Corporations are expected to be transparent on their sustainability impact and keep their stakeholders informed about how large the impact on the environment is, as well as their work on reducing the impact in question. The transparency is accounted for in a, usually voluntary, sustainability report additional to the already required financial report. With new regulations for mandatory sustainability reporting in Sweden, comprehensive and complete guidelines for corporations to follow are insufficient and the reports tend to be extensive. The reports are therefore hard to assess in terms of how well the reporting is actually done. The Sustainability Reporting Maturity Grid (SRMG) is an assessment tool introduced by Cöster et al. (2020) used for assessing the quality of sustainability reporting. Today, the assessment is performed manually which has proven to be both time-consuming and resulting in varying assessments, affected by individual interpretation of the content. This thesis is exploring how assessment time and grading with the SRMG can be improved by applying Natural Language Processing (NLP) on sustainability documents, resulting in a compressed assessment method - The Prototype. The Prototype intends to facilitate and speed up the process of assessment. The first step towards developing the Prototype was to decide which one of the three Machine Learning models; Naïve Bayes (NB), Support Vector Machines (SVM), or Bidirectional Encoder Representations of Transformers (BERT), is most suitable. This decision was supported by analyzing the accuracy for each model and for respective criteria in the SRMG, where BERT proved a strong classification ability with an average accuracy of 96,8%. Results from the user evaluation of the Prototypeindicated that the assessment time can be halved using the Prototype, with an initial average of 40 minutes decreased to 20 minutes. However, the results further showed a decreased average grading and an increased variation in assessment. The results indicate that applying NLP could be successful, but to get a more competitive Prototype, a more nuanced dataset must be developed, giving more space for the model to detect patterns in the data.

Sustainability reporting has been increasing in popularity in the last decade giving medium tolarge companies a tool to communicate with their users about their sustainability activity. Asglobalization and technology were introduced and increased in demand many violations startedby companies including human right violation, economic inequality, pollution, etc. Thisviolation led to different stakeholders demanding for companies be transparent and report ontheir sustainability activity through sustainability reporting.As sustainability reporting increased in popularity many challenges arose including a lack ofhomogeneity and comparability for the users and the firms themselves. Many standards andguidelines were created and are still being created to minimize the problem that firms,stakeholders, and auditors face. However, many standards and guidelines introduced lead tomaking the job of auditors more complex and harder as they must know and understand all thestandards available.Multiple studies were done regarding sustainability reports and the absence of one singleofficial standard. The studies explored the subject with interviews or case research tounderstand the consequence or effect that has on auditors and/or audit quality. Similar to thosestudies, this paper also follow the previous research by answering the following question thatwas posed by the authors: “What are the consequences of the absence of one single officialstandard in sustainability reporting on the audit quality?”. To answer this question, the authorsinterviewed 10 participants who work with auditing, accounting, and analyzing sustainabilityreports which helped the thesis with a practical contribution. Furthermore, the thesis alsocontributed to the knowledge by examining the results using Emergency Theory, LegitimacyTheory, and Complexity Theory. This thesis provides evidence regarding the consequence ofhaving multiple standards with low law requirements for sustainability reporting and why thereis a need for one single official standard.The findings of this thesis shows that auditors are face multiple challenges when it comes tonot having one official standard. The challenge affects the audit quality when auditingsustainability reports. The results show that sustainability is very multidimensional whichmakes the topic complex to auditors. Auditors also face the challenge of sustainability beingan emerging concept in the accounting domain which leads to not much research and theoriespresent to produce frameworks and standards for sustainability reports.

The purpose of this study is to explore if small businesses have the resources and competenciesto adopt corporate sustainability reporting directives at their current status. The theoreticalframework within the study was built by different concepts such as physical resources, financialresources and competencies, human resources and competencies, and organizational support.Qualitative research was chosen to be able to explore the study's nature. Semi-structuredinterviews were made to gather data that supported the aim as well as the objective. The fivesmall businesses that were included from the purposive sampling gave insights on whatresources and competencies they had to adapt CSRD.To be able to find the core categories, coding was used and inspired by grounded theory. Thecore categories that came forward were databases, sustainability knowledge, operationalefficiency, and organizational policies. The sampled data was analyzed together with thetheoretical framework to be able to answer the research question of the study. The analysiswithin the study gave the reader an understanding of whether small businesses have the neededresources and competencies to adopt CSRD. In conclusion, at the current status, small businessesdo not have the resources and competencies to adopt CSRD. However, by addressing these gapsan adoption of CSRD can be successfully implemented and enhance their sustainabilitypractices.

