The thesis conveys three discrete, yet interconnected, studies embracing issues revolving around the exploration of integrated reporting adoption and embeddedness using an institutional theory lens. Integrated reporting can be described as ‘a holistic and integrated representation of the company’s performance in terms of both its finance and its sustainability’ (King III, 2009, p. 54). The first study explores the mimetic, normative and regulative institutional factors, at both an organisational field (meso) and country (macro) levels, affecting the adoption of integrated reporting. Moreover, it provides a portrayal for the adoption of the new practice among corporations. The study uses a relatively large sample driven from the Global Reporting Initiative (GRI) report list and tests it empirically using panel data from 2002- 2010. The second study develops a measure to capture sustainability embeddedness in corporate reports and uses the measure to explore and describe sustainability embeddedness in the integrated reports. Additionally, indicators on sustainability embeddedness in the de facto GRI guidelines are highlighted in comparison to the measure developed. Finally, the third study explores the determinants of sustainability embeddedness in integrated reports using a decoupling lens. More specifically, the study examines the effects of integrated reporting age (as a proxy for early and late adoption), the level of reporting of GRI sustainability guidelines (GRI application level), report assurance and corporate governance on sustainability embeddedness in integrated reports. The study finds that the application of integrated reporting emerged in 2001 amongst only a few corporations in Europe and South America, and was spread among all continents by 2010. While mimetic and normative factors at a meso level were significantly related to integrated reporting adoption, regulative and normative factors at a macro level were found to be of limited association with integrated reporting adoption. Interestingly, corporate size, a firm characteristic control variable, was found to be negatively associated with IR adoption. Exploring sustainability embeddedness in integrated reports in the second study reveals that on average integrated reporters covered 54.4% of the indicators on sustainability embeddedness on the constructed index. Integrated reporters were found to show that sustainability is embedded in some aspects as stakeholder dialogue, executive members’ commitment to sustainability and developing measures to report on various environmental impacts. Conversely, integrated reporters conducting business as usual and prioritised financial aspects in others aspects as remuneration, promotion and appraisal, employee sustainability engagement and investor dialogue regarding sustainability. The results also show that there are great discrepancies in the levels of sustainability embeddedness coverage between integrated reporters. Sustainability embeddedness scores were found to decline, especially in the most recent years of adoption. Regression results in the third study did not find evidence that early adopters of integrated reporting had significantly higher sustainability embeddedness than later adopters. Additionally, corporate governance mechanisms were also unable to explain sustainability embeddedness scores, with the exception of the positive association between corporate two-tier boards and sustainability embeddedness. Embedding sustainability was found to be mainly associated with GRI application level. There was limited evidence to suggest that integrated reporters providing assurance for their reports had higher sustainability embeddedness scores. The studies, taken together, contribute to the body of literature on CSR adoption in general and the adoption of integrated reporting and its practices in particular. The studies also provide contribution and implications by testing institutional theory in a new context.

Oron för miljön och hållbarhet har ökat dramatiskt under de senaste åren. Men problem och frågor som rör kommunikation av hållbarhetsarbetet har förblivit obesvarade. Kritik har gjorts att hållbarhetsredovisning är vagt kopplat till verksamheten och att det inte finns ett samband mellan hållbarhetsredovisning och redovisningssystem. Som ett resultat av detta har en ny form av hållbarhetsrapporter utformats. Det underliggande syftet med den nya rapporteringsstrukturen är att integrera rapporteringen i företagens årsredovisning.Studien har ett jämförande perspektiv och kommer att fokusera på fyra branschledande företag. Två företag har redan integrerat sin hållbarhetsredovisning medan de andra två företagen har separata rapporter.Det övergripande syftet är att se hur och varför de utvalda företagen använder hållbarhetsredovisning och kvalitén på de uppgifter och åtgärder som vidtagits mot hållbarhet. För att analysera detta har vi använt följande frågor (1) Varför hållbarhetsredovisar företag? (2) Hur presenteras hållbarhetsinformation i företagens rapporter? (3) Hur behandlas företagens hållbarhetsmål?Den teoretiska delen av studien tolkar variationer i definitionen av företagens sociala ansvar. Därför har flera vetenskapliga artiklar om CSR studerats. Vi kom fram till att CSR som helhet bör ses som ett etiskt begrepp. CSR bör ses mot bakgrund av handling samt kommunikation av handling i form av tillförlitliga rapporter. Etiken bör inte vara bunden av kontext men handling och kommunikation av handling är. Vi har sedan studerat företagens väsentligaste händelser, påståenden, mål och annan information i rapporterna. Vi har sedan analyserat de insamlade uppgifterna och kom fram till att (1) Företagen ser lönsamheten i samband med hållbarhetsarbetet. Företagen med integrerade rapporter ser även hållbarhet som en del av lönsamheten. Vilket betyder att lönsamhet inte uppnås om inte hållbarhetsmål uppnås. (2) Företagen som använder integrerad rapportering har bättre koppling mellan sina mål och information kring målen. (3) Företagens mest fokuserade mål i hållbarhets-redovisningen visade sig vara utdelning, vilket kan anses problematiskt när det är ett kortsiktigt mål och hållbarhet bör ses över tid, på lång sikt. / Program: Civilekonomprogrammet

