The Effect of Continuous Disclosure of Environmental Report

Yuki Tanaka ()
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Yuki Tanaka: Hosei University

A chapter in International Perspectives on Accounting and Corporate Behavior, 2014, pp 247-259 from Springer

Abstract: Abstract This paper investigates the economic consequences of corporate environmental disclosure in the Japanese context. Our focus is continuity of environmental reporting. We investigate the relationship between continuous voluntary environmental disclosure and a firm’s cost of capital. Our sample is consisted of non-financial companies listed on the Tokyo Stock Exchange for the period 2003–2009. As a result, we show a negative relation between the issuance of a voluntary environmental report and firm’s cost of capital. Therefore, long-term issuance of environmental disclosure is associated with a lower cost of capital. Overall, our results are consistent with some of prior evidences that capital market participants appear to value the existence and availability of voluntary corporate environmental information and add new evidences to environmental disclosure literature.

Keywords: Cost of capital; Environmental disclosure; Multiple estimation (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advchp:978-4-431-54792-1_11

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DOI: 10.1007/978-4-431-54792-1_11

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