of the images and animations of the NFIs.
We consider both the number of images included in the NFI and their
size, distinguishing between whole page, half page, and less than half
page. The incorporation of images centres the attention of the reader,
increasing the report's attraction via size, and these categories of size
are the most usual (Hrasky, 2012). In order to determine the degree of
applicability of sizes within the NFI, we relativize their use on a scale
of 0 to 3, assigning the value of 3 to the use of the specific size as
the main size, 2 as secondary, and so on.
Following Courtis (2004), the frequency of colour application was
obtained by considering each page of the NFI in relation to images—
graphics and photographs—and animation. The frequency of occur-
rence was measured in two phases by two different people to ensure
the accuracy of the measurement performed. In order to determine
the degree of applicability of colours within the NFI, we relativize their
use on a scale of 0 to 6, assigning the value of 6 to the use of colour as
the main, 5 as secondary, and so on.
The methodology used for the analysis is based on the use of
numerical and visual descriptive statistics, as well as the estimation
of specific tests for the determination of similarities and differences
(Terrón‐Ibañez et al., 2019: Siueia & Wang, 2019). Specifically, we
will estimate frequencies, means, and standard deviations to
determine the level of normalisation of the NFI and the visual
communication practices used. These descriptive statistics will be
calculated for the overall sample and by annual and sector
segmentation. The Mann–Whitney U test will determine whether
or not there are differences in means for these segmentations,
allowing us to contrast the effect of coercive and mimetic pressures.
Graphics will be used to represent the visual rhetoric strategies
identified.
GARCÍA‐SÁNCHEZ AND ARAÚJO‐BERNARDO 13

TABLE 4 Descriptive for visual colour rhetoric

Panel A. Descriptive and difference of means by time period

Global 2018 2017 2013

Min. Max. Mean Dev. típ. Mean Dev. típ. Mean Dev. típ. Mean Dev. típ. Kruskal–Wallis

N° Colour 1 6 1.65 1.12 1.55 1.00 1.63 1.07 1.79 1.32 0.41
Green 0 6 1.91 2.62 1.45 2.41 2.27 2.74 2.04 2.73 1.48
Blue 0 6 3.08 2.91 3.19 2.96 3.13 2.99 2.89 2.87 0.16
Turquoise 0 6 0.54 1.54 0.65 1.72 0.50 1.53 0.46 1.37 0.17
Red 0 6 0.97 2.17 0.74 1.97 0.97 2.21 1.21 2.39 0.77
Pink 0 6 0.27 1.09 0.06 0.36 0.33 1.30 0.43 1.35 1.36
Purple 0 6 0.47 1.49 0.48 1.57 0.63 1.67 0.29 1.18 0.62
Brown 0 6 0.13 0.77 0.19 1.08 0.10 0.55 0.11 0.57 0.00
Orange 0 6 0.83 1.97 1.03 2.17 0.50 1.59 0.96 2.12 1.11
Yellow 0 6 0.28 1.19 0.35 1.38 0.10 0.55 0.39 1.45 0.51
White 0 4 0.04 0.42 0.13 0.72 0.00 0.00 0.00 0.00 1.87
Grey 0 6 0.26 1.20 0.19 1.08 0.20 1.10 0.39 1.45 0.62
Preferences for principal colour
General preference 1 6 4.83 1.45 4.87 1.46 4.93 1.41 4.68 1.52 0.59
Female preference 1 6 4.38 1.73 4.45 1.80 4.50 1.66 4.18 1.77 0.62
Male preference 1 6 4.65 1.71 4.58 1.86 4.83 1.58 4.54 1.71 0.59

Panel B. Descriptive and difference of means by industry

1 2 3 4 5 6 7
Industry
Dev. Dev. Dev. Dev. Dev. Dev. Dev. Kruskal–
Mean típ. Mean típ. Mean típ. Mean típ. Mean típ. Mean típ. Mean típ. Wallis