The purpose of this paper is to through a conceptual definition, outline the meaning of integrated reporting. The empirical study aims to identify the development of integrated reporting in terms of driving forces and participants. We also intend to identify and explain the effects of integrated reporting and to describe, analyze and create an understanding of what is required of companies and the challenges an application of integrated can bring. To achieve the purpose of this paper, we have formulated a central question; What is integrated reporting and what will this development mean for companies?  To answer the central question of this paper we have chosen to apply a qualitative approach with case studies as a research strategy. We have in the case study focused on four separate companies. The theoretical framework of this paper describes the stakeholder theory and legitimacy theory, which describes the relationship between the company and its stakeholders. The empirical study consists of two separate chapters; the perspective of experts and the corporate perspective of integrated reporting. In these chapters, we discuss and analyze the theoretical framework along with both of the empirical chapters. In the analysis we highlight and discuss the concept of integrated reporting, the driving forces of its development, problems and complications regarding the implementation of integrated reporting and the positive effects it can bring. The paper concludes that an integrated report should represent the company’s primary report, which includes all aspects of a company’s business. The company’s financial and non-financial factors are related to each other and therefore the company demonstrates its business in a comprehensible and transparent manner. The development of integrated reporting is driven by stakeholders as it is primarily the company’s stakeholders who require a transparent accounting that include the information about how the company works with sustainability. The main requirement for success with integrated reporting is considered a change in mindset, which has to start in top management. / Syftet med uppsatsen är att genom en begreppsbestämning redogöra för innebörden av begreppet integrerad rapportering. Uppsatsens empiriska undersökning syftar att redogöra för utvecklingen av integrerad rapportering genom att identifiera utvecklingens bidragande drivkrafter och aktörer. Vi syftar även att identifiera och förklara vilka konsekvenser integrerad rapportering får för företag samt beskriva, analysera och skapa förståelse för vad som krävs av företag och vilka utmaningar en tillämpning av integrerad rapportering kan innebära. För att uppnå uppsatsens syfte har vi formulerat huvudfrågan: Vad är integrerad rapportering och vad kan denna utveckling komma att innebära för företag?  För att besvara huvudfrågan har vi valt att tillämpa en kvalitativ metod med flerfallsstudier som forskningsstrategi där vi fokuserat på fyra fallföretag. Den teoretiska referensramen redogör för intressentteorin och legitimitetsteorin, vilka beskriver relationen mellan företag och dess intressenter. Den empiriska referensramen består av två empiriska kapitel; normgivarnas perspektiv samt företagens perspektiv av integrerad rapportering. Analyskapitlet sammanför den teoretiska referensramen tillsammans med de två empiriska kapitlen. De områden som diskuteras i analysen är innebörden av begreppet integrerad rapportering, de drivande faktorerna till dess utveckling, problematiken kring införandet av integrerad rapportering samt vilka positiva effekter integrerad rapportering kan medföra.  I uppsatsens slutsats konstateras att en integrerad rapport bör utgöra företagets primära rapport där de finansiella och icke finansiella faktorerna sätts i relation till varandra. Företaget demonstrerar därmed verksamhetens helhet på ett tydligt och transparent sätt. Utvecklingen av integrerad rapportering är intressentstyrd då det främst är företagets primära intressenter som efterfrågar en transparent redovisning som inkluderar företagets hållbarhetsfrågor.  Det huvudsakliga kravet för lyckas med en integrerad rapportering anses vara ett förändrat synsätt, vilket först och främst krävs i högsta ledningen.

