Analysis of the effectiveness of the first European Pollutant Emission Register (EPER)
AbstractThe aim of this paper is to examine the effectiveness of the first European Pollution Emissions Register (EPER), a regulatory instrument based on the publication of the environmental performance of firms exceeding specified pollution limits. The Multivariate Regression Model (MVRM) is applied to capture the disciplinary effect of the EPER. So, we first perform an analysis to determine whether the publication of the EPER has a negative effect on the market value of the listed firms. Secondly, we consider the possibility of the publication of the EPER affecting the market value of firms which could be included in the EPER but are not because their emissions do not exceed the specified pollution limits. Finally, we prepare an index to compare the environmental results of the firms and analyse whether the consequences of publishing the EPER are worse for firms with high relative pollution records.
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Bibliographic InfoArticle provided by Elsevier in its journal Ecological Economics.
Volume (Year): 67 (2008)
Issue (Month): 1 (August)
Contact details of provider:
Web page: http://www.elsevier.com/locate/ecolecon
Information disclosure European Pollutant Emission Register (EPER) Environmental performance Disciplinary capacity Investors' reaction;
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