N° Colour 2.00 1.33 1.19 0.40 1.70 1.25 1.67 1.23 1.56 1.20 2.11 1.27 1.33 0.52 8.28
Green 3.33 2.70 0.94 2.02 2.40 3.10 1.67 2.57 0.94 2.01 3.11 2.98 1.00 2.45 13.26**
Blue 3.44 2.87 3.00 3.10 2.50 2.88 3.00 3.13 2.00 2.91 5.44 0.73 3.00 3.29 5.95
Turquoise 0.00 0.00 0.00 0.00 0.40 1.27 1.33 2.43 1.00 1.94 0.00 0.00 1.67 2.58 13.07**
Red 0.56 1.65 1.50 2.68 1.10 2.33 0.42 1.44 2.00 2.91 0.00 0.00 0.00 0.00 9.14
Pink 0.17 0.71 0.00 0.00 0.00 0.00 1.50 2.43 0.00 0.00 0.33 1.00 0.00 0.00 17.56***
Purple 0.72 1.81 0.75 2.05 0.00 0.00 0.50 1.73 0.22 0.94 0.78 1.56 0.00 0.00 4.37
Brown 0.17 0.71 0.00 0.00 0.30 0.95 0.00 0.00 0.33 1.41 0.00 0.00 0.00 0.00 3.31
Orange 1.78 2.60 0.00 0.00 1.70 2.75 0.00 0.00 1.00 2.30 0.78 1.56 0.00 0.00 12.05*
Yellow 0.00 0.00 0.38 1.50 0.50 1.58 0.00 0.00 0.44 1.34 0.67 2.00 0.00 0.00 3.95
White 0.00 0.00 0.00 0.00 0.00 0.00 0.33 1.16 0.00 0.00 0.00 0.00 0.00 0.00 6.42
Grey 0.00 0.00 0.38 1.50 0.00 0.00 0.00 0.00 0.28 1.18 0.00 0.00 2.00 3.10 14.22**
Preferences for principal colour
General 5.17 0.99 4.81 1.56 4.80 1.14 4.92 1.88 4.50 1.30 5.22 1.30 4.17 2.48 4.11
preference
Female 4.67 1.41 4.50 1.86 4.10 1.52 4.75 1.91 3.83 1.72 4.78 1.72 4.00 2.45 4.37
preference
Male 4.94 1.39 4.31 2.02 4.90 1.10 4.75 2.26 4.28 1.64 5.11 1.62 4.50 1.98 3.77
preference

Note. Industry code: 1. Oil and Energy; 2. Basic Materials, Industry and Construction; 3. Consumer Goods; 4. Consumer Services; 5. Financial Services; 6.
Technology and Telecommunications; 7. Real Estate Services.
***p < .01.**p < .05.*p < .1.
14 GARCÍA‐SÁNCHEZ AND ARAÚJO‐BERNARDO

TABLE 5 Descriptive for visual image rhetoric

Panel A. Descriptive and difference of means by time period

Global 2018 2017 2013

Dev. Dev. Dev.

Min. Max. Mean típ. Mean Dev. típ. Mean típ. Mean típ. Kruskal–Wallis

Pages 36 444 201.1 99.65 210.81 101.72 209.93 106.43 180.89 89.90 1.48
Graph and photos pages (%) 0 92.7 35.63 24.21 31.514 20.780 34.148 23.65 41.79 27.73 2.15
Graphs pages 0 139 44.94 34.92 45.48 35.22 44.43 37.05 44.89 33. 0.30
Graphs pages (%) 0 76 24.98 17.91 24.26 17.47 24.41 19.93 26.37 16.63 0.53
Photos pages 0 81 20.26 22.24 16.26 18.87 20.00 22.74 24.96 24.91 1.63
Photos pages (%) 0 45.7 10.65 11.58 7.250 7.762 9.73 9.39 15.42 15.41 3.27
N° graphics size 0 3 1.27 0.57 1.35 0.66 1.33 0.61 1.11 0.42 3.46
Graph page size 0 3 1.22 1.44 1.29 1.46 1.33 1.47 1.04 1.43 0.69
Graph ½ page size 0 3 1.43 1.37 1.48 1.33 1.53 1.33 1.25 1.48 0.35
Graph <½ page size 0 3 0.82 1.29 .84 1.29 0.73 1.28 0.89 1.34 0.19
N° photo size 0 2 0.88 0.49 .87 0.62 0.90 0.48 0.86 0.36 0.11
Photo page size 0 3 0.09 0.49 .16 .63 0.10 0.55 0.00 0.00 1.84
Photo ½ page size 0 3 0.45 1.05 .45 1.06 0.47 1.07 0.43 1.07 0.04
Photo <½ page size 0 3 2.02 1.39 1.87 1.43 2.07 1.39 2.14 1.38 0.89