The present study examines how legitimacy is created in consultants’ translation of the Integrated Reporting (IR) framework in a Swedish context. The aim was to understand which logics from the sociology of worth (SOW) the consultants’ translation of the IR framework will build on in making it a legitimate practice in a Swedish context. The study employed three aspects presented by Patriotta et al. (2011), where actors provide justifications in order to attain legitimacy, to describe the translation process. Boltanski and Thévenot’s SOW was applied to discern what logics that were present and compromised upon in the translation process to make the IR framework a legitimate practice in a Swedish context.  The present study mainly found the logics of fame, industrial and market, but other logics was also found in the process of making a legitimate translation of the IR framework by the consultants. Thus resulting in a broad compromise of logics, generating potentially vague and ambiguous statements of sustainability. If integrated reporting is the future for corporate reporting, then these dominating logics in the translation of the IR framework might set the tone for the sustainability reporting that will be spread by consultants in a Swedish context.

Syfte: Syftet är att studera statligt ägda företags inställning till integrerad redovisning och <IR> ramverket som publicerades i december 2013. Vidare är syftet att undersöka vad företagen tror ligger till grund för behovet av ett nytt sätt att redovisa, samt få en insikt i hur statligt ägda företag ser på en framtid för integrerad redovisning. Metod: En kvalitativ metod med semistrukturerade intervjuer har använts för att besvara studiens syfte. Empiri: Empirin har samlats in via sju intervjuer med respondenter från statligt ägda företag. De företag som medverkat är PostNord, Samhall, Green Cargo, TeliaSonera, Svensk exportkredit, Swedfund och Almi. Slutsats: De statligt ägda företag som deltagit i studien har en övergripande positiv inställning till integrerad redovisning och till <IR> ramverket. Företagen uppger att det funnits ett behov av att redovisa och förmedla en mer rättvisande bild av organisationen som helhet. Resultatet av studien visar vidare att <IR> ramverket innebär en del utmaningar och möjligheter samt att företagen tror på en framtid för integrerad redovisning. / Purpose: The aim is to study state-owned company's attitude to integrated reporting and the <IR> framework that was published in December 2013. Additional the purpose is to examine what the companies think is the basis for the need for a new way to report and gain an understanding how stateowned companies are thinking about the future for integrated reporting. Methods: A qualitative approach with semi-structured interviews were used to answer the purpose of the study. Empirics: The empirical data were collected through interviews with seven respondents from stateowned companies. The participated companies are PostNord, Samhall, Green Cargo, TeliaSonera, Swedish Export Credit, Swedfund and Almi. Conclusions: The state-owned companies that have participated in the study have an overall positive attitude towards integrated reporting and to the <IR> framework. The companies states that there has been a need to present and convey a more accurate picture of organizations as a whole. The results of the study show that the <IR> framework implies some challenges and opportunities and that the companies believe in a future for integrated reporting.

This paper deals with integrated reporting and its use in practice. The theoretical part consists of three areas. The first deals with the development of the corporate reporting from the 16th century to the present day and is further divided into periods of financial reporting, non-financial reporting and history of integrated reporting. Integrated reporting was created as a response to the increasing volume of corporate reports and the related reduction of their informative value. The second area deals with the presentation of the results of three studies that dealt with the application of integrated reporting in practice and the third area summarizes the key aspects of integrated reporting standard. The practical part deals with a comparative analysis of four integrated reports and its aim is to reveal best practice in the context of an approach to integrated reporting in practice and at the same time it serves as source of information for the final discussion, which formulates the limits of integrated reporting and recommends steps for its future development. The reports were selected based on their location in the charts of two institutions that prepares ranking of the best integrated reports, and were examined in terms of meeting the requirements in three areas according to standard IIRC.

This dissertation investigates whether a statistically significant relationship exists between a company’s corporate characteristics and the quality of its integrated report. The JSE Top 100 companies are used as the study population, with the Ernst & Young Excellence in Reporting ratings used as the framework for assessing integrated reporting quality. A multiple multivariate regression analysis was employed to assess the impact of ten company characteristics that were found to be prominent by other studies. The results show that firm size, board diversity, board independence and firms in the resource sector show a statistically significant positive association with components of integrated reporting quality as described in the Integrated Reporting Framework. The results suggest that firms with stronger adherence to good corporate practices, with firm board diversity and board independence as a possible indicator, are more responsive to the need for quality integrated reporting. Further, firms with greater accountability to stakeholders through their size of sector also appear to respond to this obligation through increased disclosures.

