Toxics Release Information: A Policy Tool for Environmental Protection
نویسندگان
چکیده
This study examines investor reactions to the repeated public disclosure of environmental information about firms in the chemical industry and the effectiveness of this information as a decentralized mechanism for deterring their pollution. It shows that these firms incur statistically significant negative stock market returns during the one day period following the disclosure of the Toxics Release Inventory in the years 1990-1994. These losses have a significant negative impact on subsequent on-site toxic releases and a significant positive impact on wastes transferred off-site, but their impact on total toxic wastes generated by these firms is negligible.
منابع مشابه
Managerial incentives for compliance with environmental information disclosure programs
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