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Stock Market’s Reaction to Disclosure of Environmental Violations: Evidence from China

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  • X. Xu
  • S. Zeng

    ()

  • C. Tam

Abstract

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Suggested Citation

  • X. Xu & S. Zeng & C. Tam, 2012. "Stock Market’s Reaction to Disclosure of Environmental Violations: Evidence from China," Journal of Business Ethics, Springer, vol. 107(2), pages 227-237, May.
  • Handle: RePEc:kap:jbuset:v:107:y:2012:i:2:p:227-237
    DOI: 10.1007/s10551-011-1035-2
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    References listed on IDEAS

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    1. Dasgupta, Susmita & Hong, Jong Ho & Laplante, Benoit & Mamingi, Nlandu, 2006. "Disclosure of environmental violations and stock market in the Republic of Korea," Ecological Economics, Elsevier, vol. 58(4), pages 759-777, July.
    2. Xiao-dong Xu & Xia Wang & Yi Jin, 2010. "Releasing of restricted shares, firm quality, and market trading activity," China Finance Review International, Emerald Group Publishing, vol. 1(1), pages 78-97, October.
    3. repec:hrv:faseco:30747191 is not listed on IDEAS
    4. repec:ebl:ecbull:v:13:y:2006:i:6:p:1-4 is not listed on IDEAS
    5. Jay Janney & Greg Dess & Victor Forlani, 2009. "Glass Houses? Market Reactions to Firms Joining the UN Global Compact," Journal of Business Ethics, Springer, vol. 90(3), pages 407-423, December.
    6. Denis Cormier & Michel Magnan & Barbara Van Velthoven, 2005. "Environmental disclosure quality in large German companies: Economic incentives, public pressures or institutional conditions?," European Accounting Review, Taylor & Francis Journals, vol. 14(1), pages 3-39.
    7. Esther Blanco & Javier Rey-Maquieira & Javier Lozano, 2009. "The Economic Impacts Of Voluntary Environmental Performance Of Firms: A Critical Review," Journal of Economic Surveys, Wiley Blackwell, vol. 23(3), pages 462-502, July.
    8. Lanoie, Paul & Laplante, Benoit & Roy, Maite, 1998. "Can capital markets create incentives for pollution control?," Ecological Economics, Elsevier, vol. 26(1), pages 31-41, July.
    9. Dasgupta, Susmita & Laplante, Benoit & Mamingi, Nlandu, 2001. "Pollution and Capital Markets in Developing Countries," Journal of Environmental Economics and Management, Elsevier, vol. 42(3), pages 310-335, November.
    10. Fan, Joseph P. H. & Wong, T. J., 2002. "Corporate ownership structure and the informativeness of accounting earnings in East Asia," Journal of Accounting and Economics, Elsevier, vol. 33(3), pages 401-425, August.
    11. Karpoff, Jonathan M & Lott, John R, Jr & Wehrly, Eric W, 2005. "The Reputational Penalties for Environmental Violations: Empirical Evidence," Journal of Law and Economics, University of Chicago Press, vol. 48(2), pages 653-675, October.
    12. Gupta, Shreekant & Goldar, Bishwanath, 2005. "Do stock markets penalize environment-unfriendly behaviour? Evidence from India," Ecological Economics, Elsevier, vol. 52(1), pages 81-95, January.
    13. Aerts, Walter & Cormier, Denis & Magnan, Michel, 2008. "Corporate environmental disclosure, financial markets and the media: An international perspective," Ecological Economics, Elsevier, vol. 64(3), pages 643-659, January.
    14. Rafael La porta & Florencio Lopez-De-Silanes & Andrei Shleifer & Robert Vishny, 2002. "Investor Protection and Corporate Valuation," Journal of Finance, American Finance Association, vol. 57(3), pages 1147-1170, June.
    15. Şükrü Özen & Fatma Küskü, 2009. "Corporate Environmental Citizenship Variation in Developing Countries: An Institutional Framework," Journal of Business Ethics, Springer, vol. 89(2), pages 297-313, October.
    16. Konar, Shameek & Cohen, Mark A., 1997. "Information As Regulation: The Effect of Community Right to Know Laws on Toxic Emissions," Journal of Environmental Economics and Management, Elsevier, vol. 32(1), pages 109-124, January.
    17. Fumiko Takeda & Takanori Tomozawa, 2006. "An Empirical Study on Stock Price Responses to the Release of the Environmental Management Ranking in Japan," Economics Bulletin, AccessEcon, vol. 13(6), pages 1-4.
    18. Capelle-Blancard, Gunther & Laguna, Marie-Aude, 2010. "How does the stock market respond to chemical disasters?," Journal of Environmental Economics and Management, Elsevier, vol. 59(2), pages 192-205, March.
    19. repec:hal:journl:halshs-00637961 is not listed on IDEAS
    20. Patten, Dennis M. & Trompeter, Greg, 2003. "Corporate responses to political costs: an examination of the relation between environmental disclosure and earnings management," Journal of Accounting and Public Policy, Elsevier, vol. 22(1), pages 83-94.
    21. Irene Criado-Jiménez & Manuel Fernández-Chulián & Carlos Larrinaga-González & Francisco Husillos-Carqués, 2008. "Compliance with Mandatory Environmental Reporting in Financial Statements: The Case of Spain (2001–2003)," Journal of Business Ethics, Springer, vol. 79(3), pages 245-262, May.
    22. A. Craig MacKinlay, 1997. "Event Studies in Economics and Finance," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 13-39, March.
    23. Al-Tuwaijri, Sulaiman A. & Christensen, Theodore E. & Hughes, K. II, 2004. "The relations among environmental disclosure, environmental performance, and economic performance: a simultaneous equations approach," Accounting, Organizations and Society, Elsevier, vol. 29(5-6), pages 447-471.
    24. Robert D. Klassen & Curtis P. McLaughlin, 1996. "The Impact of Environmental Management on Firm Performance," Management Science, INFORMS, vol. 42(8), pages 1199-1214, August.
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    Citations

