摘要：Understandability is a fundamental feature so that the information of narrative character is communicated effectively and thus it is useful to the users. The absence of this quality in the information can be derived from, in the preparation of the message, the bad news are darkened of deliberate way. The aim of this paper is to analyze the use of clarity, understandability surrogate, as a way of altering the neutrality of the Spanish listed companies director`s report. In order to do this, we have conducted a descriptive and multivariate analysis of 316 reports, using both manual and computerized methods to develop our dependent variables. The results of this study show that the director´s report can be made more readable and comprehensible to users, and point to the possibility that companies use obfuscation and manipulation technique narrative information.
