The effect of environmental disclosure on the Issuer themselves

本文的研究结果有以下两点：第一，从环境负荷削减活动和企业内部环境管理制度两个方面验证了企业自发性环境信息披露活动的效果。结果，环境信息公开取得了进步，在减轻环境负担方面取得了成功。第二，我们以东日本大地震为背景，考察了企业环境信息公开要求增加的情况，验证了根据环境信息公开的内容或精度，投资者对企业的风险不同。

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.