Hållbarhet och hållbar utveckling är något som betraktas som högaktuellt i samhället i stort och är något som även fått ett stort fokus inom den svenska fastighetssektorn. Denna uppsats syftar till att utforska, skapa en bild av och jämföra hur företag i den svenska fastighetssektorn presenterar och kommunicerar sitt hållbarhetsarbete genom sin hållbarhetsredovisning. Jämförelsen och analysen kommer genomföras med grund i den teoretiska referensramen som består av ett antal teorier som behandlar legitimitet, intressenter, signalering och verksamhetsstyrning. Metoden som används består av en deduktiv ansats och en kvalitativ bruktextsanalys. Resultatet tyder på att det återfinns en övergripande likhet i vad som presenteras och kommuniceras bland de företag som utgjort en del i urvalet. Vilket troligen grundar sig i användningen av likartade eller samma standards som grund för respektive företagsredovisning, vissa standard används i sådan utsträckning att de i princip utgör praxis för hur hållbarhetsredovisning bör genomföras och vad den bör innehålla. Vidare finns lagkrav i form av till exempel ESRS och dess vidareutveckling i form av CSRD som sätter ytterligare krav på vad som ska finns med i företagens hållbarhetsredovisning. De mindre skillnader som identifierats inbegriper bland annat en viss skillnad i hur ingående och omfattande respektive företag i urvalet behandlar varje hållbarhetsaspekt, samt att det återfinns mindre skillnader i de nyckelintressenter som identifierats i vissa av företagen. / Sustainability and sustainable development are a highly discussed and prevalent topic in society as a whole, and something that has gained a large focus within the Swedish real estate sector as well. This bachelor thesis aims to compare, explore and create a picture of how companies within the Swedish real estate sector communicate their work with sustainability, and what they are presenting in their sustainability reporting. The comparison and analysis are made possible by the use of a framework based on theories dealing with legitimacy, stakeholders, signaling and management control systems. The scientific method used consists of a deductive approach and a qualitative content analysis of the companies’ sustainability reports.  The result of the study indicates that there to a large extent exists a similarity in what is presented and communicated by the companies that formed part of the sample. This is probably based on similar or the same standards being used as the basis for the respective company’s accounting, some standards are used to such an extent that they basically constitute practice for how sustainability accounting should be carried out and what it should contain. Furthermore, there are legal requirements in the form of e.g. ESRS and its further development in the form of CSRD as additional requirements for what must be included in the companies' sustainability reports. The minor differences identified include, among other things, a certain difference in how thoroughly and comprehensively each company in the sample treats each sustainability aspect, and that there are minor differences in key stakeholders identified in some of the companies.

Background and Problem: Sustainability reporting is a growing interest in today’s organizations and it is essential to report on non-financial matters. Many of the existing frameworks have been criticized for being used only of symbolical reasons which is why the concept of integrated reporting and the <IR> framework have been developed. One of the cornerstones in the <IR> framework is human capital which is one of the most valuable assets in an organization. Traditionally, employee costs have only been treated as an expense and there have been limited disclosures in corporate reports. In the current business world it is instead seen as an investment in human resources. Since previous studies have shown an increase of human capital disclosures when corporate reports become integrated, integrated reporting might be the solution to this problem. Purpose: The purpose of this study is to examine if there are differences in human capital disclosures between integrated reports and separate annual and sustainability reports in companies listed at OMXS30. Delimitations: This study’s empirical examination is limited to include the companies listed at Stockholm OMX30. Only corporate reports issued for the year 2014 are treated. Methodology: For this study a self-constructed disclosure scoreboard with human capital- related items has been used to collect data from the companies’ corporate reports. Also additional information beyond the pre-determined items has been collected to extend the data collection. Empirical Results and Conclusion: The results show that human capital seems to be a subject that is relatively little reported about. The integrated reporting companies do not disclose more information compared to non-integrated reporting companies. However, the results show that integrated reporting companies seem to have a more future-oriented focus and that the disclosures are more dispersed throughout the reports. It can be concluded that company sector and size do not affect the amount or type of information.

