The Value Relevance of Environmental Information

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  • 企業の環境関連情報と 企業価値評価についての一考察
  • キギョウ ノ カンキョウ カンレン ジョウホウ ト キギョウ カチ ヒョウカ ニ ツイテ ノ イチ コウサツ

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Today, it is required that the enterprise works on environmental conservation activities. Many enterprises struggle with these activities and announce the results. Under such social situation, we can suppose that the environmental information of the enterprise become the factor to have influence for the evaluation of the corporate value. This paper focuses on the greenhouse gas emission and the number of the environmental patent application as environmental information of the enterprise. The purpose of this paper is to examine the relations of these environmental measures and the corporate value in the stock market. Finally, this paper shows that the greenhouse gas emission and the number of the environmental patent application are associated with corporate value, and the greenhouse gas emission has explanatory power for stock volatility.

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