The Relevance Of Environmental Disclosures For Investors and Other Stakeholder Groups: Are Such Disclosures Incrementally Informative?



演讲人:Xiaohua Fang

时间:201168日上午10: 00



Establishing the information content of transparent voluntary environmental disclosures and the source of this information content is of fundamental importance for corporate social responsibility (CSR) practitioners. Our results indicate that: (1) incremental to information provided by current Toxic Releases Inventory (TRI), voluntary environmental disclosures provide valuation relevant information beyond TRI; (2) current TRI is positively associated with cost of equity capital but there is no association between voluntary environmental disclosures and cost of equity capital; (3) taken together, the above results point to cash flow prediction as the means by which voluntary environmental disclosures enhance firm value. This advances the literature by pinning down the source of firm value enhancement of such disclosures; (4) voluntary environmental disclosures appear to enhance stakeholder perception about a firm‟s environmental performance. Our collective results help to explain why firms prepare voluntary environmental sustainability reports and will assist CSR practitioners in convincing top management that transparent voluntary environmental disclosures are informative in terms of enhancing firm value.


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