INVOLVED IN INITIAL PUBLIC OFFERINGS：（参与首次公开发行(ipo)）.pdfVIP

ENVIRONMENTAL DISCLOSURE BY COMPANIES INVOLVED IN INITIAL PUBLIC OFFERINGS Martin Freedman School of Management Binghamton University P.O. Box 6000 Binghamton, NY 13902-6000 607-777-2440 A. J. Stagliano College of Business and Administration Saint Joseph’s University Philadelphia, PA 19131-1395 ENVIRONMENTAL DISCLOSURE BY COMPANIES INVOLVED IN INITIAL PUBLIC OFFERINGS ABSTRACT This paper is concerned with the financial statement disclosure of environmental liabilities by companies that are coming to the U.S. securities market for the first time in an initial public offering. The issue of this sort of specific disclosure has not been previously reported on in the accounting literature. Twenty-six IPO firms identified as potentially responsible parties (PRPs) in one or more Superfund sites are compared with a closely matched (on the attributes of standard industrial code and total asset size) group of publicly held PRPs. The objective is to note whether there is a differentially higher level of environmental disclosure by the IPO group during the year of heightened securities market scrutiny as the IPO occurs. Data are collected through content analysis of annual reports and SEC Form 10-Ks. The results from this study show that no different environmental disclosures were identified in the matched-pair sample. The more intense inspection, the higher stakes in an IPO situation, and the enhanced due diligen