Background: In an era defined by urgent global crises such as climate change, businesses encounter multifaceted challenges alongside the imperative for sustainable development. The Corporate Sustainability Reporting Directive (CSRD) by the European Union (EU) in 2024 reflects a pivotal response to this pressing need. The purpose of the framework is to increase transparency and engage companies in sustainability actions. The defense industry is one sector with high confidentiality regarding data sharing. As stakeholders navigate this complex landscape, understanding the impact of CSRD preparation on sectors like defense becomes increasingly important.  Purpose: The purpose of this bachelor's thesis is to examine how the preparations for the Corporate Sustainability Reporting Directive (CSRD) influence the Swedish Defense Industry. The researcher employs the theoretical frameworks of "stakeholder theory" and “institutional theory” for this purpose.  Method: The research used a qualitative methodology, employing interviews with firms operating within the defense sector and with experts within the CSRD-field. The adoption of this methodological approach facilitates researchers and readers in attaining a holistic comprehension of the dynamics of the defense industry and the repercussions and impacts of the implementation of CSRD.   Conclusion: The results show the need for well-established preparation within companies in order to succeed with the implementation of CSRD. Findings show that a change in the infrastructure will be required within the Swedish defense industry to collect all information for sustainability reporting due to classified information. Additionally, the result of valuable communication is emphasized among the companies. Lastly, the stakeholders within the industry need to be included in the dialogue to increase awareness of expectations aligned with CSRD.

The new sustainability directive Corporate Sustainability Reporting Directive [CSRD] isdescribed as the biggest thing that has happened since International Financial ReportingStandards [IFRS] was implemented in the reporting world. A watered-down Non-FinancialReporting Directive [NFRD] will be given new strength through CSRD, which entails higherand stricter requirements for reporting companies to report sustainability information to, amongother things, improve comparability and credibility, and as a step on the way to equatingsustainability reporting with financial reporting. A common way of explaining CSRD at theagency is "GRI on steroids" as a synonym for the higher and more comprehensive requirementsof the directive.This study has been carried out as a case study and aims to create an understanding of auditfirms' perceptions regarding the new sustainability directive CSRD and how they prepare forimplementation. But also, how audit firms are involved in the interpretation and design of thedirective. More precisely, the study has been carried out as a case study of the audit firm KPMG.The purpose of the study has been achieved by first carrying out text analysis which consistedof, among other things, EU documents regarding CSRD, web pages and newspaper interviews.In addition to text analysis, an observation was also carried out which consisted of a webinarfrom European Accounting Association [EAA]. Finally, six interviews were conducted withsustainability experts from KPMG who have extensive knowledge in sustainable business andwho work proactively in the field. Institutional theory has been combined with the threedifferent methods to be able to produce analyses regarding agencies' perceptions about thedirective.In conclusion, the study demonstrates the impact of institutional pressures where there arepressures from different market players pulling in different directions. The institutionalpressures, which are exerted by for example the reporting companies, their stakeholders, andaudit firms, reflect the different players’ interests. Because of these pressures, KPMG needs toadapt its operations to the new directive in order to remain competitive on the market. KPMGis also involved in shaping what the final draft of the directive and the new standards will be,as they are part of the Förenade Auktoriserade Revisorerna [FAR] and the European FinancialReporting Advisory Group [EFRAG] that work to develop and interpret the directive. Becauseof this and the size of the firm, KPMG is able to exert pressure on the standard setters to shapethe final draft of the CSRD in accordance with KPMG’s interests.

The European Union entered into force the Corporate Sustainability Reporting Directive (CSRD), which represents a comprehensive framework to enhance transparency and accountability in corporate sustainability reporting. The study focuses on the organisational change processes and attitudes activated in the companies by the implementation of mandatory sustainability reporting under the CSRD. The study aims to provide insights into the practical adoption of the CSRD from an organisational change perspective. While prior studies have concentrated on more isolated aspects of CSRD implementation, this paper offers a holistic outlook on the entirety of the change processes involved. To achieve the goal, nine semi-structured interviews were conducted with sustainability professionals representing various organisations that are obligated to report under the CSRD in 2025 and 2026. This study develops an analytical framework combining Corporate Social Responsibility theory and Organisational Change frameworks. The results indicate that the CSRD serves as a catalyst for organisational change in all companies, regardless of their prior reporting practices. In managing this change, companies have to integrate sustainability and market concerns into their strategies.

