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The Informational Value of Toxics Release Inventory PerformanceElizabeth ConnorsNortheastern University - Accounting Area Holly H. Johnstonaffiliation not provided to SSRN Lucia Silva GaoUniversity of Massachusetts at Boston July 25, 2012 Sustainability, Accounting, Management & Policy Journal, Forthcoming Abstract: The study evaluates the informational value to investors of the Toxics Release Inventory (TRI) as an external outcome measure of corporate environmental performance. Emphasis is placed on the market response differences between three highly polluting industries. The results show evidence that market reaction to TRI emissions information varies by industry. Investors reward decreases in emissions in the electric utility industry, but increases are not penalized. In the chemical industry, increases in emissions are penalized, but decreases are not rewarded. Models do not capture any reaction to emissions changes in the pulp and paper industry. These results may be explained by the significant difference between industries in the U.S. percentage of total firm sales. The results do not appear to be driven by state regulatory stringency.
Keywords: Toxics Release Inventory, Environmental Performance JEL Classification: M14, M41, Q28 Accepted Paper SeriesDate posted: July 25, 2012Suggested CitationContact Information
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