Corporate environmental policy and abnormal stock price returns: An empirical investigation
研究了企业采纳环境政策、被环境机构起诉或员工环境培训与股票超额回报之间的关系，发现环境政策采纳和违规起诉对超额回报有显著解释力。
Abstract This paper examines the correlation between the excess stock market returns and the adoption of an environmental protocol by companies. The underlying hypothesis that I test is whether evidence of the adoption of environmental policy, prosecution by an environmental agency or the routinized training of staff in environmental protocols, which proxies for the willingness of managers to invest for the long term, is associated with superior economic returns to shareholders. I find that both the adoption of an environmental policy and prosecution for breach of environment standards have significant explanatory power in an analysis of excess returns. Copyright © 2001 John Wiley & Sons, Ltd. and ERP Environment