企业环境信息披露中英文对照外文翻译文献

1、文献信息：文献标题：The impact of environmental information disclosures on shareholder returns in a company: An empirical study（企业环境信息披露对股东回报的影响：一项实证研究）国外作者：Ragothaman Srinivasan；Carr David文献出处：International Journal of Management,2008,25（4）, p613-620字数统计：英文 2030 单词，10523 字符；中文 3653 汉字外文文献：The impact of enviro

2、nmental information disclosures on shareholder returns in a company: An empirical studyThe Emergency Planning and Community Right to Know Act (1986) has mandated Toxic Release Inventory (TRI) disclosures in the United States. This Act requires all manufacturing companies (SIC code 20-39) who employ

3、more than 10 people to provide an annual report about the release of more than 300 specified toxic chemicals. Similar legislation exists in other countries as well. How is this information used by investors and corporations? We develop and test a regression model to answer this question. We also per

4、form a few robustness tests. Our sample comes from TRI disclosures for “top 100” corporate polluters based on COMPUSTAT data. Descriptive statistics and correlation measures are also provided. The higher the return on assets the higher is Tobins q (a proxy for firm value or shareholder wealth). The

5、waste disposal variable (toxic air release) is a statistically significant predictor of Tobins q. As expected, the sign of the regression coefficientfor waste disposal is negative. In addition, firm size has a significant impact on Tobins q. A firms beta, P/E ratio, and the corporate governance vari

6、able are all statistically insignificant.1. IntroductionThe disastrous Union Carbide accident that occurred in India in 1984 and other smaller chemical accidents have caused anxiety in the publics mind about the release of chemicals from factories. The Emergency Planning and Community Right to Know

7、Act (1986) has mandated Toxic Release Inventory TRI disclosures. This Act requires all manufacturing companies (SIC code 20-39) in the United States who employ more than 10 people to provide an annual report about release of more than 300 specified toxic chemicals. The TRI program offers environment

8、al performance information to the public and is administered by the Environmental Protection Agency (EPA). How is this information used by investors and corporations?EPAs Environmental Economics Research Strategy (EPA, 2004) identifies measuring the benefits of environmental information disclosures

9、as one of its high priority research areas. Some interesting research results have already been published. For example, Konar and Cohen (1997) report negative stock price reactions to TRI disclosures in 1989. These negative stock returns forced companies to change their behavior. Those firms with th

10、e largest negative stock market returns to TRI announcements in 1989 subsequently reduced their emissions more than other firms in their industry. The purpose this research project is to examine the association between the TRI disclosures and firm value as measured by Tobins q. The goal of examining

11、 the association between the TRI disclosures and firm value will be accomplished through the development and testing of a regression model. A few robustness tests are also conducted. Tobins q is a widely used proxy for firm value in the finance literature (Gompers, Ishii and Metrick,2003) and is use

12、d in this study as the dependent variable.Several researchers have conducted event studies and documented negative stockprice reactions to TRI announcements (Hamilton 1995 and Khanna et al. 1998). Eventstudies examine the stock price reactions on one or two days when the environmental information is

13、 disclosed. Klassen and McLaughlin (1996) also reported significant negative stock price reactions to bad environmental news such as oil spills. These event studies do not analyze longer-term stock price trends. These studies have generally used smaller samples. Moreover, they have used data from 19

14、89 which are eighteen years old. To overcome these difficulties, a new regression model is developed which uses more recent data from 2000 TRI disclosures. The TRI disclosure data is compiled from raw data reported to the EPA on a facility-by-facility basis and not on a company-bycompany basis. The

15、difficulty of aggregating to company-level data makes the 2000 TRI disclosures the most recent data currently available.2. Prior ResearchKarpoff and Lott (1993) report that when corporate illegal activities and other fraudulent financial schemes are revealed, stock price declines have been the resul

16、t. In order to estimate the value of intangible assets, we propose to include environmental performance information among the explanatory variables (see Konar and Cohen 2001). Good environmental performance can translate into a good reputation for the firm as an ecology-friendly company and this can

17、 increase investor trust (Ragothaman and Lau, 2000). Similarly, bad environmental performance can lead to stock price declines.This research builds on prior research and expands knowledge in several different and new ways. 1) Data used in this study are more recent (than 1989) and come from TRI disc

