Environmental related indicators and corporate value - Analysis of the relationship between greenhouse gas and corporate value -

2016 Fiscal Year Final Research Report

• Project/Area Number: 26380595
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Accounting
• Research Institution: Tohoku University
• Principal Investigator: Aoki Masaaki 東北大学, 経済学研究科, 教授 (90202473)
• Project Period (FY): 2014-04-01 – 2017-03-31
• Keywords: 温室効果ガス / 二酸化炭素排出量 / 企業価値 / 非財務尺度 / 企業リスク

Outline of Final Research Achievements

In this research, we focus on the indicator, Return on Carbon(=Operating Profit/Carbon Dioxide Emission: ROC), and analyze the significance of ROC and related indicators in our regression model. Our findings are summarized as follows: (1) the negative relationship between ROC and corporate risk, (2) the positive relationship between ROC and corporate value, (3) the positive relationship between corporate risk and patent application(another non-financial indicator), (4) the relationship between carbon dioxide emission and corporate value depends on Gas Emission per Sale, (5) the negative relationship between ROC and scale of company, (6) the positive relationship between RPC and capitalized R&D expenditures.

Free Research Field

管理会計