메뉴 건너뛰기




Volumn 62, Issue 3-4, 2007, Pages 613-626

The revisited contribution of environmental reporting to investors' valuation of a firm's earnings: An international perspective

Author keywords

Environmental reporting; Financial reporting; Non financial information; Stock market value

Indexed keywords

ECOLOGICAL ECONOMICS; ENVIRONMENTAL VALUES; FINANCIAL SYSTEM; FIRM SIZE; MEDIA ROLE; STOCK MARKET;

EID: 34247648601     PISSN: 09218009     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.ecolecon.2006.07.030     Document Type: Article
Times cited : (212)

References (58)
  • 1
    • 1542508930 scopus 로고    scopus 로고
    • The relations among environmental disclosure, environmental performance, and economic performance: a simultaneous equations approach
    • Al-Tuwaijri S., Christensen T.E., and Hughes Iim K.E. The relations among environmental disclosure, environmental performance, and economic performance: a simultaneous equations approach. Accounting, Organizations and Society 29 (2004) 447-471
    • (2004) Accounting, Organizations and Society , vol.29 , pp. 447-471
    • Al-Tuwaijri, S.1    Christensen, T.E.2    Hughes Iim, K.E.3
  • 2
    • 21344486362 scopus 로고
    • The market valuation of accounting information: the case of post-retirement benefits other than pensions
    • Amir E. The market valuation of accounting information: the case of post-retirement benefits other than pensions. The Accounting Review 68 4 (1993) 703-725
    • (1993) The Accounting Review , vol.68 , Issue.4 , pp. 703-725
    • Amir, E.1
  • 3
    • 0030213196 scopus 로고    scopus 로고
    • Value relevance of non-financial information: the wireless communications industry
    • Amir E., and Lev B. Value relevance of non-financial information: the wireless communications industry. Journal of Accounting and Economics 22 1-3 (1996) 3-30
    • (1996) Journal of Accounting and Economics , vol.22 , Issue.1-3 , pp. 3-30
    • Amir, E.1    Lev, B.2
  • 4
    • 0042780791 scopus 로고    scopus 로고
    • The effect of international institutional factors on properties on accounting earnings
    • Ball R., Kothari S.P., and Robin A. The effect of international institutional factors on properties on accounting earnings. Journal of Accounting and Economics 29 1 (2000) 1-52
    • (2000) Journal of Accounting and Economics , vol.29 , Issue.1 , pp. 1-52
    • Ball, R.1    Kothari, S.P.2    Robin, A.3
  • 5
    • 21844514889 scopus 로고
    • Estimation and market valuation of environmental liabilities relating to superfund sites
    • Barth M.E., and McNichols M.F. Estimation and market valuation of environmental liabilities relating to superfund sites. Journal of Accounting Research, Supplement 32 (1994) 177-209
    • (1994) Journal of Accounting Research, Supplement , vol.32 , pp. 177-209
    • Barth, M.E.1    McNichols, M.F.2
  • 7
    • 84984174894 scopus 로고
    • The Feltham-Ohlson framework: implications for empiricists
    • Bernard V. The Feltham-Ohlson framework: implications for empiricists. Contemporary Accounting Research 10 2 (1995) 733-747
    • (1995) Contemporary Accounting Research , vol.10 , Issue.2 , pp. 733-747
    • Bernard, V.1
  • 8
    • 0043183592 scopus 로고    scopus 로고
    • Disclosure of environmental information by Canadian manufacturing companies: a voluntary disclosure perspective
    • Bewley K., and Li Y. Disclosure of environmental information by Canadian manufacturing companies: a voluntary disclosure perspective. Advances in Environmental Accounting and Management 1 (2000) 201-226
    • (2000) Advances in Environmental Accounting and Management , vol.1 , pp. 201-226
    • Bewley, K.1    Li, Y.2
  • 9
    • 84998068444 scopus 로고    scopus 로고
    • Environmental information and market reactions to environmental legislation
    • Blacconiere W., and Northcut W.D. Environmental information and market reactions to environmental legislation. Journal of Accounting, Auditing and Finance 14 (1997) 149-178
    • (1997) Journal of Accounting, Auditing and Finance , vol.14 , pp. 149-178
    • Blacconiere, W.1    Northcut, W.D.2
  • 10
    • 0000230363 scopus 로고
    • Environmental disclosures, regulatory costs and changes in firm value
    • Blacconiere W.G., and Patten D.M. Environmental disclosures, regulatory costs and changes in firm value. Journal of Accounting and Economics 18 3 (1994) 357-377