18、losures for the year 2000; 2) Tobins q is measured in accordance with suggestions from finance scholars; 3) The regression model includes some new variables; and a cross-sectional regression model is used. Descriptive statistics and correlation measures are also provided. New insights are gained abo

19、ut the impact of environmental disclosure programs on stockholders wealth. Our formulation for Tobins q follows that of Chung and Pruitt (1994) and Hirschey and Connolly (2005), where q is measured as the market value of common shares outstanding plus the bookvalue of total assets minus common equit

20、y, all divided by the book value of total assets. Tobins q is viewed as a market-based measure of firm valuation. In this paper, the effect of environmental disclosures on the market valuation of firms, proxied by Tobins q, is examined.Beta is a measure of the risk associated with owning shares in a

21、 firm and is commonly used to measure market risk. Konar and Cohen (1997) utilize beta to control for the systematic risk in security returns. Beta is included in this study as a control variable. Various measures of firm size appear in the literature. Dowell, Hart, and Young (2000) use the logarith

22、m of total assets with mixed results in examining whether corporate global standards create or destroy market value. Hamilton (1995) uses the number of employees as a proxy for firm size in examining the relationship between Toxic Release Inventory data and media and stock market reactions. The loga

23、rithm of the number of employees (LEMP) is used as a proxy for firm size, and is included in the model as another control variable.Waste (toxic air release) is measured as waste disposal in pounds per revenue- dollar. Waste should be negatively related to Tobins q, as it measures the extent to which

24、 firms are “dirty.” Konar and Cohen (1997) use toxic chemical releases and the number of lawsuits to proxy waste. Hamilton (1995) uses the number of superfund sites to proxy waste. Return on assets (ROA), defined as net income divided by total assets, is used as a measure of firm-level performance.

25、It is a proxy for profitability. ROA should be positively related to Tobins q, since better performing firms should be more highly valued in the marketplace, ceteris paribus. Hirschey and Connolly (2005) use profit margin to measure profitability.Another control variable used in this study is the pr

26、ice-to-earnings ratio. The price-to-earnings (PE) ratio is measured as the market price of a firms common stock divided by the firms income-per-share of common stock. The PE ratio is included in the model as a control variable to pick up the effect of firm-level growth. Firms that are growing rapidl

27、y should have a higher market valuation, as measured by Tobins q. Yet another control variable used in this paper is “audit opinion” which is a proxy for the corporate governance mechanism. Li et al. (2005) found that firms with higherstock market return tended to receive more clean (unqualified) au

28、dit opinions. In other words, audit opinion is negatively related to market value of the firm. Hodge et al. (2004) conducted an experimental research project and concluded that investors reacted to audit qualifications as if it signaled that management was strategically understating financial result

29、s. It could be posited that management was concerned about future performance and consequently understated the current performance. According to Choi and Jeter (1992), audit qualifications indicate that uncertainties associated with future cash flows have increased and consequently, the future marke

30、t value of the firm can be adversely affected.3. Methodology and data sourcesResearchers at the Political Economy Research Institute (PERI) at the University of Massachusetts released, in 2004, the list of the top 100 corporate air polluters based on TRI data disclosed by companies in the year 2000.

31、 The toxic (air release) waste data are reported in pounds per revenue dollar. Data from COMPUSTAT were used to compute several operating and financial ratios for these 100 firms. The following independent variables were obtained from the COMPUSTAT database: market beta, return on assets, logarithm

32、of number of employees, P/E ratio and audit opinion. Following Hirschey (2005), the following formula is used to estimate Tobins q: Tobins q = Total assets + Total market value of equity Book value of equity / Total assets. Tobins q was also computed from the data obtained from the COMPUSTAT data ba

33、se. Due to missing variables in the COMPUSTAT database, 9 companies were dropped. One more firm was deleted because of an extreme outlier. The final sample used in this study contains data from 90 companies.The multiple regression model used in this study is:Tobins q = f market beta (risk), logarith

34、m of number of employees, waste discharge per revenue dollar, return on assets, P/E ratio and audit opinionThe research questions are transformed into null hypotheses as given below: H1: Beta has no significant effect on Tobins q.H2: Size as measured by number of employees has no significant effect

35、on Tobins q.H3: Waste discharge has no significant effect on Tobins q. H4: Return on assets has no significant effect on Tobins q.H5: Growth as measured by the P/E ratio has no significant effect on Tobins q.H6: Corporate governance as measured by audit opinion has no significant effect on Tobins q.