This study contributes towards the ever-growing research field of sustainability reporting within the broader context of integrated reporting. Sustainability reporting is the integration of the environmental, social and economic aspects of an organisation in the communication with stakeholders. South Africa’s Johannesburg Stock Exchange (JSE) has taken a leading role in the drive for integrated reporting. The aim of the study was to determine the quality of sustainability reporting for the JSE listed firms post the introduction of listing requirements for integrated reporting. Reports of good quality enable stakeholders to make sound decisions from the reported information. The study was limited to sustainability reporting for JSE listed firms. The theoretical lens for the study is the stakeholder theory developed by Freeman (1984). The study analyses perceptions of sustainability practitioners on quality of sustainability reporting for JSE listed firms for the period of 2009 to 2017. In this study, the focus was to gain rich insights from sustainability practitioners involved in the sustainability reporting value chain of JSE listed firms. This included report preparers, report assurance providers, report users and other report critical reviewers. The recordings of the semistructured interviews undertaken in this study were transcribed verbatim and analysed using a descriptive analysis technique called Tesch’s coding. The researcher reviewed the information, probed and summarised the main themes that emerged from the qualitative research. The study shows that there are no explicit mandatory requirements for integrated reporting and sustainability reporting for JSE listed firms, contrary to the perception of some scholars and practitioners. The publication of integrated and sustainability reports is, however, now business best practice for firms on the JSE. Admittedly, this is partly because of King Codes recommendations of South Africa that promotes integrated reporting. Sustainability reporting has been improving over a nine-year period, but this cannot be solely attributed to the listing requirements. Basic interventions such as listing requirements for integrated reporting on the JSE and the shareholder compacts on South Africa’s State-owned companies, although not explicitly mandatory, have contributed in promoting integrated and sustainability reporting in South Africa. There are many drivers of sustainability reporting for JSE listed firms. These can be categorised as internal and external drivers. The internal drivers can also be regarded as critical success factors for sustainability reporting quality for JSE listed firms. The study revealed the dominance of the two drivers of sustainability reporting, namely stakeholder demands and the role of leadership in shaping sustainability reporting in the South African context. The combination of the two drivers on sustainability reporting for JSE listed firms confirms the assumptions of the stakeholder theory. In the process of determining the trends in reporting and the actual drivers for improved quality in reporting, the cross-cutting theme that emerged was that different organisations are in different stages of their reporting journey. There are early adopters and late adopters. Organisations that choose to be involved in integrated reporting and sustainability reporting experience a real journey of reporting, hence various organisations are at different stages depending when and how they commenced their reporting journey. The researcher coined that process “sustainability reporting life stages”. The study further found that there are many determinants for quality of sustainability reporting for JSE listed firms. The sustainability practitioners perceive quality from the view of the Global Reporting Initiative and Integrated Reporting Council frameworks, thus confirming the entrenchment of the two frameworks in the South African context. The best option assurance mechanism in the form of the Combined Assurance Model was observable in the better reporting sectors on the JSE and State-owned companies. The critical paths for sustainability reporting have been provided, indicating the need for sustainability leadership and stakeholder inclusiveness. / Business Management / D.B.L.

