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Environmental Information Provision, Market Valuation, and Firm Incentives: An Empirical Study of the Japanese PRTR System

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  • Akira Hibiki
  • Shunsuke Managi

Abstract

The environmental performance of a listed firm could affect its level of investment in pollution prevention and its access to financial markets. Previous studies using Tobin’s q that explore market response to environmental performance do not distinguish between the impact of performance on investment and market response, which may mislead conclusions. To overcome this problem, we simultaneously estimate the functions of the intangible asset, the replacement cost, and the toxic chemical risk. We find that the Japanese financial market does not value risk associated with toxic chemical releases. Nevertheless, even without market valuation, firms increase investment to reduce pollution.

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File URL: http://le.uwpress.org/cgi/reprint/86/2/382
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Bibliographic Info

Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 86 (2010)
Issue (Month): 2 ()
Pages: 382-393

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Handle: RePEc:uwp:landec:v:86:y:2010:i:2:p:382-393

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Web page: http://le.uwpress.org/

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Cited by:
  1. Managi, Shunsuke & Okimoto, Tatsuyoshi & Matsuda, Akimi, 2012. "Do Socially Responsible Investment Indexes Outperform Conventional Indexes?," MPRA Paper 36662, University Library of Munich, Germany.
  2. 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.
  3. Fujii, Hidemichi & Iwata, Kazuyuki & Kaneko, Shinji & Managi, Shunsuke, 2012. "Corporate environmental and economic performances of Japanese manufacturing firms: Empirical study for sustainable development," MPRA Paper 39564, University Library of Munich, Germany.
  4. Kimitaka Nishitani & Shinji Kaneko & Satoru Komatsu & Hidemichi Fujii, 2011. "Firm's reduction of greenhouse gas emissions and economic performance: analyzing effects through demand and productivity," IDEC DP2 Series 1-1, Hiroshima University, Graduate School for International Development and Cooperation (IDEC).

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