36、4. Results and discussionThe descriptive statistics are reported in Table 1. The average Tobins q for the sample firms is 2.176. The average amount of toxic air release (waste discharge) is 0.0009 pounds per revenue dollar. The mean for return of assets is 4.648 percent. The average beta (risk measu

37、re) is 1.121.Q ratio = Tobins QBeta = Market beta (risk)LEMP = Logarithm of number of employees Waste = Waste disposal per revenue-dollar ROA = Return on assetsP/E ratio = Price Earnings ratio AUOP = Audit opinionA correlation analysis of these six explanatory variables with the Tobins q and other i

38、ndependent variables was performed. The correlation results are reported inTable 2.The correlation analysis results indicate that Tobins q is strongly related to return on assets. The higher the return on assets, the higher is Tobins q. Beta, firm size and waste discharge are all negatively related

39、to Tobins q. Beta and return on assets have strong negative correlation. Firm size and waste discharge are negatively correlated.Multicollinearity among independent variables may be present in the data and can potentially lead to unstable regression coefficients. A rule of thumb is suggested by Judg

40、e et al. (1985) to assess the impact of multicollinearity. They argue that a serious multicollinearity problem arises only when correlations among the explanatory variables are higher than 0.8. In our dataset, the highest correlation is between return on assets and beta at -0.411. Hence, the degree

41、of collinearity present appears to be too small to invalidate estimation results.An ordinary least-squares regression model was developed to investigate the relationship between Tobins q and toxic air release, beta, return on assets, growth and other independent variables. Regression methodology per

42、mits the testing of six null hypotheses simultaneously. Tobins q was the dependent variable and the six explanatory variables mentioned earlier were the independent variables. The regression coefficients, t-statistics (in parentheses), and significance levels are reported in Table 3, column I. The m

43、ultiple regression model has a respectable adjusted R-squared of 31.3 percent.Thbk 3: Mnhlpie Regression ResultseCONSTANT2.5652.4502.62I1.416(4.295)*(2.273)”(4. t40)*(1.320)BETA-0.029-0.025-0.0250.600(-0.186)(-0. I58)(-0. IG2)(-0.353)LOCi EMPLOYEES-0.363(-3.319)*-0.371(-2.919)*-0.354(-3.219)*-0.506(

44、-2.880)*WASSALES-163.186 (-2.244)*-166.038 (-2.172)*-137.856 (- l.785)-522.126 (-l,846)RETURH ON0.1S60.1570.1490.138ASSETS(4.343)*(4.285)*(4.049)*(3.407)*PPE RATIO0.0130.0130.0150.010(1.574)(1.569)(1.787)*(1.158)0.0300.0290.0230.I70(0.290)(0.278)(0,213)(1.329)0.0160. I99(0.129)(1.323)CAPITAL-EXPEN/-

45、1.413SALES(-0.770)R&D XP/SALESL236i.x8)76103130.3W0.2940.342The dependent verieble is Tobins OSintistically eigaificant at Um level*Statistically significant at 5& level*Statistically significant at IN level中文译文：企业环境信息披露对股东回报的影响：一项实证研究在美国，应急计划和社区知情权法案（1986）被授权披露企业有毒排放清 单。这个法案要求所有雇佣超过10人的制造公司（代码20-39

46、）每年须提供年度报告，该报告包括300多种指定的有毒化学品排放情况。除美国以外，其他国家也相应建立了类似的法案。那么投资者和合作者提供的这些信息有什么用处呢？ 我们可以建立并运用一个回归模型来回答这个问题。另外，我们还进行一些鲁 棒性测试。我们取来自“100强”企业污染统计数据为样本，另外提供描述性统计和相关措施。结果发现企业的资产回报率越高，则托宾Q系数就越高（企业价值或股东财富）。废物处理变量（有毒气体排放）是一个统计学预测托宾Q系数作为预期，该标志的回归系数的废物处置是消极的。此外，公司规模的大小 对托宾Q系数有重大影响。公司测试的市盈率，以及公司治理变量都具有统计学意义。1.简介198

