Environmental Information and Market Reactions to Environmental Legislation

Walter G. Blacconiere · W. Dana Northcut

246 citations0/0 files storedJournal of Accounting Auditing & Finance

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Corporate Social Responsibility Reporting Auditing, Earnings Management, Governance Accounting and Financial Management

Abstract

Environmental issues have attracted national attention and are becoming a focus at many firms. This paper examines the relation between stock price reactions to the Superfund Amendments and Reauthorization Act (SARA) of 1986 and environmental information. We include alternative information sources in a test of the value relevance of environmental data. We find some evidence that chemical firms with more extensive environmental disclosures included in their 10-K reports had a less negative reaction to SARA, while firms with greater exposure to Superfund costs (based on EPA data) had a more negative market reaction. A primary contribution of our research is the finding that both financial statement environmental disclosures and estimated Superfund costs have incremental value relevance.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 246 citations exist upstream.

References

1985Using daily stock returns 1985Positive Accounting Theory 1983Discretionary disclosure 1993Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures 1994Why Firms Voluntarily Disclose Bad News 1994Environmental disclosures, regulatory costs, and changes in firm value 1993The Effect of Firms' Financial Disclosure Strategies on Stock Prices 1987Cross-Sectional Dependence and Problems in Inference in Market-Based Accounting Research

Cited by

2013Market Responses to Firms' Voluntary Climate Change Information Disclosure and Carbon Communication 2010Market reactions to the first‐time issuance of corporate sustainability reports 2014Disclosure effects, carbon emissions and corporate value 2019Causes and consequences of voluntary assurance of CSR reports 2016Audited Financial Reporting and Voluntary Disclosure of Corporate Social Responsibility (CSR) Reports 2004Evidence on the pernicious effect of financial report environmental disclosure

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.