Panel B. Descriptive and difference of means by industry

1 2 3 4 5 6 7
Industry
Dev. Dev. Dev. Dev. Dev. Dev. Dev.
Mean típ. Mean típ. Mean típ. Mean típ. Mean típ. Mean típ. Mean típ. Kruskal–Wallis

Pages 281.72 93.71 158.13 77.34 229 99.93 181.08 43.51 143.94 52.44 227 97.48 200 188.38 22.75***
Graph and 40.98 17.91 36.31 19.93 31.34 23.23 32.17 26.55 44.54 28.55 18.50 24.22 30.84 28.17 9.23
photos
pages (%)
Graphs pages 79.44 36.90 42.75 40.26 43.00 33.91 33.33 25.74 38.33 18.86 21.78 21.12 28.33 20.92 20.99***
Graphs pages 30.31 13.74 24.91 15.96 21.12 16.19 21.17 17.81 32.63 22.28 11.18 13.41 20.90 18.87 12.36**
(%)
Photos pages 30.33 28.77 16.31 19.73 25.00 24.23 20.17 24.63 16.72 18.09 14.67 17.31 11.83 9.77 3.87
Photos pages 10.67 9.38 11.39 13.98 10.22 9.02 11.00 13.81 11.91 13.25 7.32 11.08 9.94 9.41 1.73
(%)
N° graphics 1.22 0.43 1.63 0.72 1.40 0.70 1.08 0.51 1.28 0.46 1.00 0.50 1.00 0.63 9.81
size
Graph page 0.61 1.20 1.63 1.50 1.10 1.45 1.75 1.54 1.94 1.43 0.33 1.00 0.33 0.82 16.57***
size
Graph ½ 1.83 1.38 1.38 1.31 1.60 1.43 1.08 1.38 1.11 1.32 0.89 1.36 2.50 1.22 9.3
page size
Graph <½ 1.00 1.46 1.13 1.31 1.00 1.33 0.25 0.87 0.50 1.15 1.67 1.58 0.00 0.00 11.91**
page size
N° photo size 0.89 0.32 0.88 0.50 1.00 0.67 1.00 0.60 0.83 0.51 0.67 0.50 0.83 0.41 2.95
Photo page 0.00 0.00 0.19 0.75 0.50 1.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10.87**
size
Photo ½ page 0.17 0.71 0.94 1.44 0.20 0.63 0.75 1.36 0.28 0.83 0.67 1.32 0.00 0.00 7.51
size
Photo <½ 2.50 1.15 1.44 1.50 2.10 1.45 2.08 1.31 2.17 1.38 1.33 1.58 2.50 1.22 8.6
page size
GARCÍA‐SÁNCHEZ AND ARAÚJO‐BERNARDO 15

Panel C. Frequencies for use and size combination

0 1 2 3

Freq. % Freq. % Freq. % Freq. %

N° graphics size 4 4.49 59 66.29 24 26.97 2 2.25

N° photo size 17 19.10 66 74.16 6 6.74
Principal Secondary Tertiary Not present
Freq. % Freq. % Freq. % Freq. %
Graph page size 33 37.08 5 5.62 51 57.30
Graph ½ Page size 31 34.83 17 19.10 41 46.07
Graph <½ page size 21 23.60 4 4.49 2 2.25 62 69.66
Photo page size 2 2.25 1 1.12 86 96.63
Photo ½ page size 12 13.48 2 2.25 75 84.27
Photo <½ page size 58 65.17 3 3.37 28 31.46

Note. Industry code: 1. Oil and Energy; 2. Basic Materials, Industry and Construction; 3. Consumer Goods; 4. Consumer Services; 5. Financial Services; 6.
Technology and Telecommunications; 7. Real Estate Services.
***p < .01.**p < .05.*p < .1.

5 | BASIC DESCRIPTIVE RESULTS the NFI statements of companies that operate in the Basic Materials,
Industry, and Construction sectors, Financial Services, and Real

