Integrated reporting at a crossroads: A systematic review of research trends, framework limitations, and a refined multi-capital disclosure model

Corporate reporting has advanced swiftly in rejoinder to stakeholder demands for transparency and non-financial information. Integrated reporting (IR) blends financial and non-financial data, promotes integrated thinking, and delivers as a strategic mechanism for value creation. This study systematically reviews 39 Scopus-indexed studies (2010–2025) to chart how IR research has changed, over the years, synthesize trends, and identify gaps. Examining IR's evolution, pointing out the shortcomings of conventional frameworks, and putting forth an improved model that includes multi-capital disclosure, quantitative ESG measurements, stakeholder involvement, and forward-looking reporting are the goals. Results show that IR improves governance, long-term business performance, and stakeholder trust. Research has progressed from early conceptual studies to empirical analyses and recent reviews emphasising ESG integration, value creation, and capital market impacts. High-quality IR improves investor outcomes, while firms increasingly adopt multi-capital reporting, though some areas remain under-disclosed. Current research focuses on tangible impacts rather than adoption alone. Methodologically, empirical studies dominate, with fewer systematic reviews and conceptual frameworks, highlighting both sturdy evidence and areas for theoretical development. Overall, this study presents a refined IR framework integrating strategy, ethics, governance, and stakeholder alignment, offering actionable insights for improving corporate reporting and guiding future research globally.