The annual reports of the 40 companies identified as producing CER in 2002 were
collected. Although disclosure could take various means, only annual reports are
examined, since:
. the annual report is a statutory report which is produced regularly;
. the annual report is a mandatory document which all companies are required to
prepare;
. the annual report can be easily available;
. the annual report is widely recognized as the principal means for corporate
communications; and
. the previous researchers had used annual reports as a means to identify CSR and
environmental reporting (Gray et al., 1995; Ernst & Ernst, 1978)