5.1 | The visual rhetoric of colour
In the analysis of visual colour rhetoric, we will consider the number of
colours used in the reports, the prevalence of each colour, and the
preference that different genders have for specific colours, as well as
in general. Table 3 shows that more than 64% of companies use a sin-
gle colour in their NFI, although this varies up to six different colours.
Blue is the most common colour for the main tone of the NFI
(43.82%), followed by green (20.22) and red (13.48). These results
are in line with DeLong and Goncu‐Berk (2012) and Barchiesi et al.
(2016) who found that green and blue were the colours most associ-
ated with CSR but that blue was the most appropriate colour for
clearly and credibly conveying a CSR message to stakeholders.
Figure 3 graphically reflects the use of the six colours in the NIFs
according to the frequency of their use by industry.
In order to determine the degree of applicability of colours within
the NFI, we relativize their use on a scale of 0 to 6, assigning the value
of 6 to the use of colour as the main colour, 5 as secondary, and so on.
In Table 4, it can be seen that on average, blue is most commonly used
(mean = 3.08 + 2.91), followed by green (mean = 1.91 + 2.62), red
(mean = 0.97 + 2.17), orange (mean = 0.83 + 1.97), turquoise (mean
= 0.54 + 1.54), and purple (mean = 0.47 + 1.49). At the opposite end
is white (mean = 0.04 + 0.42) and brown (mean = 0.13 + 0.77). No sig-
nificant differences between years were observed according to the
Kruskal–Wallis test.
Blue and green are used in all sectors of activity analysed. The rest
of the colours are present only in specific sectors. Significant differ-
ences in the level of application are observed for green, turquoise,
pink, orange, and grey by activity sectors.
Specifically, green, the second most commonly used by compa-
nies for their association with the environment, is less common in
Estate Services. Turquoise is most commonly used by companies in
the Consumer Services, Financial Services, and Real Estate Services
sectors. Pink is basically used by companies in the Consumer Ser-
vices sector, with a slight presence in the Oil and Energy industry
and Technology and Telecommunications. Grey is basically used by
companies in the Real Estate Services sector and occasionally in
the Basic Materials, Industry, and Construction and Financial Services
sectors. Orange is not used by companies in the Basic Materials,
Industry, and Construction, Consumer Services, or Real Estate
Services sectors.
On the other hand, these results reflect global preferences (aver-
age of general preference 4.83 out of 6) and gender preferences—male
preferences (average male preference 4.63 out of 6) versus female
preferences (average female preference 4, 38 out of 6)—although in
the Basic Materials, Industry, and Construction and Consumer Ser-
vices, we observe the opposite prevalence of male/female
preferences.
5.2 | The visual rhetoric of the image: Photographs
and graphics
Table 5 describes the use of photographs and images in the NFI. Panel
A shows that on average, integrated or CSR reports have approxi-
mately 200 pages, although this number can be doubled or reduced
to a sixth. The length of these reports does not differ over time,
although important differences are identified by sector, and Panel B
shows that the companies in the Oil and Energy, Consumer Goods,
Technology and Telecommunications, and Real Estate Services sectors
are, in this order, the ones that publish more extensive and above
average length reports.
16 GARCÍA‐SÁNCHEZ AND ARAÚJO‐BERNARDO

FIGURE 4 Visual rhetoric of images by industry [Colour figure can be viewed at wileyonlinelibrary.com]

36% of the NFI pages contain graphics and/or photographs. Spe- used, mainly half a page or an entire page in the case of graphics and
cifically, 25% of the pages, approximately 45, contain graphics and less than half a page for photographs. To determine the degree of
another 11%, 21 pages, contain photographs. A single size is generally applicability of these sizes, their frequency has been relativized on a
GARCÍA‐SÁNCHEZ AND ARAÚJO‐BERNARDO 17

TABLE 6 Descriptions for the standardization of information

Panel A. Descriptions and difference of means by time period

Global 2018 2017 2013

Min. Max. Mean Dev. típ. Mean Dev. típ. Mean Dev. típ. Mean Dev. típ. Kruskal‐Wallis

GRI 0 1 0.42 0.36 0.48 0.35 0.51 0.39 0.26 0.29 9.68***
ECO 0 1 0.42 0.41 0.51 0.39 0.54 0.40 0.19 0.34 15.82***
ENV 0 1 0.41 0.37 0.49 0.37 0.49 0.41 0.26 0.30 7.61**
SOCIAL 0 1 0.42 0.37 0.47 0.36 0.52 0.39 0.27 0.30 7.47**

Panel B. Descriptions and difference of means by industry

1 2 3 4 5 6 7
Industry
Dev. Dev. Dev. Dev. Dev. Dev. Dev.
Mean típ. Mean típ. Mean típ. Mean típ. Mean típ. Mean típ. Mean típ. Kruskal–Wallis

