Volume 25, Issue 98 (10-2025)
refahj 2025, 25(98): 253-286 |
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Safaee far F, zeynali M, mohammadzadeh H, Ghaffari A. (2025). Components of the Integrated Reporting Model in Pension Funds of Social Security Organization. refahj. 25(98), : 9 doi:10.32598/refahj.25.98.4607.1
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URL: http://refahj.uswr.ac.ir/article-1-4401-en.html
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Introduction
This study aims to identify the key components influencing the design of an integrated reporting (IR) model within pension funds, with a focus on Iran’s Social Security Organization. It seeks to explore the causal, contextual, and intervening conditions, along with relevant strategies and expected consequences related to IR in pension funds. Given the unique financial complexity and social sensitivity of pension funds, the research addresses a significant gap in the literature by providing a tailored conceptual framework to enhance transparency, accountability, and public trust.
Method
An applied mixed-methods design was employed. The qualitative phase used grounded theory, collecting data via semi-structured interviews with twenty purposively selected experts, ensuring depth and relevance. Data were analyzed through open, axial, and selective coding, yielding five main thematic categories essential to the IR framework. In the quantitative phase, a questionnaire based on qualitative insights was administered to 210 pension fund employees and stakeholders. Reliability was verified through Cronbach’s alpha, data normality through the Kolmogorov-Smirnov test, and the structural validity of the conceptual model was assessed using Structural Equation Modeling (SEM) with LISREL software.
Integrated Reporting (IR) has emerged as a novel approach in organizational reporting, aiming to present both financial and non-financial information in a coherent and transparent manner. This framework seeks to enhance stakeholder decision-making, accountability, transparency, and sustainable value creation. Over recent years, integrated reporting has gained increasing attention from academics and professional bodies, leading to numerous studies in this domain.
In domestic research, Shaban (2022) examined two Iranian companies to evaluate the extent of their compliance with the International Integrated Reporting Council (IIRC) framework. The findings revealed that both companies still have a considerable gap in aligning with the standards. Although the study utilized real case examples, the limited sample size challenges the generalizability of its results. Similarly, Kamyabi et al. (2021) introduced the Value Added Statement as a suitable tool for achieving the objectives of integrated reporting. Furthermore, Mehtari et al. (2021) proposed a theoretical framework for integrated reporting, yet the lack of empirical validation within organizational contexts hinders its practical applicability.
Internationally, studies by Nishitani et al. (2020) & Delverlz et al. (2020), using content analysis, assessed the quality of integrated reports and concluded that the level of disclosure remains low in many cases, indicating the need to strengthen the reporting framework. Zehan and Christian also identified significant variations in the quality of IR disclosures and introduced criteria for measuring value creation. While their approach was innovative, the study was limited in addressing contextual, cultural, and organizational influences on IR quality.In the field of higher education, Hassan et al. (2019) in the UK, and Geramirad (2023) and Abolfathi (2023) in Iran, highlighted a growing trend toward the adoption of integrated thinking in university reporting. Nonetheless, due to structural differences between educational institutions and other entities, the generalizability of such findings to pension funds remains limited.Another notable study by Manes-Rossi et al. analyzed the extent of integrated reporting disclosure in European state-owned enterprises (SOEs) using quantitative methods. Although the study provided valuable insights into disclosure trends, it lacked an in-depth examination of cultural and structural factors. Likewise, Latorre et al. , in a study on Ukrainian companies, emphasized the role of accounting data in transitioning from traditional reporting to IR, underlining the need to modernize information systems. However, geographic and methodological constraints reduce the transferability of their findings.Despite the expanding literature on IR in both private and public sectors, there remains a notable research gap regarding pension funds, particularly in the Iranian context. Given the long-term service nature, financial complexity, and social sensitivity of such institutions, pension funds require a tailored and coherent IR model. Accordingly, the present study focuses on the Social Security Organization of Iran, aiming to identify and analyze the key factors influencing the development of an integrated reporting model. This research seeks to address the existing gap by providing a conceptual and practical framework to enhance transparency, accountability, and public trust in pension fund reporting processes.
Findings
Structural Equation Modeling results reveal significant positive relationships among key constructs. Causal factors strongly influence the core category, which in turn affects strategic dimensions. Contextual factors positively shape strategies, while intervening factors facilitate their implementation. Strategies have a direct, significant impact on outcomes, underscoring the need for careful strategy development and execution. Qualitative insights highlight that IR adoption is not only a managerial and institutional necessity but also a critical tool for enhancing transparency, public trust, and sustainability. Drivers of IR extend beyond legal mandates to encompass cultural, social, economic, and environmental concerns. Successful strategies emphasize transparency, impartiality, specialized human capital, robust information systems, and accessible reporting. Essential enabling conditions include citizen rights charters, legal requirements, strengthened infrastructures, clear conceptual models, and regulatory oversight. The outcomes of IR implementation include reduced information asymmetry, improved accountability, better forecasting, and institutionalized integrated thinking. Effective IR implementation requires strategic planning combined with supportive cultural, legal, structural frameworks and genuine managerial commitment. Thus, IR represents a fundamental mechanism for institutional transformation and long-term sustainability in pension funds.
