The effect of environmental disclosure on the Issuer themselves

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The results of this study are the following two.First, we verified by focusing on terms of impact on the environmental load reduction activities and environmental management systems of internal corporate, the effect of environmental information disclosure spontaneous activities of the company. As a result, the companies that environmental information disclosure are about progress, has been successful in reducing the environmental load has been shown.Second, we exploited the Great East Japan Earthquake as circumstances which a request for environmental information disclosure to companies has increased, and verified that investors' risk to companies is different depending on the content or precision of environmental information disclosed.