1、 1 2260 单词， 14000 英文字符， 4100 汉字 出处 : Denis Cormier, Michel Magnan. Corporate Environmental Disclosure Strategies: Determinants, Costs and Benefits. Journal of Accounting, Auditing and Finance, Vol. 14, Fall1999:P429-451. 外文原文 Corporate Environmental Disclosure Strategies: Determinants, Costs and Ben
2、efits In response to investors and other stakeholders concerns about corporate environmental policies, many firms are voluntarily increasing their level of environmental disclosure since there is a scarcity of alternative information sources. Using a cost-benefit framework, this study intends to ide
3、ntify determinants of corporate environmental reporting by Canadian firms subject to water pollution compliance regulations during the 1986-1993 period. Results suggest that information costs and a firms financial condition are key determinants of environmental disclosure. Firm size, the regulatory
4、regime governing corporate disclosure, and industry, also contribute to explaining environmental disclosure. 1. Introduction While regulators (e.g., securities commissions) set guidelines for financial and nonfinancial information disclosure, finns often reveal more about their activities than requi
5、red. Many executives recognize that a firms disclosure policy is a strategic tool that provides economic benefits if managed properly. In fact, there is evidence that an open disclosure policy has a positive impact on firm value (Lev1992； Skinner 1994； Blacconiere and Patten 1994； Botosan 1997). How
6、ever, the potential costs from increased legal or political exposure can lead to less disclosure. Thus, the identification of circumstances or events that prompt fiirms to disclose more than what is required becomes a relevant issue. Managerial decisions are especially sensitive in the case of envir
7、onmental disclosure, since a firm can incur costs of some magnitude if it is perceived to be negligent or irresponsible In its interactions with the environment. Such costs may result from lobbying campaigns by various 2 environmental pressure groups or from the firms losing Its reputation among cus
8、tomers, employees, lenders, and suppliers. This paper conjectures that managers weigh shareholders information costs as well as costs and benefits arising from a firms financial condition in deciding its environmental disclosure strategy. For instance, a cost-benefit analysis of shareholders informa
9、tion needs may suggest that it is more efficient for management of widely held firms to disclose environmental information directly than for individual investors to collect it themselves. However, for firms in poor financial condition, the disclosure of additional information about their environment
10、al obligations or commitments is unlikely to enhance their reputation among creditors and suppliers. The papers contribution to the environmental disclosure literature is threefold.First, a cost-benefit framework is proposed that identifies potential economic-based determinants of corporate environm
11、ental disclosure. Second, environmental disclosure is viewed in a comprehensive manner as comprising both financial and nonfinancial information. Third, the incremental relevance of environmental performance and of other firm-specific attributes in explaining corporate environmental disclosure is as
12、sessed. A sample of Canadian finns is examined during the period 1986 to 1993.Canadian firms face a reporting environment that is less rule-oriented (prescriptive)than that in the United States and less subject to lawsuits or litigation. A priori,such an environment is more conducive to voluntary di
13、sclosure. Since resource-based firms in Canada are subject to specific pollution standards, environmental matters are expected to be an important part of these firms overall disclosure strategy. Wisemans (1982) instrument is used to develop a measure of a firms environmental disclosure. A firms info
14、rmational and environmental positions are inferred from measures suggested in the disclosure (e.g., Scott1994) and environmental accounting (Barth and McNichols1994) literatures. Results suggest that both information costs and financial condition influence corporate environmental disclosure strategi
15、es. These results are relatively stable over time. 3 2. A Cost-Benefit Framework for Environmental Disclosure 2.1 Overview Surveys conducted by KPMG (1997) and Deloitte Touche Tomatsu (1994), as well as descriptive studies (Gamhle et al. 1995), suggest that firms have increased the level of environm
16、ental disclosure over the past decade. However, since corporate environmental disclosure is only partially regulated, it tends to vary widely across firms. Items that often are mentioned by firms (but need not be disclosed specifically) include capital expenditures for antipollution equipment, recyc
17、ling and conservation policies, environmental management and audit practices, and conformity to governmental emission standards. Although environmental disclosure levels have increased, it is not clear why firms choose to disclose more about their environmental activities. In fact, a firm may have s
18、trong disincentives to disclose information about its environmental activities. For example, corporate pollution often makes for negative headlines, with leakages of contaminated waters at mine sites owned by Cambior Inc., Placer Dome, and Boliden being widely reported in the Canadian press even tho
19、ugh the properties were in Guyana, the Philippines, and Spain, respectively. In addition, being singled out as environmentally irresponsible may entail potential political and economic costs (Lanoie and Laplante 1994). Conversely, some firms have competitive advantages in complying with environmenta
20、l regulations (or even going further than regulations) or in recycling hazardous wastes into profitable products. For instance, management may want to provide additional environmental information to build up community support for its relations with regulators, to obtain cheaper capital, or to enhanc
21、e the firms reputation as a credible and reliable commercial or financial partner. 2.2 Toward a Framework of Environmental Disclosure Two distinct perspectives underlie recent attempts to explain corporate environmental disclosure. First, environmental reporting has been posited to be a response to pressures exerted by various stakeholders or constituencies, with corporate management attempting to manage the publics impression of its environmental performance (Neu et al. 1998). Most conceptual work under this
