企业环境信息披露外文翻译文献.pdfVIP

文献信息：

文献标题：

（企业环境信息披露

对股东回报的影响：一项实证研究）

国外作者：RagothamanSrinivasan；CarrDavid

文献出处：《InternationalJournalofManagement》,2008,25（4）,p613-620

字数统计：英文2030单词，10523字符；中文3653汉字

外文文献：

Theimpactofenvironmentalinformationdisclosureson

shareholderreturnsinacompany:Anempiricalstudy

TheEmergencyPlanningandCommunityRighttoKnowAct(1986)has

mandatedToxicReleaseInventory(TRI)disclosuresintheUnitedStates.ThisAct

requiresallmanufacturingcompanies(SICcode20-39)whoemploymorethan10

peopletoprovideanannualreportaboutthereleaseofmorethan300specifiedtoxic

chemicals.Similarlegislationexistsinothercountriesaswell.Howisthis

informationusedbyinvestorsandcorporations?Wedevelopandtestaregression

modeltoanswerthisquestion.Wealsoperformafewrobustnesstests.Oursample

comesfromTRIdisclosuresfor“top100”corporatepollutersbasedonCOMPUSTAT

data.Descriptivestatisticsandcorrelationmeasuresarealsoprovided.Thehigherthe

returnonassetsthehigherisTobin’sq(aproxyforfirmvalueorshareholderwealth).

Thewastedisposalvariable(toxicairrelease)isastatisticallysignificantpredictorof

Tobin’sq.Asexpected,thesignoftheregressioncoefficientforwastedisposalis

negative.Inaddition,firmsizehasasignificantimpactonTobin’sq.Afirm’sbeta,

P/Eratio,andthecorporategovernancevariableareallstatisticallyinsignificant.

1.Introduction

ThedisastrousUnionCarbideaccidentthatoccurredinIndiain1984andother

smallerchemicalaccidentshavecausedanxietyinthepublic’smindabouttherelease

ofchemicalsfromfactories.TheEmergencyPlanningandCommunityRighttoKnow

Act(1986)hasmandatedToxicReleaseInventoryTRIdisclosures.ThisActrequires

allmanufacturingcompanies(SIC