    • (1994) Journal of Accounting and Economics , vol.18 , Issue.3 , pp. 357-377
    • Blacconiere, W.G.1    Patten, D.M.2
  • 11
    • 0031184823 scopus 로고    scopus 로고
    • Disclosure level and the cost of equity capital
    • Botosan C. Disclosure level and the cost of equity capital. The Accounting Review 72 3 (1997) 323-350
    • (1997) The Accounting Review , vol.72 , Issue.3 , pp. 323-350
    • Botosan, C.1
  • 12
    • 0036004043 scopus 로고    scopus 로고
    • A re-examination of disclosure level and the expected cost of equity capital
    • Botosan C., and Plumlee M. A re-examination of disclosure level and the expected cost of equity capital. Journal of Accounting Research 40 1 (2002) 21-40
    • (2002) Journal of Accounting Research , vol.40 , Issue.1 , pp. 21-40
    • Botosan, C.1    Plumlee, M.2
  • 13
    • 33947671702 scopus 로고    scopus 로고
    • The public disclosure of environmental performance information - a dual test of media agenda setting theory and legitimacy theory
    • (Winter)
    • Brown N., and Deegan C. The public disclosure of environmental performance information - a dual test of media agenda setting theory and legitimacy theory. Accounting and Business Research 29 1 (1998) 21-41 (Winter)
    • (1998) Accounting and Business Research , vol.29 , Issue.1 , pp. 21-41
    • Brown, N.1    Deegan, C.2
  • 14
    • 84984204202 scopus 로고
    • The voluntary inclusion of forecasts in the MD and a section of annual reports
    • (Fall)
    • Clarkson P., Kao J.L., and Richardson G.D. The voluntary inclusion of forecasts in the MD and a section of annual reports. Contemporary Accounting Research 11 (1994) 423-450 (Fall)
    • (1994) Contemporary Accounting Research , vol.11 , pp. 423-450
    • Clarkson, P.1    Kao, J.L.2    Richardson, G.D.3
  • 15
    • 34247560079 scopus 로고    scopus 로고
    • The market valuation of environmental capital expenditures by Pulp and Paper Companies
    • University of Waterloo
    • Clarkson P., Li Y., and Richardson G.D. The market valuation of environmental capital expenditures by Pulp and Paper Companies. Working Paper (2001), University of Waterloo
    • (2001) Working Paper
    • Clarkson, P.1    Li, Y.2    Richardson, G.D.3
  • 16
    • 2442676388 scopus 로고    scopus 로고
    • The market valuation of environmental capital expenditures by Pulp and Paper Companies
    • Clarkson P.M., Li Y., and Richardson G.D. The market valuation of environmental capital expenditures by Pulp and Paper Companies. The Accounting Review 79 2 (2004) 329-353
    • (2004) The Accounting Review , vol.79 , Issue.2 , pp. 329-353
    • Clarkson, P.M.1    Li, Y.2    Richardson, G.D.3
  • 17
    • 0031161248 scopus 로고    scopus 로고
    • Investors' assessment of implicit environmental liabilities: an empirical investigation
    • Cormier D., and Magnan M. Investors' assessment of implicit environmental liabilities: an empirical investigation. Journal of Accounting and Public Policy 16 2 (1997) 215-241
    • (1997) Journal of Accounting and Public Policy , vol.16 , Issue.2 , pp. 215-241
    • Cormier, D.1    Magnan, M.2
  • 18
    • 84990380988 scopus 로고    scopus 로고
    • Corporate environmental disclosure strategies: determinants, costs and benefits
    • Cormier D., and Magnan M. Corporate environmental disclosure strategies: determinants, costs and benefits. Journal of Accounting, Auditing and Finance 14 4 (1999) 429-452
    • (1999) Journal of Accounting, Auditing and Finance , vol.14 , Issue.4 , pp. 429-452
    • Cormier, D.1    Magnan, M.2
  • 19
    • 0037266745 scopus 로고    scopus 로고
    • Environmental reporting management: a european perspective
    • Cormier D., and Magnan M. Environmental reporting management: a european perspective. Journal of Accounting and Public Policy 22 1 (2003) 43-62
    • (2003) Journal of Accounting and Public Policy , vol.22 , Issue.1 , pp. 43-62
    • Cormier, D.1    Magnan, M.2
  • 20
    • 0027738974 scopus 로고
    • The impact of corporate pollution on market valuation: some empirical evidence. Ecological economics
    • Cormier D., Magnan M., and Morard B. The impact of corporate pollution on market valuation: some empirical evidence. Ecological economics. Journal of the International Society for Ecological Economics 8 2 (1993) 135-155
