2026-03-13T04:35:26Z https://icu.repo.nii.ac.jp/oai

oai:icu.repo.nii.ac.jp:00000059 2023-10-04T04:29:00Z 12:26:19:20

Toward Mandatory Environmental Disclosure for Capital Markets: Discussion and Empirical Evidence from Japan Toward Mandatory Environmental Disclosure for Capital Markets: Discussion and Empirical Evidence from Japan Azuma, Kentaro 63 Miyazaki, Nobuyuki Increasing demand for environmental disclosure by capital markets has amplified discussions calling for mandatory environmental disclosure. Toward mandating, capabilities and shortcomings of current voluntary environmental reporting must be clarified from an investor’s perspective. The authors carried out extensive empirical research in Japan, one of the most advanced countries in the world in terms of environmental reporting. Global information vendors are currently practicing a promising approach that enables investors to utilise environmental data disclosed voluntarily. Relying on their approach, the authors developed an environmental database that covers 185 companies in the Nikkei Index. This paper uses the information in this database to discuss the capabilities and shortcomings of voluntary environmental disclosure. The database enables investors to undertake simple analysis, but blanks and discrepancies in boundaries damage the comparability and reliability of the data. These fundamental shortcomings stem largely from the adverse incentive: the more a company is engaged in environmental reporting, the worse it could appear in the database we developed. In contrast to the fact that an “invisible hand” could increase the number of sustainability reports published voluntarily, the adverse incentive faced by companies indicates that policy-making in the area of environmental disclosure may become more vital in the future. departmental bulletin paper 国際基督教大学 2013-09-01 application/pdf 社会科学ジャーナル 76 55 66 04542134 https://icu.repo.nii.ac.jp/record/59/files/No76Azuma_Miyazaki.pdf https://doi.org/10.34577/00000054 https://icu.repo.nii.ac.jp/records/59 open access