Internalization of Negative Externality through Integrated Reporting : Management of Natural

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  • 統合報告書による外部不経済の内部化 : 自然資本等のマネジメント
  • トウゴウ ホウコクショ ニ ヨル ガイブ フケイザイ ノ ナイブカ : シゼン シホン トウ ノ マネジメント

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The Capitals (stocks of value) are categorized in the International Integrated ReportingFramework as financial, manufactured, intellectual, human, social and relationship, and natural capital. They are increased, decreased, or transformed through the activities and outputs of the organization. Through disclosure of that information, stakeholders, including investors, can possess in-depth knowledge in sustainable business management. Meanwhile, approaches to evaluate economic impacts of natural capital are recently becoming active as a worldwide trend, along with trying to reveal the impacts of natural capital through evaluating the effects of the activities of economic entities (enterprises and governments, etc.). In light of these circumstances, in this paper, I discuss international trends in recent years and the applicability to business of natural capital accounting,and I consider the possibility of incorporating natural capital accounting in integrated reporting. That is, I discuss the expansion potential of quantitative and qualitative disclosure of externality management on natural capital, etc., in integrated reporting, based on the theoretical framework for disclosure that discipline companies and managers to enjoy social legitimacy, through market discipline by institutional investors pursuing sustainablecorporate value, on the basis of social pressure from NGOs which consist of citizenconsumers.

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