抄録
This paper discusses how corporate disclosure impacts the value of Japanese companies from the viewpoint of institutional investors. Japan’s Corporate Governance Code was first introduced in 2015, and has since been revised twice. The number of companies publishing corporate integrated reports increased from 10 in 2007 to 718 in 2021. The role of an integrated report is to reduce the cost of capital and increase corporate value through improved information disclosure. Corporate integrated reports are based on the question: What information do institutional investors require to best value the company? However, there is no research on what kind of integrated reports institutional investors find useful, due to the short history of integrated reports. This paper analyzes the integrated reports selected by GPIF by using quantitative text mining analysis. It finds that there is demand for clear messages by top management, and clear corporate KPIs using financial and non- financial information.
