The Reputational Penalties for Environmental Violations: Empirical Evidence
研究了违反环境法规的公司所面临的罚款、赔偿、修复成本和市场价值损失，发现市场价值损失与法律惩罚规模相当，表明环境违规主要通过法律和监管惩罚而非声誉惩罚来约束。
This paper examines the sizes of the fines, damage awards, remediation costs, and market value losses imposed on companies that violate environmental regulations. Firms that violate environmental laws suffer statistically significant losses in the market value of firm equity. The losses, however, are of similar magnitudes to the legal penalties imposed, and in the cross section, the market value loss is related to the size of the legal penalty. Thus, environmental violations are disciplined largely through legal and regulatory penalties, not through reputational penalties.