1. Introduction - 早稲田大学

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Saka and Oshika (2010) at KAA 2. Previous Research and Hypotheses Previous Researches Cormier and Magnan (1997) , Cormier and Magnan (1997) , Konar and Cohen (2001) Barth and McNichols (1994) , Garber and Hammitt (1998), Bae and Sami (2005), Graham et al. (2001) Impact of CO 2 Emissions Global Warming Measures Law CO2 emission data for business is available from FY2006. JAA Special Committee Final Report (2009) Higher CO 2 emissions may force the businesses to invest in emission reductions or to purchase CO 2 emission rights. Companies failing to fulfill the targets of the Kyoto Protocol may lose some sales and business dealings. H1: CO 2 emissions have a negative impact on market value.
Saka and Oshika (2010) at KAA 2. Previous Research and Hypotheses Impact of Disclosure Previous Research: Campbell et al. (2003) Mainstreaming of SRI Carbon Disclosure Project (CDP) requests companies to disclose information of risk and opportunity about greenhouse gas emissions and climate change strategies. Through the CO 2-related disclosure, investors’ uncertainty about future cash outflows on risks from CO 2 emissions would be reduced. Disclosure of the companies’ concrete CO 2 emission reduction plans, objectives and strategies can heighten the credibility that the companies’ future CO 2-related risks will be reduced and managed. H2: CO 2-related disclosure by corporations alleviates the negative impact of CO 2 emissions on market value.
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