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Dana W Northcut - One of the best experts on this subject based on the ideXlab platform.
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Environmental information and market reactions to Environmental Legislation
Social Science Research Network, 1997Co-Authors: Walter G Blacconiere, Dana W NorthcutAbstract:Environmental issues have attracted national attention and are becoming a focus at many firms. This paper examines the relation between stock price reactions to the Superfund Amendments and Reauthorization Act (SARA) of 1986 and Environmental data. We find some evidence that chemical firms with more extensive Environmental disclosures included in their 10-K reports had a less negative reaction to SARA while firms with greater exposure to Superfund costs (based on EPA data) had a more negative market reaction. A primary contribution of our research is the finding that both financial statement Environmental disclosures and estimated Superfund costs have incremental value relevance.
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Environmental information and market reactions to Environmental Legislation
Journal of Accounting Auditing & Finance, 1997Co-Authors: Walter G Blacconiere, Dana W NorthcutAbstract:Environmental issues have attracted national attention and are becoming a focus at many firms. This paper examines the relation between stock price reactions to the Superfund Amendments and Reautho...
Richard G Elmendorf - One of the best experts on this subject based on the ideXlab platform.
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earnings management of chemical firms in response to political costs from Environmental Legislation
Social Science Research Network, 2000Co-Authors: Steven F Cahan, Betty M Chavis, Richard G ElmendorfAbstract:This paper examines the earnings management of chemical firms at the end of 1979 when Congress was considering Legislation leading to the Comprehensive Environmental Response, Compensation, and Recovery Act of 1980. This Legislation gave the U.S. government the authority to remediate hazardous chemical waste sites and set up a Superfund, funded largely by the chemical industry, to cover cleanup costs. Unlike prior studies that use single, often crude, measures of political costs, we employ seven different measures of the firms' exposure to costs arising from Superfund. Additionally, using factor analysis, we construct a composite measure of political costs. There is some evidence from time-series tests that chemical firms took income-decreasing accruals in 1979 at the height of the Superfund debate but, as expected, they did not in the prior or preceding year. Cross-sectional tests show that the size of the earnings response is correlated negatively with four of the seven individual proxies for political costs. Also, the common factor for political cost is related significantly to the earnings response. Overall, the evidence is consistent with the political cost hypothesis.
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earnings management of chemical firms in response to political costs from Environmental Legislation
Journal of Accounting Auditing & Finance, 1997Co-Authors: Steven F Cahan, Betty M Chavis, Richard G ElmendorfAbstract:This paper examines the earnings management of chemical firms at the end of 1979 when Congress was considering Legislation leading to the Comprehensive Environmental Response, Compensation, and Recovery Act of 1980. This Legislation gave the U.S. government the authority to remediate hazardous chemical waste sites and set up a Superfund, funded largely by the chemical industry, to cover cleanup costs. Unlike prior studies that use single, often crude, measures of political costs, we employ seven different measures of the firms' exposure to costs arising from Superfund. Additionally, using factor analysis, we construct a composite measure of political costs. There is some evidence from time-series tests that chemical firms took income-decreasing accruals in 1979 at the height of the Superfund debate but, as expected, they did not in the prior or preceding year. Cross-sectional tests show that the size of the earnings response is correlated negatively with four of the seven individual proxies for political ...
Walter G Blacconiere - One of the best experts on this subject based on the ideXlab platform.
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Environmental information and market reactions to Environmental Legislation
Social Science Research Network, 1997Co-Authors: Walter G Blacconiere, Dana W NorthcutAbstract:Environmental issues have attracted national attention and are becoming a focus at many firms. This paper examines the relation between stock price reactions to the Superfund Amendments and Reauthorization Act (SARA) of 1986 and Environmental data. We find some evidence that chemical firms with more extensive Environmental disclosures included in their 10-K reports had a less negative reaction to SARA while firms with greater exposure to Superfund costs (based on EPA data) had a more negative market reaction. A primary contribution of our research is the finding that both financial statement Environmental disclosures and estimated Superfund costs have incremental value relevance.
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Environmental information and market reactions to Environmental Legislation
Journal of Accounting Auditing & Finance, 1997Co-Authors: Walter G Blacconiere, Dana W NorthcutAbstract:Environmental issues have attracted national attention and are becoming a focus at many firms. This paper examines the relation between stock price reactions to the Superfund Amendments and Reautho...
Steven F Cahan - One of the best experts on this subject based on the ideXlab platform.
