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Analysis of the effectiveness of the first European Pollutant Emission Register (EPER)

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  • Cañón-de-Francia, Joaquín
  • Garcés-Ayerbe, Concepción
  • Ramírez-Alesón, Marisa

Abstract

The 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 Info

Article provided by Elsevier in its journal Ecological Economics.

Volume (Year): 67 (2008)
Issue (Month): 1 (August)
Pages: 83-92

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Handle: RePEc:eee:ecolec:v:67:y:2008:i:1:p:83-92

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Web page: http://www.elsevier.com/locate/ecolecon

Related research

Keywords: Information disclosure European Pollutant Emission Register (EPER) Environmental performance Disciplinary capacity Investors' reaction;

References

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Cited by:
  1. Massier, Philipp & Römer, Daniel, 2012. "On the Obligation to Provide Environmental Information in the 21st Century – Empirical Evidence from Germany," Working Papers 0524, University of Heidelberg, Department of Economics.

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