合理性理論認為，公司實際的環境績效必須與攸關公眾的期望一致，否則便出現合理性威脅。有合理性威脅的公司，必須向握有公司存續經營准駁權的攸關公眾揭露環境資訊，以合理化其永續經營的權利。為了探究管理當局公開環境揭露的誘因，本研究即根據合理性理論，以我國上市公司中合理性出現威脅的公司為對象，針對該等公司的年報環境揭露程度進行研究，探討攸關公眾之期望與公司年報環境揭露程度間的關係。 本研究之樣本係為60家過去環境績效表現不佳的上市公司，研究期間為民國89年，同時採用數量評估和品質評估兩種評分方式，在對資料之分配進行常態性檢定後，以Spearman等級相關和Mann-Whitney U test進行檢定。 實證結果顯示：（一）在敘述性統計方面，各公司均以「公開發行公司年報應行記載事項準則」所規定的應行記載事項為揭露架構，且多以表格或分點、逐項的方式進行說明，揭露項目雖然一致但揭露內容卻有各自表述的情形。若將數量和品質評估進行比較，染整業及染顏料業之揭露係以宣揚和美化性質的陳述為多，較少論及具體的環保措施，而石化業、化工業和鋼鐵業所揭露資訊的質和量則均高。（二）在假說檢定方面，年報環境揭露程度與平面媒體報導程度、公司規模、所有權結構成顯著正相關。食品、飼料及肥料業可能因為污染問題以及環保訴求略異於其他產業，故年報環境揭露程度顯著異於他業；石化業和化工業則可能因為長年積累的污染問題，使得攸關公眾關切甚殷，故受到合理性威脅的影響較大，其年報環境揭露程度亦顯著異於其他產業。綜合本研究的實證結果，以揭露品質進行的測試多為顯著正相關，較能支持合理性理論的推論，可見國內管理當局認為，當公司實際的環境績效不符攸關公眾之預期，在年報中採取較高程度的環境揭露品質能有助化解合理性威脅，以爭取公司之永續經營權利。 / Legitimacy itself has been defined by Lindblom（1994）as a condition or status which exists when an entity，s value system is congruent with the value system of the larger social system of which the entity is a part. When a disparity, actual or optional, exists between the two value systems, there is a threat to the entity，s legitimacy. Based on the social contract concepts described above, legitimacy theory posits that environmental disclosures（EDs） are made as reactions to disparities, which threaten the sustaining rights of corporations, between relevant publics， expectations and actual performance. In other words, corporations legitimize its existence through making EDs. This study，s objective was to investigate management，s motivations of publicizing EDs voluntarily based on the legitimacy theory. We sampled 60 listed companies which had unsatisfactory past environmental performance. We studied the relationship between their annual reports， ED levels and relevant publics， expectations. After coding these companies， EDs on their 2000 annual reports by using both quantity assessment and quality assessment, we tested hypotheses with Spearman rank-order correlation and Mann-Whitney U test. The results were summarized below. First, based on descriptive statistics, we found most companies， EDs were in compliance with the required disclosure items regulated by law. However, every company had its own interpretation of what each requirement really meant. Regarding the results of two methods of enumeration, the Dyeing industry，s quantitative disclosure levels were high but its qualitative disclosure levels were lower. Petroleum and chemical industries， disclosure levels were very high in terms of both methods. Second, hypothesis testing showed that annual reports， ED levels were positively correlated with the level of print media coverage, firm size, and ownership structure. In addition to food, feed and fertilizers industries, petroleum and chemical industries， ED levels were also significantly different from other industries. Additionally, the qualitative disclosure evidence presented more persuasive results than the quantitative one in our findings. The hypothesis that corporations facing more print media coverage on their environmental performance would legitimize their sustaining rights by making better quality environmental disclosures was supported.