Discussion
The study recommends employing the Analytic Hierarchy Process (AHP) in future research to systematically prioritize and rank the identified components, enabling more focused and rigorous investigations on the most critical factors affecting integrated reporting in pension funds.
EthicalConsideration
Authors’contributions:All authors have made substantial contributions to this study.
Funding:This study was not funded
Conflicts of interest: There was no conflict of interest between the authors in this article.
Abolfathi, H. A. (2023). Improving the quality of integrated reporting based on identifying effective factors in companies through meta-synthesis approach and quantitative analysis. Financial Accounting Researches, 15(57), 111–140. (in Persian)
de Villiers, C., & Sharma, U. (2020). A critical reflection on the future of financial, intellectual capital, sustainability and integrated reporting. Journal of Cleaner Production, 270, 122385.
Gerami Rad, R. (2023). Identifying integrated reporting indicators in universities. Human Resource Management Development Studies, 30(1), 114–148. (in Persian)
Hassan, A., Adhikariparajul, M., Fletcher, M., & Elamer, A. (2019). Integrated reporting in UK higher education institutions. Sustainability Accounting, Management and Policy Journal, 10(5), 844–876.
Kamyabi, Y., Mohseni Malki Restaqi, B., & Javadi Nia, A. (2021). The impact of non-financial and integrated reporting information on decision-making: Investment behavior with an experimental approach. (in Persian)
Mehtri, S. (2021). Identifying components and elements of integrated reporting with an emphasis on confirmatory factor analysis approach. Journal of Management Accounting Researches, 10(19), 171–203. (in Persian)
Nishitani, K., Unerman, J., & Kokubu, K. (2021). Motivations for voluntary corporate adoption of integrated reporting: A novel context for comparing voluntary disclosure and legitimacy theory. Journal of Cleaner Production, 322, 129027.
Shaban, S. (2022). Integrated human resource accounting and financial reporting. 8th International Conference on Management and Accounting Sciences, Tehran. (in Persian)
This study aims to identify the key components influencing the design of an integrated reporting (IR) model within pension funds, with a focus on Iran’s Social Security Organization. It seeks to explore the causal, contextual, and intervening conditions, along with relevant strategies and expected consequences related to IR in pension funds. Given the unique financial complexity and social sensitivity of pension funds, the research addresses a significant gap in the literature by providing a tailored conceptual framework to enhance transparency, accountability, and public trust.
Method
An applied mixed-methods design was employed. The qualitative phase used grounded theory, collecting data via semi-structured interviews with twenty purposively selected experts, ensuring depth and relevance. Data were analyzed through open, axial, and selective coding, yielding five main thematic categories essential to the IR framework. In the quantitative phase, a questionnaire based on qualitative insights was administered to 210 pension fund employees and stakeholders. Reliability was verified through Cronbach’s alpha, data normality through the Kolmogorov-Smirnov test, and the structural validity of the conceptual model was assessed using Structural Equation Modeling (SEM) with LISREL software.
Integrated Reporting (IR) has emerged as a novel approach in organizational reporting, aiming to present both financial and non-financial information in a coherent and transparent manner. This framework seeks to enhance stakeholder decision-making, accountability, transparency, and sustainable value creation. Over recent years, integrated reporting has gained increasing attention from academics and professional bodies, leading to numerous studies in this domain.
In domestic research, Shaban (2022) examined two Iranian companies to evaluate the extent of their compliance with the International Integrated Reporting Council (IIRC) framework. The findings revealed that both companies still have a considerable gap in aligning with the standards. Although the study utilized real case examples, the limited sample size challenges the generalizability of its results. Similarly, Kamyabi et al. (2021) introduced the Value Added Statement as a suitable tool for achieving the objectives of integrated reporting. Furthermore, Mehtari et al. (2021) proposed a theoretical framework for integrated reporting, yet the lack of empirical validation within organizational contexts hinders its practical applicability.
