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An Empirical Research on the Market Reaction to the Environmental Disclosure

Author: ShiXiaoZuo
Tutor: LiuYanPing
School: Dalian University of Technology
Course: Accounting
Keywords: Environmental Information Disclosure Event study methodology Market reaction Over - yield
CLC: F832.51
Type: Master's thesis
Year: 2006
Downloads: 534
Quote: 12
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Abstract

With economic development, environmental issues more and more serious, the implementation of the strategy of sustainable development is an issue of economic development and environmental protection contradiction between the only option. Enterprises in the pursuit of profit maximization attention to the protection of the environment and pollution control, is the key to the strategy of sustainable development. Disclosure of environmental information, can play in restricting the stimulating effect of pollution sources by virtue of the market and the public reaction, is an independent and effective means of pollution control. Western enterprises in developed countries in the competition and external pressure, very early disclosure of environmental information. The relevant government departments in China in recent years has also taken a number of measures to promote corporate environmental information disclosure, and also caused a big stir in the community. In this thesis, using the event study methodology to examine whether China's stock market to react to environmental information disclosure, thus promoting environmental protection and pollution control work. The paper first reviews the foreign research process environmental information disclosure, the foreign environmental information disclosure empirical studies and our current research status of environmental information disclosure. Then provides an overview of the content of the environmental information disclosure involved in this study. Subsequently designed on the basis of empirical research method to study price relationship between the changes in the information disclosure in the mature method - event study methodology to examine the market reaction to the disclosure of environmental information. Select 71 papers from 2002 to 2005, \The next of these samples stock market reaction to the disclosure of environmental information in the event window calculations and empirical test, namely calculation and testing of the excess yield average excess rate of return, the cumulative average excess return rate to examine a single event in the event t days of the window market reaction, the different categories of events the day of the event window market reaction, different categories of events in the event window T-period market reaction. The results show that China's stock market is largely environmental information disclosure respond only individual environmental information disclosure event enables stock to produce the more significant changes, such incidents including the ability of enterprises mainly engaged in business and the next step The strategic direction of the negative direct impact of environmental information, corporate environmental performance get public recognition and positive environment information for enterprises to obtain government funding for environmental protection subsidies.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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