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Despite being a fairly new concept, sustainable development is gaining more attention from social actors. The demand on companies to incorporate sustainable development practices is therefore increasing. Previous research has emphasized that companies are influential drivers of sustainable development practices and many claim to work actively with the issue, yet few have implemented such practices to a sufficient extent. Many companies who claim to be working actively with sustainable development were found to be uncertain of what it implies. Moreover, manufacturing companies tend to be greatly dependent on the consumption of raw material, energy and waste disposals and are therefore often affected by changes associated with sustainable development. Thus, the purpose of this study is to identify what drives manufacturing companies to commit to sustainable development practices.   In the field Management of Sustainable Development, previous research has neglected drivers of sustainable development in relation to managers’ differing interpretations of the concept, constituting a research gap. It has also been suggested by previous research to investigate sustainable development from an organizational perspective, thus this study investigates individual managers’ interpretations and what drives companies to adopt sustainable development practices. The following research question has therefore guided this study:   What drives manufacturing companies to adopt sustainable development practices and how do these drivers vary depending on managers’ interpretations of the term?   In order to investigate this phenomenon and fulfill the purpose of our study, a qualitative approach was deemed most suitable. Six manufacturing companies in Västerbotten County were interviewed using a semi-structured approach. In addition, a triangulation method was used, where official and organizational documents were collected from each participating company to complement the interview data and decrease subjectivity. The analysis of our empirical data resulted in a compiled analysis of the key findings, where we found that manufacturing companies in Västerbotten perceive sustainable development as an ambiguous term and interpret it differently but consider environmental factors as a central feature of the term. Furthermore, we can conclude that the adoption of sustainable development practices is facilitated by establishing a separate sustainable development strategy or incorporating sustainable development into the company’s general business strategy.

Syfte: Under de senaste åren har det skett ett fokusskifte i redovisningslitteraturen, från utgångspunkten att CSR-rapportering bedrivs för att vinna legitimitet och anseende, till att rapporteringen i huvudsak sker för att informera investerarna. Studiens syfte är att undersöka om motivet till CSR-rapportering på samma sätt som för litteraturen har förändrats i praktiken för företag mellan årtalen 2004-2014. Metod: Med grund i den positivistiska forskningsfilosofin har vår studie en hypotetiskt-deduktiv ansats med en deskriptiv-förklarande forskningsdesign och en longitudinell tidshorisont. I studien har vi använt oss av kvantitativ sekundärdata, insamlad från databasen Datastream. Studiens två urval har varit stora företag från å ena sidan USA och Kanada, å andra sidan 17 europeiska länder. Alla statistiska analyser - parade t-test och multipla regressioner - har utförts i statistikprogrammet SPSS. Resultat och slutsats: I vår första analys fann vi att det skett en signifikant ökning av CSR-rapporteringen mellan 2004 och 2014 för båda urvalsgrupperna. Våra två andra analyser visade på att legitimitetsmotivet hos företagen är oförändrat, medan styrkan på sambandet mellan CSR-rapportering och marknadsvärde är oförändrat eller har minskat i styrka, beroende på urvalskategori. Att en ökad rapportering inte nödvändigtvis leder till en ökad finansiell nytta, visar även det på att företag i praktiken inte följt samma motivskifte som litteraturen. Förslag till fortsatt forskning: Det område som tidigare studiers resultat skiljer sig mest kring är huruvida CSR-rapportering lönar sig ekonomiskt för företagen. Vår studie lämnar bidrag gällande detta, men mer studier behövs göras på området. Uppsatsens bidrag: Våra resultat visade att det fokusskifte som litteraturen genomgått inte motsvaras av ett skifte även i praktiken. Det är därmed lika viktigt för företagen med legitimitet 2014 som 2004. Vår första analys bidrar även med en kartläggning av rapporteringsomfattningen med över 630 observationer för två kontinenter. Slutligen bidrar vi med empiriska resultat som visar att CSR-rapportering korrelerar positivt med företagens marknadsvärde. / Title: CSR-reporting - from legitimacy towards market information? A comparison of the motives for sustainable reporting between accounting research and large corporations Aim: During recent years, there has been a shift in focus among accounting researchers, from