1. Introduction - 早稲田大学

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Saka and Oshika (2010) at KAA 2. Previous Research and Hypotheses Impact of Participation in Emissions Trading Schemes(ETS) Previous Researches: King and Lenox (2002), Clarkson et al. (2004) Japan’s Voluntary Emissions Trading Scheme (JVETS) By setting CO 2 emission reduction targets and implementing reduction activities via participation in ETS, future CO 2 emissions reductions and resulting future cash outflow decrease can be expected. H3: Participation in ETS alleviates the negative impact of CO 2 emissions on market value.
Saka and Oshika (2010) at KAA 3. Empirical Models H 1: MVE t = α + β 1 BVE t + β 2 EARN t + β 3 E t [EARN t+1] + β 4 CO 2 t + ε [1] H 2: MVE t = α + β 1 BVE t + β 2 EARN t + β 3 E t [EARN t+1] + β 4 CO 2 t + β 5 DISC t + ε [2] H 3: MVE t = α + β 1 BVE t + β 2 EARN t + β 3 E t [EARN t+1] + β 4 CO 2 t + β 5 ETS t + ε [3] MVE t = Market value of equity; BVE t = Book value of equity; EARN t = Earnings before extraordinary items; E t [EARN t+1] = Forecast of earnings before extraordinary items of next year; CO 2 t = Volume of CO 2 emissions; DISC t = Dummy variable taking a value of 1 for those disclose CO 2 -related information, 0 otherwise; ETS t = Dummy variable taking a value of 1 for emission trading scheme participant, 0 otherwise; ε = error.
Page 1 and 2: Korean Accounting Association Summe
Page 3 and 4: Saka and Oshika (2010) at KAA Kyoto
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