Market Valuation of Corporate CO2 Emissions and Disclosure

• Saka Chika

  Kwansei Gakuin University

• Oshika Tomoki

  Waseda University

Bibliographic Information

Other Title

• CO2排出量の株価説明力と情報開示の影響
• CO2 ハイシュツリョウ ノ カブカ セツメイリョク ト ジョウホウ カイジ ノ エイキョウ

Abstract

 The issues on climate change are considered as global challenge, and thus it is important to decrease rapidly the emissions of greenhouse gas to achieve the goals set by Kyoto Protocol. In this research, we focus on carbon dioxide（ CO2）emissions per unit of sales, and investigate the relations between corporate CO2 emissions and corporate disclosure of CO2-related information, and market value, as well as the relation between the change of CO2 emissions and stock returns.<br> 　We find that CO2 emissions have a significant negative impact on firm market value, while CO2-related disclosure alleviates the negative impact. In addition, we find that an increase（ decrease） in CO2 emissions by firms leads to lower（higher）stock returns. Overall, our results indicate that corporate CO2 emission efficiency information and disclosure of CO2-related information are incorporated in investors’ decision-making.

Journal

• Accounting Progress

  Accounting Progress 2011 (12), 1-12, 2011

  Japan Accounting Association

Keywords

• CO2 Emissions per Unit of Sales
• CO2-related Disclosure
• Carbon Disclosure Project
• Value Relevance

Details

• CRID: 1390007757213325312
• NII Article ID: 130008083263
• NII Book ID: AA11552842
• DOI: 10.34605/jaa.2011.12_1
• ISSN: 24359947
• ISSN: 21896321
• NDL BIB ID: 11278403
• Web Site: https://ndlsearch.ndl.go.jp/books/R000000004-I11278403
• Text Lang: ja
• Data Source:
  • JaLC
  • NDL
  • CiNii Articles
  • KAKEN
• Abstract License Flag: Disallowed