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Stock market reactions to information disclosure: new evidence from Japan’s pollutant release and transfer register

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  • Paul Ferraro
  • Toshihiro Uchida

Abstract

Information disclosure has been touted as a powerful tool to effect change in environmental quality. We present the first empirical analysis of investor reactions to a pollutant release and transfer register (PRTR) outside the United States. In contrast to the US studies, we found only weak evidence of negative investor reactions to firms listed on Japan’s PRTR. We identified several institutional reasons for these contradictory results. Our results suggest that PRTRs may not have the same effect in all nations and thus further empirical studies of the burgeoning number of PRTRs being implemented globally are warranted. Copyright Springer Japan 2007

Suggested Citation

  • Paul Ferraro & Toshihiro Uchida, 2007. "Stock market reactions to information disclosure: new evidence from Japan’s pollutant release and transfer register," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 8(2), pages 159-171, June.
    • Handle: RePEc:spr:envpol:v:8:y:2007:i:2:p:159-171
    DOI: 10.1007/BF03353954
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    References listed on IDEAS

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    Cited by:

    1. Mumtaheena Anwar & Sohanur Rahman & Md. Nurul Kabir, 2021. "Does national carbon pricing policy affect voluntary environmental disclosures? A global evidence," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 23(2), pages 211-244, April.
    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. Mustafa UYSAL & Mustafa ÇAYIR, 2023. "Analysis of the asymmetric relationship between stock markets and environmental quality: an analysis on Turkey," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(4(637), W), pages 99-118, Winter.

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