the premise that CSR-reporting is primarily used for gaining legitimacy and a better reputation, towards the view that reporting is mainly used to inform investors. The aim of this study was to examine whether the motives for CSR-reporting for large corporations between the years 2004-2014, has shifted in the same way. Method: Our study has its basis in the philosophy of positivism, with a hypothetical-deductive approach and a descripto-explanatory purpose and a longitudinal time horizon. We have used quantitative secondary data from the database Datastream, from large companies in the US and Canada in one sample, and 17 European countries in the other sample. All our analyses - paired t-tests and multiple regressions - have been made using the statistical program SPSS. Result and conclusions: In our first analysis, we found that the CSR-reporting of the companies had increased significantly between the years 2004 and 2014. Our other two analyses showed that the companies’ motive for legitimacy was unchanged, while the strength of the correlation of the CSR-reporting and market value was unchanged or weakened, depending on the sample. Since an increase in reporting did not necessarily equal financial gain, these results also supported that the companies’ motive for reporting was not primarily about informing the market. Suggestions for future research: The area where the results of most previous studies differ most is whether CSR-reporting has any financial benefit for the company. Therefore, that area is still the one most in need of further studies. Contribution of the thesis: Our results showed that the accounting researcher’s shift in focus concerning the motives for CSR-reporting, did not correspond with a similar shift in the companies’ motives for reporting. Our first analysis also contributes with over 630 observations showing the extent of CSR-reporting in North America and Europe. Lastly, our study contributes with empirical data showing a positive correlation between CSR-reporting and market value.

Bakgrund Inför företagens bokslut år 2017 ska större företag även uppföra och presentera en hållbarhetsredovisning som komplement för de finansiella måtten. Företagen behöver dock inte följa regleringen om de förklarar varför. Undersökningar tyder ändå på brister i hållbarhetsredovisningen där informationen inte är komplett trots den nya regleringen. Genom systemorienterade teorier samt positiv redovisningsteori finns det förväntningar om hur företagens bolagsstyrningsmekanismer ska påverka hållbarhetsredovisningen. Syfte Syftet med studien är att förklara huruvida bolagsstyrningsmekanismer påverkar omfattningen av företags hållbarhetsredovisning. Metod Denna studie utgår från en deduktiv ansats med en kvantitativ metod. Hypoteser har formulerats utifrån systemorienterade teorier och positiv redovisningsteori kopplat till tidigare forskning om bolagsstyrning. Studien utgår från en tvärsnittsdesign där det empiriska materialet utgörs av sekundärdata och undersökts genom regressionsanalyser. Slutsats Studiens resultat visar att det finns ett signifikant samband mellan utländskt ägande och hållbarhetsredovisningens omfattning. Till skillnad från tidigare studier finns det även ett svagt negativt samband mellan en kvinnlig VD och omfattningen. Till sist visar studiens resultat att det finns positiva samband mellan kontrollvariablerna revisorns uttalande samt applicering av GRI och omfattningen, där GRI resulterade i starka samband. / Introduction Ahead of company´s annual account for year 2017, larger companies will also construct and present a sustainability report as a complement to the financial measures. However, the companies do not have to follow the regulations if they explain why. Surveys nevertheless indicate shortcomings in the sustainability report where the information is not complete despite the new regulation. Through system-oriented theories and positive accounting theory, there are expectations as to how companies' corporate governance mechanisms will affect the sustainability report. Purpose The purpose of this study is to explain whether corporate governance mechanisms affect the extent of corporate sustainability report. Method This study has a deductive approach with a quantitative method. Hypothesis has been formulated through system-oriented theories and positive accounting theory connect with earlier research about corporate governance. The study has a cross-sectional design where the empirical data consist of secondary data and then examined in regression analyzes. Conclusion The study's results show that there is a significant correlation between foreign ownership and the extent of the sustainability report. Contrary to previous studies, there is also a slight negative correlation between a female CEO and the extent. Finally, the study's results show that there are positive correlations between the control variables auditor's statement and the application of GRI and the extent, where GRI resulted in strong relationships.

