Environmental Information Provision, Market Valuation, and Firm Incentives: An Empirical Study of the Japanese PRTR System.
The environmental performance of a listed firm could affect its level of investment in pollution prevention and its access to financial markets. Previous studies using Tobin's q that explore market response to environmental performance do not distinguish between the impact of performance on investme...
| Publicado en: | Land Economics Vol. 86; no. 2; pp. 382 - 394 |
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| Autores principales: | , |
| Formato: | Artículo |
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University of Wisconsin Press
May 2010
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=511501709&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 511501709 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00237639 LAE jtl: Land Economics issn: 00237639 maglogo: N pubinfo: dt: May 2010 vid: 86 iid: 2 pid: 249 pub: University of Wisconsin Press artinfo: ui: 511501709 ppf: 382 ppct: 12 formats: tig: atl: Environmental Information Provision, Market Valuation, and Firm Incentives: An Empirical Study of the Japanese PRTR System. aug: au: Hibiki, Akira Managi, Shunsuke su: Business & the environment Information theory in economics Valuation Mathematical models sug: subj: Business & the environment Information theory in economics Valuation Mathematical models ab: The environmental performance of a listed firm could affect its level of investment in pollution prevention and its access to financial markets. Previous studies using Tobin's q that explore market response to environmental performance do not distinguish between the impact of performance on investment and market response which may mislead conclusions. To overcome this problem, we simultaneously estimate the functions of the intangible asset, the replacement cost, and the toxic chemical risk. We find that the Japanese financial market does not value risk associated with toxic chemical releases. Nevertheless, even without market valuation, firms increase investment to reduce pollution. (JEL D21, Q58). pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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