@article{oai:icu.repo.nii.ac.jp:00000059,
 author = {Azuma, Kentaro and Miyazaki, Nobuyuki},
 issue = {76},
 journal = {社会科学ジャーナル},
 month = {Sep},
 note = {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.},
 pages = {55--66},
 title = {Toward Mandatory Environmental Disclosure for Capital Markets: Discussion and Empirical Evidence from Japan},
 year = {2013}
}