Empirical Study on Carbon Accounting Information and Corporate Value

2015 Fiscal Year Final Research Report

• Project/Area Number: 24530589
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Accounting
• Research Institution: Kwansei Gakuin University
• Principal Investigator: SAKA Chika 関西学院大学, 商学部, 教授 (10309403)
• Co-Investigator(Kenkyū-buntansha): OSHIKA Tomoki 早稲田大学, 商学学術院, 教授 (90329160)
• Project Period (FY): 2012-04-01 – 2016-03-31
• Keywords: カーボン会計情報 / サステナビリティKPI / 気候変動対策

Outline of Final Research Achievements

1.We find that (1) corporate carbon emissions have a negative relation with the market value of equity, (2) the disclosure of carbon management has a positive relation with the market value of equity, and (3) the positive relation between the disclosure of carbon management and the market value of equity is stronger with a larger volume of carbon emissions.
2.We use the Sustainability Balanced Scorecard (SBSC) to show how it pays to be green. We map a Carbon SBSC strategy map, selecting environmental and financial indicators to include, then conduct an empirical study. We find to hypothesized relationships displayed on the Carbon SBSC.
3.We focus on firms that have survived for more than 100 years, and analyze these firms to reveal their financial features. We find two facts: the value added that is distributed to stakeholders other than shareholders is larger, and the stability of profitability are higher, in sustainable firms. We propose these as sustainability KPIs.

Free Research Field

環境会計