GRI 0.39 0.36 0.36 0.30 0.20 0.21 0.50 0.46 0.46 0.38 0.54 0.29 0.54 0.45 6.52
ECO 0.46 0.42 0.39 0.40 0.27 0.34 0.45 0.49 0.43 0.41 0.44 0.40 0.48 0.45 2.47
ENV 0.36 0.37 0.30 0.32 0.20 0.21 0.54 0.44 0.49 0.39 0.51 0.33 0.59 0.47 8.92
SOCIAL 0.40 0.36 0.40 0.31 0.19 0.21 0.48 0.48 0.44 0.40 0.58 0.29 0.51 0.45 7.73

Note. Industry code: 1. Oil and Energy; 2. Basic Materials, Industry and Construction; 3. Consumer Goods; 4. Consumer Services; 5. Financial Services; 6.
Technology and Telecommunications; 7. Real Estate Services.
Abbreviation: GRI, Global Reporting Initiative.
***p<.01.
**p<.05.
*p<.1.

TABLE 7 Segmentation for the standardization of non‐financial information

Panel A. Frequencies by time period

0 1

Freq. % Freq. %

DGRI Global 70 78.7 19 21.3

DGRI 2018 23 74.2 8 25.8
DGRI 2017 21 70 9 30
DGRI2013 26 92.9 2 7.1

Panel B. Descriptive and difference of means by industry

1 2 3 4 5 6 7
Industry
Freq. % Freq. % Freq. % Freq. % Freq. % Freq. % Freq. %

DGRI Global 4 22.2 1 6.3 0 0 5 41.7 5 27.8 2 22.2 2 33.3

DGRI 2018 1 16.7 1 20 0 0 2 50 2 33.3 1 25 1 50
DGRI 2017 2 33.3 0 0 0 0 2 50 3 50 1 33.3 1 50
DGRI 2013 1 16.7 0 0 0 0 1 25 0 0 0 0 0 0

Note. Industry code: 1. Oil and Energy; 2. Basic Materials, Industry and Construction; 3. Consumer Goods; 4. Consumer Services; 5. Financial Services; 6.
Technology and Telecommunications; 7. Real Estate Services
***p < .01.
**p < .05.
*p < .1.

scale of 0 to 3, where 0 represents the absence of the use of a certain absolute and relative terms with respect to the number of pages
size, 1 tertiary use, 2 secondary use, and 3 main use. The Kruskal– containing graphics, the extreme size of these graphics (one page
Wallis mean difference test identified a disparity between sectors in extension or less than half), and the use of the entire page size for
18
FIGURE 5 Colour range according to non‐financial information standardisation by industry [Colour figure can be viewed at wileyonlinelibrary.
com]
the photographs. Panel C shows that companies mostly combine two
size formats for photographs and, rarely, three graphic size formats.
Figure 4 shows that proportionally to the extension of the NFI, the
Financial Services, Petroleum and Energy, and Basic Materials, Indus-
try and Construction sectors incorporate a greater number of pages
with images, especially graphics. Of these sectors, the Financial Ser-
vices sector makes greater use of graphics with one page size, the
Petroleum and Energy use graphics of less than half a page in size,
and the Basic Materials, Industry, and Construction sector use both
sizes. The Oil and Energy and Real Estate Services sectors use half‐
page graphics.
In relation to photographs, with the exception of the Technology
and Telecommunications sector that has a lower use, its presence is
highly similar between industries; however, only the Consumer Goods
and Basic Materials, Industry, and Construction sectors include page
size photography.
5.3 | The normalisation of information
In this subsection, we will analyse the standardisation of the
information contained in the NFIs in accordance with the disclosure
GARCÍA‐SÁNCHEZ AND ARAÚJO‐BERNARDO
of the indicators established in the GRI G4 guidelines for 2013 and
the GRI Standards, applicable in 2017 and 2018. Because there are
small differences in relation to the number of indicators that
companies must report, 91 and 73, respectively, we will use the
relative measure of indicators disclosed, the percentage based on
the total by category and overall.
In Table 6, Panel A, it can be seen that on average, companies dis-
close 42% of the GRI indicators established in their guides. The
Kruskal–Wallis test shows that there are significant differences in
the analysed period, seeing a favourable evolution from 2013 to
2017 and a slight decrease and/or stability between 2017 and 2018.
These results suggest that the European Directive has played a role
in increasing transparency on social and environmental issues so that
national directives have not been necessary.
Panel B shows no significant differences in the policy of disclosure
of NFI between industries although the Technology and
Telecommunications, Real Estate, and Consumer Services sectors
together disclose more than 50% of the GRI indicators. At the
opposite extreme, the Consumer Goods sector only reports 20%.
Differences are mainly found in the environmental and social
indicators, with a slight greater normalisation in the economic
indicators. These percentages are in line with the evidence in other
GARCÍA‐SÁNCHEZ AND ARAÚJO‐BERNARDO 19