Från och med år 2024 kommer stora och vissa små/medelstora företag (SMEs) i EU bli hållbarhetsrapporteringsskyldiga enligt det nya EU-direktiv, Corporate Sustainability Reporting Directive (CSRD) (2022/2464/EU). Direktivet medför lagkrav på att företagen som omfattas ska rapportera om deras påverkan på människor, miljö och vilka ekonomiska risker samt möjligheter som kan uppstå till följd av klimatförändringar. Direktivet medför krav på företag att ställa om sina rapporteringsrutiner vilket innebär att de står inför stora utmaningar och implementeringsbarriärer. Denna studie presenterar och analyserar de utmaningar och möjligheter företag kan komma stå inför med det nya rapporteringskravet. Därav lyder studiens forskningsfrågor: Vilka externa möjligheter och hot kan företag tänkas möta till följd av CSRD? Vilka interna styrkor och svagheter kan företag tänkas identifiera till följd av CSRD? Hur påverkar tidigare kommunikation kring hållbarhet organisationens syn på utmaningar som uppstår vid förändringar i hållbarhetsarbete? Studien baseras på intervjuer från ett svenskt företag som omfattas av CSRD, Parks and Resorts (PRS). Intervjusvaren har genomgått en innehållsanalys med ett analytiskt ramverk baserat i SWOT-analys. Analysen visar att informanterna upplever utmaningar med datainsamling, resurser och kommunikation. Mot bakgrund av den tidigare forskningen visar studien att företags rutiner, resurser och befintliga praktiska hållbarhetsarbete hotas under implementeringsfasen. Studien visar att CSRD bidrar med möjligheter för företag att utveckla sitt långsiktiga hållbarhetsarbete, och öka statusen för hållbarhetsfrågor inom företag. Vidare visar studien att företag som har god kommunikation blir mer mottagliga för förändringar i hållbarhetsarbete, då det finns en acceptans, ett redan etablerat kontaktnät och ett hållbarhetsengagemang inom organisationen. Studien bidrar till forskningsläget genom att påvisa utmaningar företag kan uppleva vid implementering av ny lagstiftning, i detta fall CSRD. Studien visar också hur organisationers tidigare kommunikation kring hållbarhet påverkar dess anpassningsmöjlighet till externt pålagda krav som medför förändringar för företaget. Till skillnad från tidigare forskning visar denna studie att jämförbarhet i mätdata upplevs svåruppnått, och därav finns det en risk att CSRD inte uppfyller sitt syfte att öka transparens. / From the year 2024, large enterprises and some small/medium-sized enterprises (SMEs) in the EU will be obliged to report on sustainability according to a new EU directive, the Corporate Sustainability Reporting Directive (CSRD) (2022/2464/EU). The directive sets legal requirements that the companies covered must report on their impact on people, the environment and the financial risks and opportunities that may arise as a result of climate change (European Commission, u.å). The directive requires companies to change their reporting routines, which means that they face major challenges and implementation barriers (Ioannou & Serafeim, 2017). This study presents and analyzes the challenges and opportunities companies may face with the new reporting requirement. Hence the study's research questions are: What external opportunities and threats can companies face as a result of CSRD? What internal strengths and weaknesses can companies identify as a result of CSRD? How does previous communication about sustainability affect the organization's view of challenges that arise from changes in sustainability work? The study is based on interviews from a Swedish company covered by the CSRD, Parks and Resorts (PRS). The responses have been analyzed through content analysis with an analytical framework based on SWOT analysis. When compared to previous research, the study shows that companies' routines, resources and existing practical sustainability work are threatened during the implementation phase of the CSRD. The study shows that the CSRD can contribute to opportunities for companies to develop their long-term sustainability work and increase the status of sustainability issues within companies. Furthermore, the study shows that companies that have good communication become more resilient to changes in sustainability work, as there is acceptance, an already established network of contacts and a commitment to sustainability within the organization. The study contributes to research by identifying challenges companies may experience when implementing new legislation, in this case CSRD. The study also shows how organizations' previous communication about sustainability affects its ability to adapt to externally imposed requirements that bring about changes for the company. In contrast to previous research, this study shows that it is difficult to achieve comparability in climate-data, and hence there is a risk that CSRD does not fulfill its purpose of increasing transparency.