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    Cited by:

    1. Min Maung & Craig Wilson & Xiaobo Tang, 2016. "Political Connections and Industrial Pollution: Evidence Based on State Ownership and Environmental Levies in China," Journal of Business Ethics, Springer, vol. 138(4), pages 649-659, November.
    2. repec:spr:qualqt:v:51:y:2017:i:4:d:10.1007_s11135-016-0355-9 is not listed on IDEAS
    3. Douglas Cumming & Wenxuan Hou & Edward Lee, 2016. "Business Ethics and Finance in Greater China: Synthesis and Future Directions in Sustainability, CSR, and Fraud," Journal of Business Ethics, Springer, vol. 138(4), pages 601-626, November.
    4. repec:gam:jsusta:v:9:y:2017:i:8:p:1452-:d:108597 is not listed on IDEAS
    5. Wang Yuhua, 2015. "Politically connected polluters under smog," Business and Politics, De Gruyter, vol. 17(1), pages 97-123, April.
    6. repec:gam:jsusta:v:9:y:2017:i:10:p:1800-:d:114099 is not listed on IDEAS
    7. repec:eee:jiaata:v:22:y:2013:i:1:p:1-11 is not listed on IDEAS
    8. Lam, Hugo K.S. & Yeung, Andy C.L. & Cheng, T.C.E. & Humphreys, Paul K., 2016. "Corporate environmental initiatives in the Chinese context: Performance implications and contextual factors," International Journal of Production Economics, Elsevier, vol. 180(C), pages 48-56.
    9. X. Meng & S. Zeng & C. Tam & X. Xu, 2013. "Whether Top Executives’ Turnover Influences Environmental Responsibility: From the Perspective of Environmental Information Disclosure," Journal of Business Ethics, Springer, vol. 114(2), pages 341-353, May.
    10. Jan Endrikat, 2016. "Market Reactions to Corporate Environmental Performance Related Events: A Meta-analytic Consolidation of the Empirical Evidence," Journal of Business Ethics, Springer, vol. 138(3), pages 535-548, October.
    11. Liang Zhang & Tie-nan Wang & Hung-Gay Fung, 2014. "Market Reaction to Corporate Social Responsibility Announcements: Evidence from China," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 22(2), pages 81-101, March.
    12. X. H. Meng & S. X. Zeng & X. M. Xie & G. Y. Qi, 2016. "The impact of product market competition on corporate environmental responsibility," Asia Pacific Journal of Management, Springer, vol. 33(1), pages 267-291, March.

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