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earnings management of chemical firms in response to political costs from Environmental Legislation
Social Science Research Network, 2000Co-Authors: Steven F Cahan, Betty M Chavis, Richard G ElmendorfAbstract:This paper examines the earnings management of chemical firms at the end of 1979 when Congress was considering Legislation leading to the Comprehensive Environmental Response, Compensation, and Recovery Act of 1980. This Legislation gave the U.S. government the authority to remediate hazardous chemical waste sites and set up a Superfund, funded largely by the chemical industry, to cover cleanup costs. Unlike prior studies that use single, often crude, measures of political costs, we employ seven different measures of the firms' exposure to costs arising from Superfund. Additionally, using factor analysis, we construct a composite measure of political costs. There is some evidence from time-series tests that chemical firms took income-decreasing accruals in 1979 at the height of the Superfund debate but, as expected, they did not in the prior or preceding year. Cross-sectional tests show that the size of the earnings response is correlated negatively with four of the seven individual proxies for political costs. Also, the common factor for political cost is related significantly to the earnings response. Overall, the evidence is consistent with the political cost hypothesis.
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Environmental Legislation and Environmental disclosures some evidence from new zealand
Asian Review of Accounting, 1997Co-Authors: Andrew J Lemon, Steven F CahanAbstract:This paper examines the Environmental disclosure decisions of New Zealand firms in response to political costs arising from the enactment of the Resource Management Act (RMA) in 1991. Unlike prior disclosure studies, this study provides a more rigorous test of the political cost hypothesis by identifying firms that were directly affected by RMA and by measuring the change in Environmental disclosures over the pre‐ to post‐RMA period. We hypothesise that the increase in Environmental disclosures will be a positive function of the firm's political visibility. Using six different measures of political visibility and three composite measures derived from a factor analysis of the individual measures, the evidence indicates that, in general, politically visible firms were more likely to increase their Environmental disclosures after RMA whether the change was measured on a dichotomous or continuous basis. Overall these results provide support for the political cost hypothesis.
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earnings management of chemical firms in response to political costs from Environmental Legislation
Journal of Accounting Auditing & Finance, 1997Co-Authors: Steven F Cahan, Betty M Chavis, Richard G ElmendorfAbstract:This paper examines the earnings management of chemical firms at the end of 1979 when Congress was considering Legislation leading to the Comprehensive Environmental Response, Compensation, and Recovery Act of 1980. This Legislation gave the U.S. government the authority to remediate hazardous chemical waste sites and set up a Superfund, funded largely by the chemical industry, to cover cleanup costs. Unlike prior studies that use single, often crude, measures of political costs, we employ seven different measures of the firms' exposure to costs arising from Superfund. Additionally, using factor analysis, we construct a composite measure of political costs. There is some evidence from time-series tests that chemical firms took income-decreasing accruals in 1979 at the height of the Superfund debate but, as expected, they did not in the prior or preceding year. Cross-sectional tests show that the size of the earnings response is correlated negatively with four of the seven individual proxies for political ...
Johan Bouma - One of the best experts on this subject based on the ideXlab platform.
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Applying indicators, threshold values and proxies in Environmental Legislation: A case study for Dutch dairy farming
Environmental Science & Policy, 2011Co-Authors: Johan BoumaAbstract:Abstract Environmental research has contributed significantly since 1990 to a strong reduction of Environmental pollution associated with dairy farming in the Netherlands. To judge possible pollution, state indicators and threshold values are distinguished. Threshold values for: (i) N and P in ground- and surface-water, (ii) air quality in terms of ammonia and greenhouse gasses and (iii) deposition rates of N on nature areas, are still exceeded. New approaches are needed as the EU dairy quota system will expire in 2015 and production is likely to increase. Four are suggested: (i) change the top-down character of regulations to a bottom-up self-governing procedure where farmers receive clear guidelines and are challenged by government and assisted by research to meet them. The future commitment of farmers is crucial as “the low Environmental fruit” has been harvested; (ii) abolish confusing and overly complex proxy systems and focus on direct measurement of state indicators, using newly developed sensing systems and proper statistical sampling procedures for expressing variability; (iii) make the derivation of threshold values for Environmental state indicators more science-based and transparent and start with focusing on individual farms and nature areas to be followed by upscaling to regions and the entire country. (iv) Follow the recommendations of the Trojan report and develop comprehensive regional management plans and a strategic plan for the entire country. Environmental research has been fragmented and often reactive rather than pro-active. Recent research on farm level, using life cycle analysis, applies an integrated approach to study water, air and soil qualities as well as economic aspects and can therefore form the basis for future management plans on farm level and for regional and national plans, all to be focused on sustainable development.