In this report, we attempt to evaluate the content of Japanese integrated reports issued by Japanese companies by textual analysis. We propose a simple evaluation model for Japanese integrated reports based on word2vec. Based on the observation of evaluation scores by the model, it is confirmed that the average quality of contents of Japanese integrated reports has been improving year by year. Furthermore, the level and the difference from the previous year of the scores show consistent relationship with the results of existing external evaluations by professional investors.
