Environmental Information Provision, Market Valuation, and Firm Incentives: An Empirical Study of the Japanese PRTR System
研究了日本上市公司环境绩效对污染预防投资和金融市场的影响，发现市场不估值有毒化学物质风险，但企业仍增加投资减少污染。
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. <i></i>