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Corporate Disclosure Of Environmental Liability Information
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Book Synopsis Corporate Disclosure of Environmental Liability Information by : Yue Li
Download or read book Corporate Disclosure of Environmental Liability Information written by Yue Li and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The decision to disclose information concerning a firm's environmental liabilities is modeled as a sequential game involving the firm, a capital market and outside stakeholders who can impose proprietary (political) costs on the firm. A partial disclosure equilibrium is derived in which firms reveal information strategically, maximizing share value net of expected political costs. Inherent uncertainty regarding the existence and size of the liabilities creates a setting where outsiders are uncertain if management is informed about them, so firms can plausibly withhold bad news, i.e., they do not disclose liabilities that exceed a threshold level. Three novel hypotheses are that a firm is more likely to disclose as (1) its pollution propensity increases; (2) outsiders' knowledge of its environmental liabilities increases; and (3) the risk of incurring proprietary costs decreases. Empirical support is found for the hypotheses, based on the accounting disclosures made by sample firms selected from the records of the Ontario Ministry of the Environment and Energy. Improved accounting and auditing standards for environmental disclosure would build on at least three implications of the study: 1. To the extent that inherent uncertainty leaves managers with discretion as to what to disclose, our partial disclosure equilibrium result suggests that not all firms will comply with disclosure standards. 2. Publishing broad environmental performance-indicators for companies in non-accounting outlets would increase public awareness of a manager's private information endowment, making voluntary accounting disclosures of the liability more likely. 3. If a significant decline in stakeholder tolerance of pollution occurs, the expected proprietary costs of disclosing increase and companies become less likely to disclose.
Author :Yue Li Publisher :National Library of Canada = Bibliothèque nationale du Canada ISBN 13 :9780612006515 Total Pages :163 pages Book Rating :4.0/5 (65 download)
Book Synopsis Corporate Disclosure of Environmental Liability Information by : Yue Li
Download or read book Corporate Disclosure of Environmental Liability Information written by Yue Li and published by National Library of Canada = Bibliothèque nationale du Canada. This book was released on 1995 with total page 163 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Environment Management and Corporate Disclosures by : G. S. Batra
Download or read book Environment Management and Corporate Disclosures written by G. S. Batra and published by Deep and Deep Publications. This book was released on 2007 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Study on the environmental management strategies and environmental disclosure practices of various corporate enterprises in India, Singapore and Malaysia.
Book Synopsis Environmental Disclosure Practices and Financial Performance by : Khondkar Karim
Download or read book Environmental Disclosure Practices and Financial Performance written by Khondkar Karim and published by Bloomsbury Publishing USA. This book was released on 2004-10-30 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding environmental liability and disclosure is critical for firm management, investors, accountants and auditors. The U.S. Congress has been increasing the pressure on companies to disclose information on environmental liabilities for years. This study delves into the issue by examining the impact of environmental disclosure on financial performance. These insightful essays provide guidance by supplying the most current and concise research available on this important topic. Covering such topics as legislation, liability, and regulations, this work analyzes how environmental disclosure influences the financial statements and public accountability of companies, and ultimately drives organizational change. This book builds the framework necessary to comprehend the complexities of quantifying environmental liabilities and make well-informed decisions.
Book Synopsis Factors Influencing Firms' Disclosures about Environmental Liabilities by : Mary E. Barth
Download or read book Factors Influencing Firms' Disclosures about Environmental Liabilities written by Mary E. Barth and published by . This book was released on 1996 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Disclosing Environmental Liability Under the Securities Laws by :
Download or read book Disclosing Environmental Liability Under the Securities Laws written by and published by . This book was released on 1997 with total page 676 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Environmental Liability by : United States. General Accounting Office
Download or read book Environmental Liability written by United States. General Accounting Office and published by . This book was released on 1993 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Scrubbing the Books Green by : Michael Viscuso
Download or read book Scrubbing the Books Green written by Michael Viscuso and published by . This book was released on 2008 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: Through arm-twisting, the federal government has forced corporations to disclose environmental liabilities since the catastrophic mid-twentieth century collision between securities and environmental law. Though their protests were numerous, and the self-proclaimed injustices against them unparalleled, corporations have recently been shoved over a fence onto a side where the grass is certainly greener, though not in the spirit of that adage. The 2002 romulgation of Sarbanes-Oxley has done much to elevate the paranoia of corporate management, and as publicly backed environmental regulation increases its tenacity for environmental betterment, chief executive officers and chief financial officers are starting to sweat green all over their 10-Qs and 10-Ks. This note takes the reader on a brief tour of the past, present, and future of environmental liability disclosures, hoping to provide at least the semblance that our federal government has been employing efficient means to protect both investors' wallets and their world.
Book Synopsis Financial Reporting of Environmental Liabilities and Risks after Sarbanes-Oxley by : C. Gregory Rogers
Download or read book Financial Reporting of Environmental Liabilities and Risks after Sarbanes-Oxley written by C. Gregory Rogers and published by John Wiley & Sons. This book was released on 2005-10-13 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Reporting of Environmental Liabilities and Risks is a complete guide to developing the underlying business systems to successfully report environmental matters in audited financial statements and reports filed with the Securities Exchange Commission (SEC). It sets forth relevant reporting and internal control standards and discusses important issues affecting reporting entities, accountants, lawyers, and environmental professionals.
