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This paper discusses the developing history of employing R2 as the measurement of information environment and recent critique around this methodology.Through literature review approach,we summarized the application of R2 methodology both in firm-specific level and cross-country level in the past two decades.Recent research indicates that R2 method is inefficient to evaluate the firm-specific information at a cross-country level.Hopefully,this critique perspective will simulate future studies to develop a more comprehensive approach to measure the information environment.