FIGURE 6 Image range and size according to non‐financial information standardisation level by industry [Colour figure can be viewed at
wileyonlinelibrary.com]
20 GARCÍA‐SÁNCHEZ AND ARAÚJO‐BERNARDO

works (i.e., Cubilla‐Montilla et al., 2019), contrasting the limited
comparability of the NFI issued between companies, especially if they
operate in different industries.
In order to analyse the standardisation of the information
contained in the NFI in greater detail, we will segment companies
based on whether or not they report all GRI indicators. In this sense,
we create a dummy variable, DGRI, that takes the value of 1 if the NFI
statement includes all GRI indicators, 0 otherwise. As can be seen in
Panel A of Table 7, only 26% of the 35 companies of the IBEX
disclosed all of the GRI indicators in 2018, although there is a growth
trajectory because this was 7% in 2013. 50% of the companies in the
Consumer Services and Real Estate Services sector reported all GRI
indicators in the most recently analysed years. None of the companies

FIGURE 7 Comparison by size of images according to the level of standardisation of the non‐financial information by industry
GARCÍA‐SÁNCHEZ AND ARAÚJO‐BERNARDO
in the Consumer Goods sector issue fully standardised information in
accordance with the recommendations of the GRI guidelines.
6 I M P RE S S I O N M A N A G E M E N T
| mation issued.
STRATEGIES
In previous subsections, we have identified differences in the use of
certain techniques of visual rhetoric in the NFIs at industry level,
which remain constant over time. On the other hand, we have seen
that there are inter‐annual differences in the level of standardisation
of the information issued that are common between sectors. Results
suggest that the increase in the standardisation of the information
TABLE 8 Impression management strategies through visual rhetoric technique
Global
Non‐standardised information
Wider colour range
Dispersion at the level of application of the colours
The blue and green tones related to CSR are present in all NFIs
Colours that are more generally preferred
Presence of graphics of all sizes
Preference for the use of larger graphics
Presence of photographs of different sizes
Oil and Energy
Blue, green, orange, purple, red, and pink colours
Basic Materials, Industry, and Construction
Blue, red, green, purple, and grey colours
Presence of photographs of all sizes
Consumer Goods
Green, blue, orange, red, brown, turquoise, and yellow colours
Presence of photographs of all sizes
Consumer Services
Turquoise, pink, green, purple, and blue colours
Financial Services
Blue, red, green, orange, turquoise, yellow,
brown, grey, and purple colours
Technology and Telecommunications
Blue, green, orange, purple, yellow, and pink colours
More limited use of larger graphics
Real State Services
Blue and green colours
No graphics less than half a page.
Prevalence of half‐page size graphics
Abbreviations: CSR, corporate social responsibility; NFI, non‐financial information.
21
reported has not modified the impression management strategies/
visual rhetoric that companies use. In this sense, it is interesting to
determine whether the different strategies of visual rhetoric at the
sector level differ according to the level of normalisation of the infor-
We will consider the segmentation between companies that dis-
close, or not, all the indicators recommended by the GRI guidelines
to identify the strategies of visual rhetoric according to the level of
standardisation of the information reported. Figure 5 shows important
differences in the use of colours between companies in the same
sector, depending on the level of comparability of the economic,
social, and environmental information disclosed. In general, firms that
disclose all GRI indicators use a smaller range of colours than those
Standardised information
Smaller colour range
Similarity in the level of application of the colours used
Promptly use of blue and green tones in NFIs for certain activity sectors
Slight lower use of colours with more general preference
Presence of one or two size graphics
Preference for the use of smaller graphics
Presence of photographs smaller than half a page
Green and orange colours
Yellow colour
More extensive reports on pages
Blue, green, pink, red, and white colours
Preference for the use of whole page size graphics
Red, blue, orange, and turquoise colours
Presence of graphics of all sizes
Preference for the use of whole page size graphics
Blue colour
Very few images, especially photographs
Grey and turquoise colours
More extensive reports on pages
22
companies that report less comparable information. There are also dif-
ferences regarding the colours used.
Figure 6 shows that there is a certain homogeneity in the extension
and use of graphics within the same sector, regardless of the level of
standardization of the information disclosed, although the companies
that disseminate more standardised information are more reluctant to
include photographs in their reports. On the other hand, there are dif-
ferent practices in the Real Estate Services and Technology and Tele-
communications activity sectors, depending on the normalisation of
the information reported. Similarly, companies that issue more compa-
rable information use a smaller number of graphic sizes and, in general,
a size equal to or less than half a page. Differences that are more signif-
icant in the case of photographs due to the NFIs of these firms incorpo-