Book Synopsis Factors Influencing Firms' Disclosures About Environmental Liabilities by : Mary E. Barth
Download or read book Factors Influencing Firms' Disclosures About Environmental Liabilities written by Mary E. Barth and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines factors related to environmental liability disclosure decisions for firms in industries with substantial Superfund site involvement. We hypothesize that the extent of disclosure about environmental liabilities is associated with five factors: (1) regulation, including enforcement activity, (2) managements' information, including site uncertainty and allocation uncertainty, (3) litigation and negotiation concerns, (4) capital market concerns, and (5) other regulatory influence. Our empirical tests examine the association between measures of environmental liability disclosure, based on disclosures in firms' annual reports and Forms 10-K, and proxies for the five factors, based on information from other public sources, including the EPA. We find that all of our hypothesized factors except site uncertainty significantly influence firms' environmental disclosure decisions.
Book Synopsis Corporate Disclosure of Environmental Risks by : Michael S. Baram
Download or read book Corporate Disclosure of Environmental Risks written by Michael S. Baram and published by Tolley. This book was released on 1990 with total page 502 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Advances in Environmental Accounting and Management by : Martin Freedman
Download or read book Advances in Environmental Accounting and Management written by Martin Freedman and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Environmental Liability by : United States Accounting Office (GAO)
Download or read book Environmental Liability written by United States Accounting Office (GAO) and published by Createspace Independent Publishing Platform. This book was released on 2018-05-24 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Environmental Liability: Property and Casualty Insurer Disclosure of Environmental Liabilities
Book Synopsis Accounting and Disclosure of Environmental Liabilities by :
Download or read book Accounting and Disclosure of Environmental Liabilities written by and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Estimation and Disclosure of Environmental Liabilities by : Chuan Qin
Download or read book Estimation and Disclosure of Environmental Liabilities written by Chuan Qin and published by . This book was released on 2003 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Endangered Green Reports by : Mitchell F. Crusto
Download or read book Endangered Green Reports written by Mitchell F. Crusto and published by . This book was released on 2014 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent corporate financial scandals involving Enron, WorldCom, Arthur Andersen, and others have heightened awareness of the need to revisit corporate accountability. Congressional response in the form of the passage of the Sarbanes-Oxley Act of 2002 raises questions about the transparency of corporate environmental disclosure.Over the years, corporations have selectively disclosed their environmental performance. In the past, corporate environmental disclosure was driven by three things: environmental compliance statutes, federal securities law, and public relations. Corporations sought to positively influence investor and public opinion of their environmental record through the use of the "green report"; typically a glossy, unaudited showcase of corporate environmental good deeds. However, the Enron scandal and Sarbanes-Oxley are likely to change what corporations disclose as to their environmental matters.This Article explores the impact that post-Enron corporate reform, and specifically the Sarbanes-Oxley Act, has had on corporate environmental financial disclosure, particularly green reports. Part I provides an overview of the current environmental disclosure landscape and pressure for reform after Sarbanes-Oxley. Part II details the shortcomings of corporate, investor, and regulatory efforts to encourage corporate compliance with environmental regulations, creating a need for more accurate environmental disclosure. Part III describes the current demand for a heightened standard of corporate environmental disclosure and the Securities and Exchange Commission's (SEC's) attempts at establishing a satisfactory disclosure standard. Part IV analyzes the central feature of a current corporate environmental disclosure proposal developed and presented by the American Society of Testing and Materials (ASTM), which would require a cumulative assessment of the financial impact of all environmental liabilities for "materiality." This "cumulative materiality standard," if adopted, would replace the present SEC standard of materiality for each proceeding or liability. The author concludes that, while Sarbanes-Oxley does not expressly address corporate environmental disclosure, large economic entities, including publicly traded corporations and the federal government, should adopt the ASTM "cumulative materiality standard" over voluntarily published green reports.
Book Synopsis Disclosure of Private Information and Reduction of Uncertainty by : Katherine Campbell
Download or read book Disclosure of Private Information and Reduction of Uncertainty written by Katherine Campbell and published by . This book was released on 2014 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the potential uncertainty-reducing role of accounting information in the context of contingent Superfund liability valuation. We first develop theoretical arguments for the way reduction of uncertainty regarding these contingent liabilities is expected to affect security prices. Empirical proxies are developed for two types of uncertainty surrounding contingent Superfund liabilities: site uncertainty and allocation uncertainty. In a valuation framework, we then investigate whether financial statement disclosures and accruals reduce uncertainty and thereby affect security valuation. Specifically, we analyze the interaction of private information contained in firm disclosures and accruals with inherent uncertainty surrounding contingent Superfund liabilities. Results suggest that in a regulatory environment allowing substantial reporting discretion, firm-provided financial statement information affects valuation of contingent Superfund liabilities by reducing uncertainty. Further, we find that information revealed through accruals versus disclosures is differentially effective at reducing site and allocation uncertainty.
