The Impact of Industrial Sector on the Application of the Six Capitals Model in Integrated Reporting: A Case Study of Zimbabwe

Main Article Content

Dumisani Rumbidzai Muzira


The introduction of the six capitals models in integrated reporting brought about more disclosure in corporate reports for the benefit of the stakeholders. As an extension of the study done on the application of these capitals by the companies listed on the Zimbabwean stock exchange, this study is an investigation into the impact of industrial sector on the application of the six capitals model in integrated reporting. The study is a qualitative study that uses content analysis. The study is intended to benefit the preparers of financial reports, investors, and other stakeholders. The results showed that, the 13 sectors represented by the 20 companies reported on financial and manufactured capital. Financial, manufactured, and human capitals were the most reported capitals respectively while the lowly reported capitals were social and relationship, natural, and intellectual capital. Further analysis of data revealed that industrial sector did not only have an influence on the application of the six capitals, but had an influence on the kind of capital the sector reported the most. Recommendations are then made for the six capitals to be promoted across all industrial sectors through seminars.

Integrated reporting, six capitals model, stakeholders

Article Details

How to Cite
Muzira, D. R. (2020). The Impact of Industrial Sector on the Application of the Six Capitals Model in Integrated Reporting: A Case Study of Zimbabwe. Asian Journal of Economics, Business and Accounting, 16(1), 1-7.
Original Research Article


Lusher AL. ‘What is the accounting profession’s role in accountability of economic, social, and environmental issues?. International Journal of Business and Social Science. 2012;3(15): 13-19.

[viewed 22 January 2017]


Muzira DR. Application of the six capitals model in integrated reporting: A case study of listed companies on the Zimbabwe stock exchange. Conference on Sustainable Economic Transformation, Innovation, and Governance in Emerging Economies; 2019.

Krzus MP. Integrated reporting: If not now, when? IRZ, Heft. 2011;6:271-276.

Eisenhardt KM. Agency theory: An assessment and review. Academy of Management Review. 1989;14(1):57-74.

Ang JS, Cole RA, Lin JW. Agency costs and ownership structure. The Journal of Finance. 2000; 55(1):81-106.

Hill CW, Jones TM. Stakeholder‐agency theory. Journal of Management Studies. 1992;29(2):131-154.

Lalonde C, Adler C. Information asymmetry in process consultation. Leadership & organization development Journal; 2015.

Cunningham LA. Choosing gatekeepers: The financial statement insurance alternative to auditor liability. UCLA L. Rev. 2004;52:413.

Dobkowski-Joy A, Brockland B. The state of integrated reporting: Innovation and experimentation in the merging of ESG and financial disclosure (The state of Integrated Reporting; 2013.



Kolk A, Walhain S, Wateringen S. Environmental reporting by the fortune global 250: Exploring the influence of nationality and sector. Business Strategy and the Environment. 2001;10:15-28.



Saunders M, Lewis P, Thornhill A. Research Methods for Business Students (5th Ed.). London, UK: Pearson Education; 2008.

Krejcie RV, Morgan DW. Determining sample size for research activities. Educational and Psychological Measurement. Educational and Psychological Measurement. 1970;30: 607–610.

Petty R, Ricceri F, Guthrie J. Intellectual capital: A user's perspective. Management Research News. 2008;31(6):434-447.



Guthrie J, Petty R, Yongvanich K, Ricceri F. Using content analysis as a research method to inquire into intellectual capital reporting. Journal of Intellectual Capital. 2004;5(2):282-293.


Carels C, Maroun W, Padia N. Integrated reporting in the South African mining sector. Corporate Ownership and Control. 2013;11(1):991-1005.

Federica D, Andrea G, Pasquale P. Early adopters of integrated reporting: The case of the mining industry in South Africa. African Journal of Business Management. 2016;10(9):187-208.

Stubbs W, Higgins C. Sustainability and integrated reporting: A Study of the Inhibitors and Enablers of Integrated Reporting. Institute of Chartered Accountants in Australia, Sydney, N. S. W; 2012.