47、4年发生发生在印度的因为联合碳化物造成的灾难性事故和其他化学事故使得那些民众开始对于排放化学物质的工厂焦虑起来。应急计划和社区知情权法案（1986）规定那些工厂应披露有毒物质排放清单。这个法案要求所有美国雇佣超过10人的制造公司（代码-39）需提供一个关于300多种规定的有毒化学物品排放情况的年度报告。有毒物质排放清单由美国环境保护局（美国环保署）向公众公开。那么投资者和公司合作者如何利用这些信息呢？环保署的环境经济学研究战略（环保局，2004）认识到把环境信息披露作为一个高度研究领域的好处。在此已发表了一些有趣的研究结果。例如，1989 年，库纳尔和科恩（1997）发现有毒物质排放清单的披露

48、对于公司股价有消极作用。这些负面的股票收益使得企业不得不改变他们原始的行为。那些受到股市负面影响的公司在1989年有毒物质排放清单公开以后开始减少其排放量，并且其排放量低于同行业的其他公司水平。本研究目的在于通过托宾Q系数来得知有毒物质排放清单披露和公司价值衡量之间的关系。有毒物质排放清单披露和公司价值两者的关系将通过一个回归模型的开发和测试来发现。此外还要进行几次鲁棒性试验。托宾Q系数是一种在金融文学中广泛使用的用来解释公司价值（龚帕斯，石井和梅特里克，2003），并作为本项研究中所用的因变量。一些研究人员已经进行了研究并记录了有毒物质排放清单公开对股票价格 的负面作用（汉密尔顿1995和康

49、纳等人1998）。研究人员发现，在环境信息披 露以后，公司股价的不良反应会持续一至两天。克拉森和麦克劳林（1996）也 发现公司的股价会受不良环境新闻的影响如漏油事件。但这些研究并没有对长 期股票价格趋势进行分析。再者这些研究一般都只用了较小的样本。此外，他 们所使用的1989年的数据，距今有十八年了。为了克服这些困题，我们须使用 最近的数据来自2000年披露的有毒物质排放清单信息来建立一个新的回归模型。有毒物质排放清单披露的数据是在从环保署提供的原始数据报告的基础上进行 汇编 ，而不是根据个别公司具体情况进行。搜集公司数据的困难使2000年有毒排放清单揭露了很多最近有效的数据。2.先前的研究

50、卡波夫和洛特（1993）报告说，当公司的非法活动和其他欺诈性财务计划被公开，则会造成股价下跌。为了估计无形资产的价值，我们建议将环境性能信息计入到的解析变量中（库纳尔和科恩2001）。良好的环保性能可以赢得一个良好的生态公司声誉，还可以增加投资者的信赖（雷格萨曼和刘，2000）。相反，恶劣环境性能可导致股票价格下降。本研究是建立在先前的研究和不同新方法的发展上：1、本研究所使用的数据来自1989以后的数据和2000年披露的有毒物质排放清单；2、托宾Q系数是根 据金融学者的建议来测量的；3、回归模型包括了一些新的变量和运用了一个横截面回归模型。本研究还提供了描述性统计和相关措施。从而得到了是关于

51、环 境信息披露对股东回报的影响的新见解。我们制定的托宾Q系数的公式是根据钟和普鲁特（1994）、索斯瑞和康纳利（2005）的研究，Q等于流通普通股的市场价值加上总资产的账面价值减去普通股股本所得到的值除以总资产的账面价值。托宾Q系数用来衡量公司市场价值。在本文中，环境信息披露对公司市场价值的影响就可以通过托宾Q系数来说明。系统性风险指标（beta系数）是衡量股票风险，通常用来测试市场风险的。库纳尔和科恩（1997）利用beta系数来控制因为系统性风险所获得安全收益。 在这项研究中，beta系数作为控制变量。在很多文献中提到了各种公司规模的 测试。道维尔，哈特和杨（2000）在审查中使用总资产对数得出混合的结果： 公司全球标准对市场价值是有利也有弊。汉密尔顿（1995）在研究中使用的员 工的人数来形容一个公司规模，研究有毒排放清单数据、媒体与股票市场反应 这三者之间的关系。雇员人数的对数值（LEMP）是用来形容的公司规模的大小， 并在模型被作为另一个控制变量。废物（有毒气体排放）量是废物处理量以磅/美元单位来衡量的。废物量与托宾Q系数呈负相关，因为它能测试企业“脏”的程度。库纳尔和科恩（1997） 利用有毒的化学物质排放情况和一些代理诉讼案件。汉密尔顿（1995）采用有 毒废物堆污染清楚基金来代替废物量进行研究。资产回报率，是用来衡量企业 绩效，其值等于净收益