Internationally, studies by Nishitani et al. (2020) & Delverlz et al. (2020), using content analysis, assessed the quality of integrated reports and concluded that the level of disclosure remains low in many cases, indicating the need to strengthen the reporting framework. Zehan and Christian also identified significant variations in the quality of IR disclosures and introduced criteria for measuring value creation. While their approach was innovative, the study was limited in addressing contextual, cultural, and organizational influences on IR quality.In the field of higher education, Hassan et al. (2019) in the UK, and Geramirad (2023) and Abolfathi (2023) in Iran, highlighted a growing trend toward the adoption of integrated thinking in university reporting. Nonetheless, due to structural differences between educational institutions and other entities, the generalizability of such findings to pension funds remains limited.Another notable study by Manes-Rossi et al. analyzed the extent of integrated reporting disclosure in European state-owned enterprises (SOEs) using quantitative methods. Although the study provided valuable insights into disclosure trends, it lacked an in-depth examination of cultural and structural factors. Likewise, Latorre et al. , in a study on Ukrainian companies, emphasized the role of accounting data in transitioning from traditional reporting to IR, underlining the need to modernize information systems. However, geographic and methodological constraints reduce the transferability of their findings.Despite the expanding literature on IR in both private and public sectors, there remains a notable research gap regarding pension funds, particularly in the Iranian context. Given the long-term service nature, financial complexity, and social sensitivity of such institutions, pension funds require a tailored and coherent IR model. Accordingly, the present study focuses on the Social Security Organization of Iran, aiming to identify and analyze the key factors influencing the development of an integrated reporting model. This research seeks to address the existing gap by providing a conceptual and practical framework to enhance transparency, accountability, and public trust in pension fund reporting processes.
Findings
Structural Equation Modeling results reveal significant positive relationships among key constructs. Causal factors strongly influence the core category, which in turn affects strategic dimensions. Contextual factors positively shape strategies, while intervening factors facilitate their implementation. Strategies have a direct, significant impact on outcomes, underscoring the need for careful strategy development and execution. Qualitative insights highlight that IR adoption is not only a managerial and institutional necessity but also a critical tool for enhancing transparency, public trust, and sustainability. Drivers of IR extend beyond legal mandates to encompass cultural, social, economic, and environmental concerns. Successful strategies emphasize transparency, impartiality, specialized human capital, robust information systems, and accessible reporting. Essential enabling conditions include citizen rights charters, legal requirements, strengthened infrastructures, clear conceptual models, and regulatory oversight. The outcomes of IR implementation include reduced information asymmetry, improved accountability, better forecasting, and institutionalized integrated thinking. Effective IR implementation requires strategic planning combined with supportive cultural, legal, structural frameworks and genuine managerial commitment. Thus, IR represents a fundamental mechanism for institutional transformation and long-term sustainability in pension funds.
Discussion
The study recommends employing the Analytic Hierarchy Process (AHP) in future research to systematically prioritize and rank the identified components, enabling more focused and rigorous investigations on the most critical factors affecting integrated reporting in pension funds.
EthicalConsideration
Authors’contributions:All authors have made substantial contributions to this study.
Funding:This study was not funded
Conflicts of interest: There was no conflict of interest between the authors in this article.
Abolfathi, H. A. (2023). Improving the quality of integrated reporting based on identifying effective factors in companies through meta-synthesis approach and quantitative analysis. Financial Accounting Researches, 15(57), 111–140. (in Persian)
de Villiers, C., & Sharma, U. (2020). A critical reflection on the future of financial, intellectual capital, sustainability and integrated reporting. Journal of Cleaner Production, 270, 122385.
Gerami Rad, R. (2023). Identifying integrated reporting indicators in universities. Human Resource Management Development Studies, 30(1), 114–148. (in Persian)
Hassan, A., Adhikariparajul, M., Fletcher, M., & Elamer, A. (2019). Integrated reporting in UK higher education institutions. Sustainability Accounting, Management and Policy Journal, 10(5), 844–876.
Kamyabi, Y., Mohseni Malki Restaqi, B., & Javadi Nia, A. (2021). The impact of non-financial and integrated reporting information on decision-making: Investment behavior with an experimental approach. (in Persian)
Mehtri, S. (2021). Identifying components and elements of integrated reporting with an emphasis on confirmatory factor analysis approach. Journal of Management Accounting Researches, 10(19), 171–203. (in Persian)
Nishitani, K., Unerman, J., & Kokubu, K. (2021). Motivations for voluntary corporate adoption of integrated reporting: A novel context for comparing voluntary disclosure and legitimacy theory. Journal of Cleaner Production, 322, 129027.
Shaban, S. (2022). Integrated human resource accounting and financial reporting. 8th International Conference on Management and Accounting Sciences, Tehran. (in Persian)
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Received: 2024/10/2 | Accepted: 2025/09/6 | Published: 2025/10/4
Received: 2024/10/2 | Accepted: 2025/09/6 | Published: 2025/10/4
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