    • (1993) Journal of the International Society for Ecological Economics , vol.8 , Issue.2 , pp. 135-155
    • Cormier, D.1    Magnan, M.2    Morard, B.3
  • 21
    • 84889040998 scopus 로고    scopus 로고
    • Earnings, cash flow and value-added as performance metrics: an international comparison
    • Cormier D., Magnan M., and Zéghal D. Earnings, cash flow and value-added as performance metrics: an international comparison. Accountancy en Bedrijfskunde 26 2 (2001) 33-59
    • (2001) Accountancy en Bedrijfskunde , vol.26 , Issue.2 , pp. 33-59
    • Cormier, D.1    Magnan, M.2    Zéghal, D.3
  • 23
    • 84986043580 scopus 로고    scopus 로고
    • Do Australian companies report environmental disclosures by firms prosecuted succesfully by environmental protection authority
    • Deegan C., and Rankin M. Do Australian companies report environmental disclosures by firms prosecuted succesfully by environmental protection authority. Accounting, Auditing and Accountability Journal 9 2 (1996) 50-67
    • (1996) Accounting, Auditing and Accountability Journal , vol.9 , Issue.2 , pp. 50-67
    • Deegan, C.1    Rankin, M.2
  • 24
    • 84986037627 scopus 로고    scopus 로고
    • An examination of the corporate social and environmental disclosures of BHP from 1983-1997 - a test of legitimacy theory
    • Deegan C., Rankin M., and Tobin J. An examination of the corporate social and environmental disclosures of BHP from 1983-1997 - a test of legitimacy theory. Accounting, Auditing and Accountability Journal 15 3 (2002) 312-343
    • (2002) Accounting, Auditing and Accountability Journal , vol.15 , Issue.3 , pp. 312-343
    • Deegan, C.1    Rankin, M.2    Tobin, J.3
  • 25
    • 0038574139 scopus 로고    scopus 로고
    • Why are some trade agreements greener than others?
    • (www.earthisland.org)
    • Dubal V., Lah J., Monroe I., and Roberts M. Why are some trade agreements greener than others?. Earth Island Journal 16 4 (2002). http://www.earthisland.org (www.earthisland.org)
    • (2002) Earth Island Journal , vol.16 , Issue.4
    • Dubal, V.1    Lah, J.2    Monroe, I.3    Roberts, M.4
  • 26
    • 0000272926 scopus 로고
    • Disclosure of nonproprietary information
    • (Spring)
    • Dye R. Disclosure of nonproprietary information. Journal of Accounting Research 23 (1985) 123-145 (Spring)
    • (1985) Journal of Accounting Research , vol.23 , pp. 123-145
    • Dye, R.1
  • 27
    • 0000356859 scopus 로고
    • Empirical assessment of the impact of auditor quality on the valuation of new issues
    • Feltham G., Hughes J.S., and Simunic D.A. Empirical assessment of the impact of auditor quality on the valuation of new issues. Journal of Accounting and Economics 14 (1991) 375-400
    • (1991) Journal of Accounting and Economics , vol.14 , pp. 375-400
    • Feltham, G.1    Hughes, J.S.2    Simunic, D.A.3
  • 28
    • 0000663244 scopus 로고
    • Discretionary disclosure and external financing
    • Frankel R., McNichols M., and Wilson G.P. Discretionary disclosure and external financing. The Accounting Review 70 1 (1995) 135-150
    • (1995) The Accounting Review , vol.70 , Issue.1 , pp. 135-150
    • Frankel, R.1    McNichols, M.2    Wilson, G.P.3
  • 29
  • 30
    • 0000745603 scopus 로고
    • The association between environmental performance and environmental disclosure in annual reports and 10Ks
    • Freedman M., and Wasley C. The association between environmental performance and environmental disclosure in annual reports and 10Ks. Advances in Public Interest Accounting 3 (1990) 183-193
    • (1990) Advances in Public Interest Accounting , vol.3 , pp. 183-193
    • Freedman, M.1    Wasley, C.2
  • 31
    • 0001127151 scopus 로고
    • The management of corporate financial disclosures: opportunism, ritualism, policies and processes
    • (Spring)
    • Gibbins M., Richardson A., and Waterhouse J. The management of corporate financial disclosures: opportunism, ritualism, policies and processes. Journal of Accounting Research 28 (1990) 121-143 (Spring)
    • (1990) Journal of Accounting Research , vol.28 , pp. 121-143
    • Gibbins, M.1    Richardson, A.2    Waterhouse, J.3
  • 32
    • 0000465144 scopus 로고
    • The role of warranties and private disclosure about product quality
    • Grossman S. The role of warranties and private disclosure about product quality. Journal of Law and Economics 24 (1981) 461-483