O crescente número de empresas brasileiras que preparam e divulgam voluntariamente relatórios de sustentabilidade, bem como as motivações propostas pela Teoria da Legitimidade para a adoção dessa prática, causam questionamentos a respeito da idoneidade da informação oferecida. Dessa maneira, o presente trabalho investigou se os gráficos apresentados nos relatórios de sustentabilidade publicados por cinquenta empresas brasileiras de capital aberto foram utilizados como ferramentas para o gerenciamento de impressões, sendo manipulados de forma a melhorar a apresentação do desempenho obtido por essas organizações e auxiliar em seus processos de legitimação. A amostra final compreendeu 3.422 informações gráficas e as análises realizadas abrangeram duas formas de gerenciamento de impressões por meio do uso de gráficos abordadas na literatura: a seletividade e a distorção de medidas. Os resultados encontrados, embora explicativos, não forneceram evidências seguras de que os gráficos identificados foram empregados como ferramentas para o gerenciamento de impressão. Apesar da predominância da utilização de gráficos para a representação de notícias positivas e das distorções de medidas físicas identificadas, as evidências conduzem com maior segurança para a interpretação de que tais resultados decorrem de um despreparo e/ou desatenção dos responsáveis pela elaboração dos relatórios de sustentabilidade. / The growing number of Brazilian companies that voluntarily prepare and disclose sustainability reports, and the reasons proposed by the Legitimacy Theory for the adoption of this practice, lead to questions about the trustworthiness of the information offered. Thus, the present study investigated whether the graphs in sustainability reports published by fifty publicly traded Brazilian companies were used as tools for managing impressions, being manipulated in order to improve the presentation of the performance achieved by these organizations and assist in process of legitimation. The final sample consisted of 3,422 raphical information and the analyzes encompassed two forms of impression management through the use of graphs addressed in the literature: selectivity and measures distortion. The results, although explanatory, did not provide good evidence that the identified graphs were used as tools for managing print. Despite the prevalence of the use of graphs to represent positive news and distortions of physical measurement distortions identified, the evidence leads to more safely to the interpretation that such results derive from of a lack of both preparation and/or attention of those responsible for the preparation of sustainability reports.

Bakgrund och Problem: Hållbarhetsarbete blir allt viktigare för organisationer att ta hänsyn till för att möta intressenters krav och för att få legitimitet i samhället. Då hållbarhetsarbetet påverkar många delar av organisationen är det viktigt att arbetet integrerar alla dess delar. Idag är många organisationer aktiva med att implementera hållbarhetsarbete i verksamheten vilket ofta leder till att arbetssätten i organisationens olika enheter förändras. Syfte: Denna studie syftar till att få en djupare förståelse för hur hållbarhetsarbetet i butikerna förhåller sig till den koncerngemensamma hållbarhetsstrategin. Teoretisk referensram: Studien utgår från intressentteorin, legitimitetsteorin, möjlighet och risker samt informella och formella styrverktyg. Metod: En fallstudie har gjorts på tre dotterbolag tillhörande Axfoodkoncernen. Studien är utformad enligt en kvalitativ undersökningsmetod och har en abduktiv forskningsansats. Det empiriska materialet har samlats in via fem semistrukturerade intervjuer samt Axfoods hållbarhetsstrategi “Mat 2030” som är koncernens vision för de nästkommande åren. Slutsats: På operativ nivå är det dagliga arbetet påverkat av hållbarhetsarbetet. Ute på enheterna arbetar man med att lyfta fram hållbara produkter, källsortera, informerar kunder och minska matsvinn. Arbetet på operativ nivå i de olika butikskedjorna skiljer sig åt på grund av att de riktar sig till olika kundgrupper. Axfood skapar dock genom utbildningar en enighet kring värderingar vad gäller hållbart arbete genom koncernens enheter. Detta bidrar till en företagskultur som lägger stor vikt i hållbarhetsarbete med grund i samhälleligt ansvar och legitimitet snarare än ekonomisk vinning. Nyckelord: Hållbarhetsarbete, Operativ nivå, Styrverktyg, Intressentteorin, Legitimitetsteorin. / Background and Problem: Sustainability work is becoming increasingly important for organizations to consider meeting stakeholder demands and to gain legitimacy in society. As the sustainability work affects many parts of the organization, it is important that the work is integrated in all its parts. Today, many organizations are active in implementing sustainability work