Titel: Hållbarhetsrapportering - En kvantitativ studie om företag som påverkas av de nya direktiven i årsredovisningslagen väljer att presentera sin hållbarhetsrapport i årsredovisningen eller i en separat publikation. Nivå: Kandidatuppsats i företagsekonomi, 15 HP Författare: Kristoffer Saglind & Egzon Selimi Handledare: Fredrik Hartwig Datum: 2019 – Januari Syfte: Syftet med studien är att undersöka om de svenska företag som påverkas av den nya reformen (SFS 2016:947) väljer att presentera sin hållbarhetsrapport i årsredovisningen eller i en separat publikation. Studien undersöker även om branschtillhörighet, antalet kvinnor i styrelsen och skuldsättningsgrad kan förklara om hållbarhetsrapporten presenteras i årsredovisningen eller i en separat publikation. Metod: Undersökningen utgår från den positivistiska traditionen och tillämpar en deduktiv ansats. För att besvara syftet har en kvantitativ forskningsstrategi tillämpats genom en innehållsanalys samt att hypoteser har utformats för att sedan testas i en regressionsanalys. Datainsamlingen för undersökningen har inhämtats från databasen Retriever där alla aktiebolag som påverkas av den nya lagstiftningen undersöks. Resultat & slutsats: Studiens resultat visar att 45,42% av alla de undersökta företagen väljer att placera sin hållbarhetsrapport i årsredovisningen medan 54,58% presenterar den i ett separat dokument. Vidare så finner studien ett positivt signifikant samband mellan 2 av de 28 undersökta branscherna och att integrera hållbarhetsrapporten i årsredovisningen. Studien finner även ett positivt signifikant samband mellan antalet kvinnor i styrelsen och att ha en integrerad hållbarhetsrapport. Skuldsättningsgrad visar inget signifikant samband i undersökningen. Examensarbetets bidrag: Studiens praktiska bidrag är att sannolikheten är högre att ett företag inkluderar hållbarhetsrapporten i årsredovisningen ju fler kvinnor som finns i styrelsen. Vidare så tenderar företag verksamma inom branscherna ”företagstjänster” och ”fastighetsverksamhet” att placera hållbarhetsrapporten i årsredovisningen. Det teoretiska bidraget är att det finns ett positivt signifikant samband mellan antalet kvinnor i styrelsen, och till viss del branschtillhörighet med att integrera hållbarhetsrapporten i årsredovisningen. Vidare fann faktorerna skuldsättningsgrad och företagsstorlek inte något signifikant samband och kan därför inte förklara något. Förslag till fortsatt forskning: Vi föreslår att vidare forskning bör undersöka huruvida andra faktorer kan förklara var ett företag väljer att placera sin hållbarhetsrapport. Vidare föreslår vi att vidare forskning bör undersöka hur det skiljer sig mellan olika länder där en liknande reglering finns. Denna undersökning bör då använda samma oberoende variabler för att studien skall bli jämförbar. / Title: Sustainability reporting - A quantitative study on how companies affected by the new directives regarding the annual report choose to present their sustainability report either in the annual report or in a separate document. Level: Bachelor thesis in Business Administration, 15 HP Author: Kristoffer Saglind & Egzon Selimi Supervisor: Fredrik Hartwig Date: 2019 – Januari Aim: The aim of the study is to investigate whether Swedish companies affected by the new reform (SFS 2016: 947) choose to present their sustainability report in the annual report or in a separate publication. The study also investigates whether industry affiliation, the number of women on the board and leverage can explain if the sustainability report is presented in the annual report or in a separate publication. Method: The study is based on a positivist philosophy and applies a deductive approach. In order to respond to the aim of the study a quantitative research strategy has been applied through a content analysis. Thus, hypothesis has been designed to then be tested in a regression analysis. Data collection for the survey has been retrieved from the database Retriever where all companies affected by the new legislation are being investigated. Result & Conclusions: The results of the study shows that 45.42% of all the companies investigated choose to place their sustainability report in their annual report, while 54.58% present it in a separate document. Furthermore, the study finds a positive significant correlation between 2 of the 28 investigated industries and integrating the sustainability report into the annual report. The study also finds a positive significant correlation between the number of women on the board and an integrated sustainability report. Finally, leverage show no significant correlation in the study. Contribution of the thesis: The practical contribution of the study is that the probability is higher that more women present on the board makes the probability higher that the sustainability report is included in the annual report. Furthermore, companies active in the sectors of "business services" and "real estate activities" tend to place the sustainability report in the annual report. The theoretical contribution is that there is a positive significant correlation between the factors number of women on the board, and to some extent the industry of the company in integrating the sustainability report in the annual report. Furthermore, the factors leverage and company size did not find any significant correlation and therefore can not explain anything. Suggestions for future research:  We propose that further research should investigate whether other factors can explain where a company chooses to place its sustainability report. Furthermore, we suggest that further research should investigate how it differs between different countries where a similar regulation exists. This study should then use the same independent variables to make the study comparable.