rate photos with a size smaller than half a page or avoid including them.
Figure 7 shows the application of the size of the images in greater
detail using a comparison of graphics and photographs according to
the dimension of the whole page, half page, and less. Whole page
graphics are present in all reports from companies that provide less
standardised information and only in those that disclose standardised
information for the Consumer Services and Financial Services sectors.
In addition to observing that larger photographs and the use of various
sizes is more common in companies that provide less comparable and
relevant information, it is evident that this typology of companies in
the Basic Materials, Industry, and Construction and Consumer Goods
sectors issue full page photographs. Differences are most notable in
the Technology and Telecommunications sector, in which companies
that issue more standardised information do not incorporate images,
especially photographs.
Table 8 summarises the main differences between companies
according to the level of standardisation of the NFI, specifying several
particularities by sector.
Globally, our results extend the evidence of Hrasky (2012), identi-
fying different business objectives in the use of images by analysing
these strategies based on the size and colour of these images and their
relationship with the level of the standardization of the information. In
addition, we have observed that these strategies differ between
industries. In this sense, regarding the strategy focused on the use of
these techniques of visual rhetoric for print management, our results
confirm the previous empirical evidence, which has contrasted the
use of graphics as a strategy for manipulating the readers' perception
of the sustainability report. Authors like Jones (2002) and Cho et al.
(2012) identify a selectivity bias in the choice of plotted elements
towards portraying elements exhibiting favourable performance
trends, as well as the use of materially distorted graphics. Our study
complements these results for the structural dimension of the
graphics, contrasting that the companies that report less standardized
information include larger graphics that focus the reader's attention
towards biased information favorable to the firm. Also, our results
complement the previous empirical evidence demonstrating that the
photographs included in the CSR reports, in addition to aligning people
with artificial representations by including disconnected images with
information and business reality (Boiral, 2013), have higher structural
dimensions so that the reader does not focus their attention and does
GARCÍA‐SÁNCHEZ AND ARAÚJO‐BERNARDO
not remember the quantitative and qualitative information disclosed
by the company. In the case of the use of colours, it is the first paper
that analyses and identifies that firms use affective colours and their
juxtapositions in their CSR reports for persuasive communication pur-
poses. These results confirm the previous empirical evidence for finan-
cial statements (i.e., Courtis, 2004).
7 | CO NC LUSIO NS
The objective of this paper was to deepen the level of managerial dis-
cretion regarding policies for the disclosure of information in the area
of CSR, focusing on the analysis of impression management strategies
based on visual rhetoric and associated with the structural dimensions
of graphics and photographs, the colour of these images, and the ani-
mations in the document. We analysed 105 NFI statements from the
35 Spanish companies that are part of the IBEX 35 in 2018, 2017,
and 2013. This allowed us to determine the impact of the coercive
and mimetic pressures associated with the country and industry.
The results obtained allow us to talk about two different impres-
sion management strategies that are used by Spanish companies at
the sector level and with different levels of divergence/convergence
in the structural dimensions of size or colour.
There were no significant differences in the number of images
included in the NFI, although two different practices have been dem-
onstrated regarding the structural dimensions. In general, companies
that issue less standardised information use sizes larger than half a
page versus companies that report more relevant and comparable
information, which prefer the use of dimensions equal to or less than
half a page.
More specifically, in the case of firms with less standardised infor-
mation, the representation of information is carried out through differ-
ent graphic sizes that facilitate their distortion by using non‐zero axes,
broken axes, or non‐arithmetic scales, modifying the perception of
trends by the NFI reader. Conversely, the homogeneity in the size of
the graphics and the use of smaller scales are indicative of the diffi-
culty of transferring these practices to NFIs in the other category of
companies.
This last category of companies, in relation to the photographs,
showed a tendency towards the use of smaller and more uniform
sizes, oriented towards the attraction of a stakeholder's attention to
the company's performance, visually emphasising the numerical infor-
mation offered on the same page. Conversely, the use of larger sizes
suggests that companies that issue non‐standardised information
combine image and text to achieve a perception that differs from that
actually presented in the text, aligning people with artificial represen-
tations. There is thus a rhetorical use of photographs that are too large