in the business, which often lead to changes in the way the organization's various units work. Purpose: This study aims to gain a deeper understanding of how the sustainability work in the stores relates to the Group-wide sustainability strategy. Theoretical reference frame: The study is based on stakeholder theory, legitimacy theory, opportunity and risks and management tools. Method: A case study has been conducted on three subsidiaries belonging to the Axfood Group. The study is designed according to a qualitative research method and have a deductive research approach. The empirical material has been collected via five semi-structured interviews and Axfood's sustainability strategy “Mat 2030” which is the Group's vision for the next few years. Conclusion: At operational level, the daily work is affected by the sustainability work. Out on the units, work is being done to highlight sustainable products, source sort, inform customers and reduce food waste. Work at the operational level in the various retail chains is different because they target different customer groups. Through training, however, Axfood creates an agreement on values regardingsustainable work through the Group's units. This contributes to a corporate culture that places great emphasis on sustainability work against social responsibility and legitimacy rather than financial gain. Key words: Sustainability work, Operational level, Management tools, Stakeholder theory, Legitimacy theory.

Environmental management accounting (EMA) is attracting increased recognition as a management tool that assists in improving financial and environmental performance through enhanced environmental accountability. Various industries have been included in EMA-related research and study, but universities have typically failed to be the focus of the attention. This research studied the experiences of key managers from five universities to explore potential factors influencing the decision to adopt, or not to adopt, EMA within the higher education sector. For the purpose of this study, EMA is defined as the generation, analysis, and use of monetary (or financial) and physical (or non-financial) environment-related information in order to improve organisational financial and environmental performance. The two objectives of this study were to understand current accounting practices for managing major environmental costs, and to identify factors influencing EMA adoption within universities. For the purpose of this study, the major environmental costs referred to are limited to the costs pertaining to the consumption of electricity, water and paper, and the generation of wastes. A case study methodology was followed using semi-structured interviews of key personnel with four different management functions (i.e. environmental management, management accounting, senior management, and heads of academic schools) within each university, and performing content analysis on the transcribed interview data. Specifically for achieving the second research objective, a theoretical framework that considers four theories was embraced to guide the data collection and focus the study. The four theories are contingency theory, institutional theory, legitimacy theory, and stakeholder theory. The findings of the first research objective revealed that there was a general lack of EMA utilisation within the case universities. This was in part due to a perceived lack of appreciation by key personnel of the extent of environmental costs being incurred, but arguably mainly because of the absence of relevant environmental cost information being brought to the attention of senior management. Although environmental sustainability was promoted as important from an environmental management perspective, efforts to improve internal environmental accountability, in particular from an accounting perspective, were still absent. In relation to the second research objective, it was found that five key barriers contributed to this lack of EMA utilisation within the five case universities, and they were attitudinal, financial, informational, institutional, and management barriers. Among the factors that provide further explanations about how each barrier influences EMA adoption, resistance to change, resource constraints, (a lack of) legitimacy considerations, and a lack of environmental responsibility & accountability were found to be strong factors, as they were supported in all of the five cases. Apart from the theoretical extension to this area of research, the results and findings of this study supported the uses and applications of EMA by the higher education sector. Much more can, and should, be done by universities in relation to how they account for the environment. This can provide benefits not only for the sector itself, but also for the environment in which we live.