京都大学 / 0048 / 新制・課程博士 / 博士(経済学) / 甲第21291号 / 経博第579号 / 新制||経||286(附属図書館) / 京都大学大学院経済学研究科経済学専攻 / (主査)教授 徳賀 芳弘, 准教授 草野 真樹, 教授 藤井 秀樹 / 学位規則第4条第1項該当 / Doctor of Economics / Kyoto University / DFAM

Sustainability is one of the most important performance measurements in this fast changing business environment, as climate change and customer satisfaction is becoming real issues that managers have to face. Not only does it reflect the impact the company has on the economy, environment and society but also communicates corporate responsibility and smart business practices to the relevant shareholders. The Johannesburg Stock Exchange Limited (JSE) is the first global stock exchange to compel listed companies to integrate sustainability reporting with their annual report in the form of an integrated report. This requirement came into effect on 1 March 2010. It will enable managers to assess their organisation’s ability to create and uphold sustainability over the short, medium and long terms. It also allows managers and stakeholders to evaluate their business from a holistic perspective to report on a wider context of how it creates value for their shareholders and customers. The GRI identified the global challenges regarding sustainability reporting and launched their first Sustainability Reporting Framework in 2000 to clearly and openly report on relevant sustainability issues. The GRI also provide Sector Supplements that focuses on sector specific performance measurements. The balanced scorecard which celebrated its 20th anniversary in 2012, has been proven to be one of the most influential business management strategies of the last 20 years. Adjustments can be made to the traditional BSC by using an effective social responsibility framework, such as the GRI, to provide a sustainable balanced scorecard. It will express long-term organisational strategies, both financial and non-financial that is linked to sustainability. The oil and gas industry is a multifaceted, global industry and a key player in the South African economy, which has a fundamental impact on safety, health, environmental and social issues. The research was performed based on all the JSE listed companies in this industry based on an observational, ex post facto and descriptive research methodology. The integrated reports for both 2011 and 2012 were obtained and compared against the G3.1 Oil and Gas Sector Supplement indicators. It was found that selected oil and gas companies include sustainability issues in their integrated reports with a focus on social aspects. The contribution of the study was the development of a Sustainable Balanced Scorecard for the oil and gas industry. / MCom (Management Accountancy), North-West University, Potchefstroom Campus, 2014

Sustainability is one of the most important performance measurements in this fast changing business environment, as climate change and customer satisfaction is becoming real issues that managers have to face. Not only does it reflect the impact the company has on the economy, environment and society but also communicates corporate responsibility and smart business practices to the relevant shareholders. The Johannesburg Stock Exchange Limited (JSE) is the first global stock exchange to compel listed companies to integrate sustainability reporting with their annual report in the form of an integrated report. This requirement came into effect on 1 March 2010. It will enable managers to assess their organisation’s ability to create and uphold sustainability over the short, medium and long terms. It also allows managers and stakeholders to evaluate their business from a holistic perspective to report on a wider context of how it creates value for their shareholders and customers. The GRI identified the global challenges regarding sustainability reporting and launched their first Sustainability Reporting Framework in 2000 to clearly and openly report on relevant sustainability issues. The GRI also provide Sector Supplements that focuses on sector specific performance measurements. The balanced scorecard which celebrated its 20th anniversary in 2012, has been proven to be one of the most influential business management strategies of the last 20 years. Adjustments can be made to the traditional BSC by using an effective social responsibility framework, such as the GRI, to provide a sustainable balanced scorecard. It will express long-term organisational strategies, both financial and non-financial that is linked to sustainability. The oil and gas industry is a multifaceted, global industry and a key player in the South African economy, which has a fundamental impact on safety, health, environmental and social issues. The research was performed based on all the JSE listed companies in this industry based on an observational, ex post facto and descriptive research methodology. The integrated reports for both 2011 and 2012 were obtained and compared against the G3.1 Oil and Gas Sector Supplement indicators. It was found that selected oil and gas companies include sustainability issues in their integrated reports with a focus on social aspects. The contribution of the study was the development of a Sustainable Balanced Scorecard for the oil and gas industry. / MCom (Management Accountancy), North-West University, Potchefstroom Campus, 2014