Part II: Policy Inventory
In the Policy Inventory section we compile an
exhaustive list of all qualifying policy instruments
and analyze the extent to which they are correlated
with the stock exchange ranking from
Part I
Unit of analysis:
Analytical scope:
The analytical scope is defined
along three dimensions:
• Countries:
Policies in 40 countries were analyzed.
The 45 stock exchanges from Part I are located
in these 40 countries.
• Policies:
Recognizing that corporate sustainability
disclosure can be driven by policies enacted
by many different regulatory actors, a holistic
definition of policy instrument is used. Specifically,
policies enacted by i) stock exchanges; ii) securities
regulators; iii) government departments; and iv)
industry/professional associations are analyzed.
A total of 167 policy instruments were considered
in the study.
• Study period:
Analysis is constrained to include
only those policies that could have reasonably
influenced corporate sustainability disclosure
from performance years 2007 – 2011.
Data source: A variety of data sources were consulted in order to build
the policy inventory. These include: Carrots and Sticks III,63 the ISAR SSE
Guidance Document,
the SSE policy database,
the Corporate Social
Responsibility: National Public Policies in the European Union report
2010,66 the European Union’s Directives transposition database and
the Hauser Center for Non-Profit Organizations’ Global CSR Disclosure
Policy assessment model:
All qualifying policy
instruments (n=167) were assessed along three
dimensions, as shown below.
63 The report can be found at
64 Available at
65 The database can be found at
66 Available at
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