Accounting for the environmental impacts of Texaco's operations in Ecuador: Chevron's contingent environmental liability disclosures
研究了德士古在厄瓜多尔30年石油开采引发的环境诉讼，分析雪佛龙在收购后如何根据美国会计规则披露这一或有负债，并运用合法性与利益相关者理论解释其披露行为。
This paper examines the disclosure of a contingent legal obligation that arose as a result of Texaco Inc.’s oil drilling and extraction activities in Ecuador. We examine Texaco's and, after Texaco's acquisition by Chevron in 2001, Chevron's, financial reporting and SEC disclosures pertaining to a lawsuit claiming damages related to the environmental effects of Texaco's 30 years of operations in Ecuador. After an historical review of Texaco's drilling and extraction activities in Ecuador, and the ensuing litigation that began in 1993, we consider U.S. accounting and reporting rules as they apply to Texaco and Chevron. Given these rules, we analyze the appropriateness and timing of Chevron's disclosures related to the heretofore-unresolved litigation. The discussion employs legitimacy and stakeholder theories to explain Chevron's disclosures.