企业环境信息披露对股东回报的影响一项实证研究外文文献翻译.docxVIP

毕业设计（论文）外文翻译 外文题目: The impact of environmental information disclosures on shareholder returns in a company: An empirical study 译文题目：企业环境信息披露对股东回报的影响：一项实证研究 文献出处- 《Tnternatiorml Journal of Management》，2008,25 (4), P613-620 外文作者： Ragothanidn SrinivdSQn； Carr David 字数统计： 英文2030单词，10523字符；中文3653汉字 外文文献: The impact of environmental information disclosures on shareholder returns in a company: An empirical study The Emergency Planning and Community Right to Know Act (1986) has mandated Toxic Release Inventory (TRI) disclosures in the United States. This Act requires all manufacturing companies (SIC code 20-39) who employ more than 10 people to provide an annual report about the release of more than 300 specified toxic chemicals. Similar legislation exists in other countries as well. How is this information used by investors and corporations? We develop and test a regression model to answer this question. We also perform a few robustness tests. Our sample comes from TRI disclosures for top 10(F corporate polluters based on COMPUSTAT data. Descriptive statistics and correlation measures are also provided. The higher the return on assets the higher is Tobins q (a proxy for firm value or shareholder wealth). The waste disposal variable (toxic air release) is a statistically significant predictor of Tobins q. As expected, the sign of the regression coefficient for waste disposal is negative. In addition, firm size has a significant impact on Tobirfs q. A firm^s beta, P/E ratio, and the corporate governance variable are all statistically insignificant. Introduction The disastrous Union Carbide accident that occurred in India in 1984 and other smaller chemical accidents have caused anxiety in the public^ mind about the release of chemicals from factories. The Emergency Planning and Community Right to Know Act (1986) has mandated Toxic Release Inventory TRI disclosures. This Act requires all manufacturing companies (SIC code 20-39) in the United States who employ more than 10 peo