    • (1981) Journal of Law and Economics , vol.24 , pp. 461-483
    • Grossman, S.1
  • 33
    • 11844263306 scopus 로고    scopus 로고
    • Do stock markets penalize environment-unfriendly behaviour? Evidence from India
    • Gupta S., and Goldar B. Do stock markets penalize environment-unfriendly behaviour? Evidence from India. Ecological Economics 52 (2005) 81-95
    • (2005) Ecological Economics , vol.52 , pp. 81-95
    • Gupta, S.1    Goldar, B.2
  • 34
    • 0034336790 scopus 로고    scopus 로고
    • The value relevance of nonfinancial measures of air pollution in the electric utility industry
    • Hughes K.E. The value relevance of nonfinancial measures of air pollution in the electric utility industry. The Accounting Review 75 2 (2000) 209-228
    • (2000) The Accounting Review , vol.75 , Issue.2 , pp. 209-228
    • Hughes, K.E.1
  • 35
    • 0000363929 scopus 로고
    • An investigation of the information content of (certain) social responsibility disclosures
    • Ingram R.W. An investigation of the information content of (certain) social responsibility disclosures. Journal of Accounting Research 16 2 (1978) 270-285
    • (1978) Journal of Accounting Research , vol.16 , Issue.2 , pp. 270-285
    • Ingram, R.W.1
  • 36
    • 84896556351 scopus 로고
    • An examination of the impact of pollution performance and economic and market performance: Pulp and Paper Firms
    • (September)
    • Jaggi B., and Freedman M. An examination of the impact of pollution performance and economic and market performance: Pulp and Paper Firms. Journal of Business Finance and Accounting 19 (1992) 697-713 (September)
    • (1992) Journal of Business Finance and Accounting , vol.19 , pp. 697-713
    • Jaggi, B.1    Freedman, M.2
  • 37
    • 0001890588 scopus 로고
    • Market liquidity and volume around earnings announcements
    • Kim O., and Verecchia R. Market liquidity and volume around earnings announcements. Journal of Accounting and Economics 19 (1994) 41-67
    • (1994) Journal of Accounting and Economics , vol.19 , pp. 41-67
    • Kim, O.1    Verecchia, R.2
  • 40
    • 21344483941 scopus 로고
    • Cross-sectional determinants of analyst ratings of corporate disclosures
    • Lang M., and Lundholm R. Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research 31 2 (1993) 246-271
    • (1993) Journal of Accounting Research , vol.31 , Issue.2 , pp. 246-271
    • Lang, M.1    Lundholm, R.2
  • 41
    • 0030305317 scopus 로고    scopus 로고
    • Corporate disclosure policy and analyst behavior
    • Lang M., and Lundholm R. Corporate disclosure policy and analyst behavior. The Accounting Review 71 4 (1996) 467-492
    • (1996) The Accounting Review , vol.71 , Issue.4 , pp. 467-492
    • Lang, M.1    Lundholm, R.2
  • 42
    • 0001464179 scopus 로고    scopus 로고
    • Voluntary disclosure and equity offerings: reducing information asymmetry of hyping the stock
    • Lang M., and Lundholm R. Voluntary disclosure and equity offerings: reducing information asymmetry of hyping the stock. Contemporary Accounting Research 17 4 (2000) 623-662
    • (2000) Contemporary Accounting Research , vol.17 , Issue.4 , pp. 623-662
    • Lang, M.1    Lundholm, R.2
  • 43
    • 0002368216 scopus 로고
    • Toward a theory of equitable and efficient accounting policy
    • Lev B. Toward a theory of equitable and efficient accounting policy. The Accounting Review 63 1 (1988) 1-22
    • (1988) The Accounting Review , vol.63 , Issue.1 , pp. 1-22
    • Lev, B.1
  • 44
    • 84933494103 scopus 로고
    • Information disclosure strategy
    • (Summer)
    • Lev B. Information disclosure strategy. California Management Review 34 (1992) 9-32 (Summer)
    • (1992) California Management Review , vol.34 , pp. 9-32
    • Lev, B.1
  • 45
    • 84990338764 scopus 로고    scopus 로고
    • An empirical examination of factors affecting the timing of environmental accounting standard adoption and the impact on corporate valuation
    • Li Y., and McConomy B. An empirical examination of factors affecting the timing of environmental accounting standard adoption and the impact on corporate valuation. Journal of Accounting, Auditing and Finance 14 3 (1999) 279-313
    • (1999) Journal of Accounting, Auditing and Finance , vol.14 , Issue.3 , pp. 279-313
    • Li, Y.1    McConomy, B.2
  • 46
    • 0000543130 scopus 로고    scopus 로고
