Effect of pollution control on corporate financial performance in a transition economy

Wiley - Tập 17 Số 4 - Trang 247-266 - 2007
Dietrich Earnhart1, Lubomı́r Lı́zal2
1University of Kansas and William Davidson Institute (WDI), Lawrence, KS, USA
2CERGE‐EI, a joint workplace of Charles University and the Academy of Sciences of the Czech Republic, Prague, Czech Republic

Tóm tắt

AbstractThis study analyzes the effect of pollution control on corporate financial performance in a transition economy. In particular, it assesses whether better pollution control, as measured by lower air pollutant emissions, improves or undermines financial success, as captured by accounting‐based measures of financial performance, e.g. profitability. For this assessment, this study analyzes the effect of air pollution control using a panel of Czech firms for the years 1996–1998. The analytical results indicate that better pollution control neither improves nor undermines financial success. These results provide no support for the hypothesis that pollution prevention, generated by improved production processes, led to lower costs, and thus, greater profitability. Copyright © 2007 John Wiley & Sons, Ltd and ERP Environment.

Từ khóa


Tài liệu tham khảo

10.1006/jeem.1995.1018

10.2307/3146906

AustinD AlberiniA ViderasJ.1999.Is there a link between a firm's environmental and financial performance?Presented at NBER Summer Institute Public Economics Workshop:Public Policy and the Environment Cambridge MA 1999.

10.1017/S1355770X99000285

10.1006/jcec.1999.1598

CohenM FennSA NaimonJ.1997.Environmental and Financial Performance: Are They Related?Investor Responsibility Research Center Monograph.

Czech Ministry of Environment, 1998, Statistical Environmental Yearbook of the Czech Republic

Czech Ministry of Environment, 2004, Report on the Environment in the Czech Republic in 2003

10.1057/ces.1999.3

10.1016/0304-405X(83)90018-1

10.1023/A:1008041129800

10.1016/j.jce.2005.11.007

EarnhartD LizalL.2006b.Stringency of Environmental Policies and Induced Pollution Reductions in a Transition Economy. University of Kansas mimeograph.

10.1023/B:EARE.0000044602.86367.ff

Filer R, 2004, Substitution biases in price indexes during transition, Statistical Journal, 21, 153

10.1086/423260

10.1162/003355399556241

Gottsman L, 1998, Smart screened investments: environmentally‐screened equity funds that perform like conventional funds, Journal of Investing, 7, 1

GuptaN HamJ SvejnarJ.2000.Priorities and Sequencing in Privatization: Theory and Evidence from the Czech Republic William Davidson Institute Working Paper 369.

HanousekJ KocendaE SvejnarJ.2005. “Origin and Concentration: Corporate Ownership Control and Performance ” CERGE‐EI Working Paper No. 259 (May 2005).

10.1002/(SICI)1099-0836(199603)5:1<30::AID-BSE38>3.0.CO;2-Q

10.2307/1912352

10.1006/jeem.1998.1057

10.1006/jeem.1998.1048

10.1287/mnsc.42.8.1199

KocendaE SvejnarJ.2002.The Effects of Ownership Forms and Concentration on Firm Performance after Large‐Scale Privatization William Davidson Institute Work Paper 471.

10.1006/jeem.1996.0955

10.1162/00346530151143815

10.2307/1060574

10.2307/256342

10.1257/jep.9.4.119

PohlG AndersonR ClaessensS DjankovS.1997.Privatization and Restructuring in Central and Eastern Europe: Evidence and Policy Options World Bank Technical Paper 368.

10.1257/jep.9.4.97

Portney P, 2000, Public Policies for Environmental Protection

RassierD.2005.Does Environmental Regulation Affect Financial Performance? Evidence from Permitted Limits and Intervention Data University of Kansas – Department of Economics mimeograph.

10.2307/257052

Weiss A, 2002, Designing Financial Systems in Transition Economies: Strategies for Reform in Central and Eastern Europe, 187

World Bank.1992.Czech and Slovak Federal Republic Joint Environmental Study Report 9623‐CS.

World Bank, 1999, Country Economic Memorandum – Czech Republic

Thông tin
Thông tin xuất bản

Wiley

Tập 17 Số 4

247-266

Thông tin tác giả