Investigation of corporate valuation model with climate control factor

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Climate change remains a global challenge and so it is important to reduce rapidly the CO2 emissions to achieve the goals set by the Kyoto Protocol. In this research, first, CO2 emissions reduction effortsfrom Japanese companies' environmental reports are indicated. And next, we investigate the correlation between CO2 emissions and corporate value, and the correlation between corporate measures to reduce their emissions and its disclosure, and corporate value. The results suggest that the decision-making of investors incorporates firm's CO2 emissions and their countermeasures and disclosure.