Environmental information provision, market valuation, and firm incentives: An empirical study of the Japanese PRTR system
Hibiki , Akira & Managi, Shunsuke (2010) Environmental information provision, market valuation, and firm incentives: An empirical study of the Japanese PRTR system. Land Economics, 86(2), pp. 382-393.
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. © 2010 by the Board of Regents of the University of Wisconsin System.
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|Item Type:||Journal Article|
|Subjects:||Australian and New Zealand Standard Research Classification > ECONOMICS (140000) > APPLIED ECONOMICS (140200)|
|Divisions:||Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Economics & Finance
|Copyright Owner:||Board of Regents of the University of Wisconsin|
|Deposited On:||21 Aug 2014 07:15|
|Last Modified:||22 Aug 2014 05:15|
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