Syfte: Rapporteringspliktens effekt på kontroversiella företags utgivande av hållbarhetsinformation inom den hållbarhetsdimension de anses agera negativt inom är i stort sett outforskad. Syftet med studien har därför varit att undersöka om det finns något samband mellan obligatorisk hållbarhetsrapportering och mängden social hållbarhetsinformation som ges ut av socialt kontroversiella företag. Syftet har också varit att undersöka om det finns något samband mellan obligatorisk hållbarhetsrapportering och mängden miljömässig hållbarhetsinformation som ges ut av miljömässigt kontroversiella företag.  Metod: Studien antar en positivistisk forskningsfilosofi med en deduktiv ansats och longitudinell design med data som omfattar fem år för 23 stycken svenska kontroversiella företag. Studien har genomförts med en kvantitativ metod där primärdata samlats in genom en innehållsanalys. Studien är också baserad på sekundärdata som inhämtats från databasen Retriever. Insamlad data har sedan analyserats i statistikprogrammet SPSS genom deskriptiv statistik, korrelationstest och regressionsanalyser för att testa studiens hypoteser.  Resultat och slutsats: Studiens resultat påvisar inget signifikant samband mellan obligatorisk hållbarhetsrapportering och mängden social hållbarhetsinformation som ges ut av socialt kontroversiella företag. Studiens resultat påvisade däremot att det fanns ett signifikant positivt samband mellan obligatorisk hållbarhetsrapportering och mängden miljömässig hållbarhetsinformation som ges ut av miljömässigt kontroversiella företag. Teoretisk och praktiskt resultat: Studiens teoretiska resultat bygger vidare på forskningen om eventuella samband mellan obligatorisk hållbarhetsrapportering och mängden rapportering inom två olika hållbarhetsdimensioner (miljö och social) för två olika grupper av kontroversiella företag (miljö och social). Genom ytterligare empirisk forskning inom området utökas litteraturen då studien funnit resultat som både motsäger och bekräftar tidigare forskning. Studiens praktiska resultat ger även en indikation på hur effektiv regleringen av hållbarhetsrapportering är för socialt och miljömässigt kontroversiella företag.  Förslag till fortsatt forskning: Studiens population består av svenska kontroversiella företag som omfattas av obligatorisk hållbarhetsrapportering. Ett bredare perspektiv skulle därför kunna antas där andra länder eller branscher inkluderas för att se om resultatet som denna studie framställer även gäller dem. Studien identifierar också tydliga skillnader mellan socialt och miljömässigt kontroversiella företag, något som vidare forskning kan undersöka. / Aim: The effect that mandatory sustainability reporting have on disclosures regarding the negative sustainability area for companies operating in controversial industry sectors are widely unexplored. The pupose of this study has therefore been to investigate whether there is a relationship between mandatory sustainability reporting and the amount of social sustainability information disclosed by socially controversial companies. The purpose has also been to investigate whether there is a relationship between mandatory sustainability reporting and the amount of environmental sustainability information disclosed by environmentally controversial companies.  Method: The study adopts a positivist research philosophy with a deductive approach and longitudinal design with data covering five years for 23 Swedish controversial companies. The study is carried out with a quantitative method where primary data has been collected through a content analysis. The study is also based on secondary data obtained from the Retriever database. The data was then analyzed in the statistical program SPSS, which carried out descriptive statistics, correlationstest and regressionanalysis to test the hypotheses of the study.  Result and conclusion: The results of the study showed no significant relationship between mandatory sustainability reporting and the amount of social sustainability information disclosed by socially controversial companies. On the contrary, the results showed a significant positive relationship between mandatory sustainability reporting and the amount of environmental sustainability information disclosed by environmentally controversial companies.  Theoretical and practical result: The theoretical results of the study are further based on research regarding possible connections between mandatory sustainability reporting and the amount of reporting within two different sustainability dimensions (environmental and social) for two different group of controversial companies (environmental and social). Through further empirical research in this area, the litterature is expanded as the study has found results that both contradict and confirm previous research. The practical results of the study also give an indication of how effective the regulation of sustainability reporting is for socially and environmentally controversial companies. Suggestion for future research: The population included in this study consist of Swedish controversial companies that are covered by mandatory sustainability reporting. Further reasearch could therefore adopt a broader perspective where other countries or industries are included to see if the results obtained in this study also holds for these countries or industries. The study also identifies differences between socially and environmentally controversial companies. What these differences are due to and whether they have any statistical significance is something that further research can investigate since it was not the pupose of this study to further investigate this.