to detract from other potentially more objective disclosures to allow
the social and environmental processes and results of these compa-
nies to be understood.
We again note the use of specific colours to achieve
predetermined impressions of the social and environmental
performance of a corporation. The use of a wider range of colours
by companies that issue non‐standardised information is a subtle
GARCÍA‐SÁNCHEZ AND ARAÚJO‐BERNARDO
form of persuasion, causing the reader to experience artificial feel-
ings associated with both the environmental and social dimensions
of business performance. It is a perception engineering practice that
differs from the other strategies that use a smaller number of colours
in order to lead the users' attention (without distractions) to impor-
tant informative elements with the aim that the readers remember
them. In other words, these are strategies with an instructive use
that allow us to clarify the identification and interpretation of the
information revealed.
We can confirm that companies that are less motivated by sustain-
ability adopt a more symbolic approach in their NFI, showing greater
discretion regarding the content and format of this reporting. They
disclose less standardised information, which makes it difficult to com-
pare them with other companies and to assess implications for corpo-
rate performance. There are numerous impression management
techniques in the NFI associated with the visual rhetoric of the image
and colour in order to persuade the user of the business commitment
to sustainability by evoking feelings and redirecting their thinking to
the idyllic image that managers of the company want to project. Con-
versely, the other companies issue adequate information to the GRI
recommendations, incorporating graphics and photographs that focus
the reader's attention on corporate performance in order to use this
information in their decision‐making processes, allowing companies
to obtain tangible and immaterial benefits.
We have seen that the pressures associated with the legal
system, although they are useful in increasing the level of
standardisation of the information reported, do not correct the
impressions given by management practices, perhaps as a result of
the discretion that companies have in the selection of the information
they disseminate and the important role that mimetic isomorphism
plays at the sector level.
Our contributions have important practical and theoretical implica-
tions. From the empirical point of view, our results contrast the exis-
tence of opposite business decisions regarding the use of impression
management techniques, each based on two theoretical frameworks
—the economic theories of information disclosure and the political
theory of legitimacy. Within corporate communication policies ori-
ented to differentiate the CSR performance of the firms from other
companies, the level of information standardization and the size and
colour of images can be used to emphasise items, identify or group
items of a related nature, and order items sequentially that allow the
readers to remember the firms' social and environmental behaviour.
This strategy has been supported in the economic theories. In con-
trast, less sustainable companies are seen to pursue symbolic legiti-
macy with the use of higher size and lots of colour of these images
and disclosing less standardized information. In addition, we have
observed that institutional pressures have a limited role on the correc-
tion of the latest engineering practices. These strategies differ
between industries like a consequence of mimetic isomorphism and
are not limited by national coercive pressures. From the practical point
of view, in addition to extending the postulates of economic and polit-
ical theories of information disclosure and specifying the role of insti-
tutional theory, the evidence obtained is of paramount importance for
23
international regulators regarding the need to establish the use of
international standards as mandatory in the preparation of NFI in
order to reduce managerial discretion.
Finally, this paper presents several limitations that must be taken
into account in future research. The first is related to the scope of
the empirical study referring to a sample of Spanish companies with
particular cultural characteristics, so it is necessary to verify whether
the results obtained are typical of this institutional environment or
are widespread worldwide. Second, future research should jointly con-
sider the size and colour of images with their content and distortion,
deepening the different dimensions of CSR.
ACKNOWLEDGEMENTS
The authors wish to acknowledge the financial support from the
Ministerio de Ciencia, Innovación y Universidades for the research
Project RTI2018‐093423‐B‐I00, the Ministerio de Ciencia e
Innovación for the research project ECO2013‐43838P and from the
USAL2017‐DISAQ project funded by the University of Salamanca.
Any errors included in this paper are the sole responsibility of the
authors.
ORCID
Isabel‐María García‐Sánchez https://orcid.org/0000-0003-4711-
8631
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How to cite this article: García‐Sánchez I‐M, Araújo‐
Bernardo C‐A. What colour is the corporate social responsibil-
ity report? Structural visual rhetoric, impression management
strategies, and stakeholder engagement. Corp Soc Resp Env
Ma. 2019;1–26. https://doi.org/10.1002/csr.1869