環境経営は企業価値を高めるのか : 環境経営度調査を用いた企業価値分析

概要

論文の詳細を見る
This paper analyzes the impact of corporate environmental management activities on firm value using the "9th Environmental Management Survey" conducted' by Nikkei Inc. and concludes that a positive relationship exists between the degree of environmental management and firm value. The results indicate that undertaking environmental management initiatives will result in increasing firm value and also imply that corporate "environmental management" and "value maximization" are compatible. The results also show that, in addition to information regarding firm profitability, information regarding environmental management can be a significant factor in determining firm value. Accordingly, this result supports Socially Responsible Investment (SRI) as an effective means of financial investment. Further, among various environmental measures, the strongest relationship is seen to exist between firm value and pollution control measures. This implies that investors give favorable consideration to firms that control harmful materials including asbestos as well as those that cause aerial and ground pollution and consider such activities to be important indicators of sustainable future cash flow generation.
国際基督教大学の論文