## 4 Results and Discussion
### Sentiment Analysis  
The purpose of sentiment analysis in this study is to identify the tendency of companies to selectively report positive information and to analyze the pattern. After measuring sentiment, each report yielded percentages for the positive and negative categories. The total number of percentages for the six companies over 10 years is 120. Each percentage represents the weight of positive and negative comments in a report. Since our goal is to identify the balance between positive and negative information, we focused our subsequent analysis on the ratio of positive and negative comments of each report. In Figure 7, we used a line with markers chart to show how the ratio of each company has changed over the past decade.  
As can be seen from the figure, the ratio of positive and negative comments differs significantly by company. There are no signs of greenwashing in BASF's sustainability reporting. Not only is the ratio of positives and negatives so balanced, with an average of 1.1, but there has also been little change over the past decade. In B2C companies, positive comments are more than twice as high as negative comments. Walmart, IKEA, and Marks & Spencer maintain, on average, an almost doubling of their ratios. Meanwhile, Toyota and Nestle show a large increase of 3.5 times.  
Remarkably noticeable in this figure are two anomalous peaks, where the percentage of positive comments is more than six times higher. These abnormal increases can be suspected as evidence of greenwashing. For instance, Toyota's positive rate is 6.5 times higher in 2012. Why did this exceptionally high percentage appear? We may recall that Toyota faced a very difficult crisis in the years before 2012. Toyota had a hard time with a series of recalls and intense media coverage between 2009 and 2011. As a result, public concerns about the quality and reliability of Toyota vehicles were very high. Under this circumstance, it is presumed that Toyota greatly emphasized the positive comments in the sustainability report to enhance its positive image.  
Figure 7: Rates of positive/negative comments.  
Nestle also has a very high positive rate of 4.1 in 2015 and 6.0 in 2016. Nestle's exceptionally high percentage was also due to a series of events in 2015-2016 that led to a difficult crisis in terms of public relations. In India, the national food safety regulator had banned the sale of Nestle's Maggi after tests showed that it contained excessive lead. At that time, Maggi was commanding an 80% share of India's noodles market. However, its shares plunged to zero in just a month, costing the company half a billion dollars. Moreover, Nestle admitted to slavery and coercion in its seafood industry, in its supply chains in Thailand. The company was also in the midst of fighting the alleged use of child slaves in cocoa farming in the Ivory Coast. This put Nestle in an uncomfortable position of disclosing slavery in one area of its operations, while also fighting to defend charges in another area of its business.  
The results of the sentiment analysis prove that the new approach of this study is very useful. It confirms that companies actively use the sustainability report to improve their positive image when they experience a crisis.