    • Corporate disclosure of environmental liability information: theory and evidence
    • (Fall)
    • Li Y., Richardson G.D., and Thornton D.B. Corporate disclosure of environmental liability information: theory and evidence. Contemporary Accounting Research 14 (1997) 435-474 (Fall)
    • (1997) Contemporary Accounting Research , vol.14 , pp. 435-474
    • Li, Y.1    Richardson, G.D.2    Thornton, D.B.3
  • 47
    • 0000513419 scopus 로고
    • Good news and bad news: representation theorems and applications
    • Milgrom P.R. Good news and bad news: representation theorems and applications. Bell Journal of Economics (1981) 380-391
    • (1981) Bell Journal of Economics , pp. 380-391
    • Milgrom, P.R.1
  • 48
    • 0000905963 scopus 로고    scopus 로고
    • Managing public impressions: environmental disclosures in annual reports
    • Neu D., Warsame H., and Pedwell K. Managing public impressions: environmental disclosures in annual reports. Accounting, Organizations and Society 23 3 (1998) 265-282
    • (1998) Accounting, Organizations and Society , vol.23 , Issue.3 , pp. 265-282
    • Neu, D.1    Warsame, H.2    Pedwell, K.3
  • 50
    • 0842334913 scopus 로고    scopus 로고
    • Media exposure, public policy pressure, and environmental disclosures: an examination of the impact of TRI data availability
    • Patten D.M. Media exposure, public policy pressure, and environmental disclosures: an examination of the impact of TRI data availability. Accounting Forum 26 2 (2002) 153-171
    • (2002) Accounting Forum , vol.26 , Issue.2 , pp. 153-171
    • Patten, D.M.1
  • 51
    • 0036837339 scopus 로고    scopus 로고
    • The relation between environmental performance and environmental disclosure: a research note
    • Patten D.M. The relation between environmental performance and environmental disclosure: a research note. Accounting, Organizations and Society 27 (2002) 763-773
    • (2002) Accounting, Organizations and Society , vol.27 , pp. 763-773
    • Patten, D.M.1
  • 52
    • 0035486086 scopus 로고    scopus 로고
    • Social disclosure, financial disclosure and the cost of capital
    • Richardson A.J., and Welker M. Social disclosure, financial disclosure and the cost of capital. Accounting, Organizations and Society 26 7/8 (2001) 597-616
    • (2001) Accounting, Organizations and Society , vol.26 , Issue.7-8 , pp. 597-616
    • Richardson, A.J.1    Welker, M.2
  • 54
    • 0000226308 scopus 로고    scopus 로고
    • A review of research on the relationship between international capital markets and financial reporting by multinational firms
    • Saudaragan S., and Meek G. A review of research on the relationship between international capital markets and financial reporting by multinational firms. Journal of Accounting Literature 16 (1997) 127-159
    • (1997) Journal of Accounting Literature , vol.16 , pp. 127-159
    • Saudaragan, S.1    Meek, G.2
  • 55
    • 21344498814 scopus 로고
    • Incentives and disincentives for financial disclosure: voluntary disclosure of defined benefit pension plan information by Canadian firms
    • Scott T. Incentives and disincentives for financial disclosure: voluntary disclosure of defined benefit pension plan information by Canadian firms. The Accounting Review 69 1 (1994) 26-43
    • (1994) The Accounting Review , vol.69 , Issue.1 , pp. 26-43
    • Scott, T.1
  • 56
    • 0032359234 scopus 로고    scopus 로고
    • Corporate disclosure quality and the cost of debt
    • Sengupta P. Corporate disclosure quality and the cost of debt. The Accounting Review 73 3 (1998) 459-474
    • (1998) The Accounting Review , vol.73 , Issue.3 , pp. 459-474
    • Sengupta, P.1
  • 57
    • 21344476154 scopus 로고
    • Why firms voluntarily disclose bad news
    • (Spring)
    • Skinner D. Why firms voluntarily disclose bad news. Journal of Accounting Research 32 (1994) 38-60 (Spring)
    • (1994) Journal of Accounting Research , vol.32 , pp. 38-60
    • Skinner, D.1
  • 58
    • 38249020781 scopus 로고
    • Endogenous proprietary costs through firm interdependence
    • Verrecchia R. Endogenous proprietary costs through firm interdependence. Journal of Accounting and Economics 12 1 (1990) 245-250
    • (1990) Journal of Accounting and Economics , vol.12 , Issue.1 , pp. 245-250
    • Verrecchia, R.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.