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題名 企業推動減碳投資與環境治理對公司股票報酬率之關聯性- 以美國企業為例
The Association between Carbon Reduction Investment, Environmental Governance and Stock Returns: The Case of the US Industry
作者 黃韻儒
Huang,Yun Ju
貢獻者 林良楓
Lin, Liang Feng
黃韻儒
Huang,Yun Ju
關鍵詞 減碳投資
環境治理
股票報酬率
Carbon reduction investment
Environmental governance
Return on stock investment
日期 2012
上傳時間 25-Aug-2014 15:14:29 (UTC+8)
摘要 　　美國為全球溫室氣體排放量最大的已開發國家，卻拒絕參與《京都議定書》。因此，本研究以2009年與2010年參與碳揭露計畫中的美國企業投入減碳投資、環境治理政策、環境治理行動與其股票報酬率之關聯性，做一實證研究分析。\n　　實證結果顯示，美國企業減碳投資與股票投資報酬並無關聯，是否為環境敏感性產業對於股票報酬率亦不相關。在長期之下，企業環境治理政策對股票報酬率有正向影響，環境治理行動對股票報酬率卻有負向影響。美國投資人對於企業在環境治理上之政策性的宣示，有正面的評價，但當企業對減少溫室氣體實際採取行動時，投資人反而將其視為成本之支出。在此也顯示，雖然美國實施各種環境政策與計畫，但嚴格性均不如《京都議定書》，說明美國投資人對於減碳投資、環境治理行動呈現不一致的結果。
The United States is the developed country to emit the greatest quantity of greenhouse gas in the world. However, America refuses to ratify the Kyoto Protocol. Does the USA`s GHG policies have a better result without Kyoto Protocol ratification? Therefore, the purpose of this paper is to examine and analyze the relationship between carbon reduction investment (CRI), environmental governance and return on stock investment(RSI). The samples are drawn from the U.S. companies participating in Carbon Disclosure Project in 2009 and 2010.\n The empirical results indicate that there is no relationship between CRI and RSI. And it is also not clear that environment sensitivity industry is associated with RSI. In the long run (2-year period), the policies of environmental governance have positive effect on RSI, but the actions of environmental governance have negative effect on RSI. It implies that once the companies disclose their policies of environmental governance, they can promote their enterprise image and investors give them a positive evaluation. Nevertheless, when companies actually take an action on environmental protection, investors explain the action as a cost increasing signal, so they give the companies a negative evaluation on RSI. It also points out that although the U.S. authorities did implement various environment-related policies and projects, none of them is strict as Kyoto Protocol. This might explain why investors have inconsistent valuation on the US companies` CRI and environmental governance.
參考文獻 一、中文文獻\n丁立平，2003，公司治理、會計資訊與公司價值關係之研究，台灣大學會計研究所碩士論文。\n王京明，2013，COP18杜哈企後途徑的啟示，經濟前瞻，第146期（3月）：50-52。\n王肇偉，2011，歐盟、美國及中國在哥本哈根氣候變遷會議之策略研究，歐洲國際評論，第7期：147-178。\n朱博湧，2012，綠金企業：從IT到ET，開創新藍海，台北：天下文化。\n何亮君，2010，條件限制下的貝他係數與股價指數報酬的關係：以亞洲市場為例，修平學報，第21期：255-266。\n吳佼霓，2004，環保支出資訊與公司價值之關聯性研究，國立成功大學會計學研究所未出版碩士論文。\n吳明陵，2008，美國二氧化硫排放權交易制度之研究，萬能商學學報，第13期（7月）：121-136。\n吳靜怡，1994，污染防治設備投資與企業經營績效之實證研究，國立成功大學會計學研究所未出版碩士論文。\n李丹，2007，環保支出信息披露與特殊行業公司價值相關性研究，現代會計與審計，第3期：58-63。\n汪怡娟，2003，環保支出資訊揭露及揭露品質決定因素之研究，國立成功大學會計學研究所未出版碩士論文。\n林璟儒，2012，企業減碳投資對於經營績效之影響－以歐洲為例，國立政治大學會計學系碩士論文。\n陳旭宏，2000，基本分析應用於股票高額報酬之研究，大同大學事業經營研究所碩士論文。\n馮婕蓉，2011，「碳揭露專案」與企業績效關係性之研究 : 以美國S&P500為例，國立臺北大學金融與合作經營學系未出版碩士論文。\n黃姵蓉，2001，環保支出資訊價值攸關性之研究，國立中正大學會計學研究所未出版碩士論文。\n黃莉盈，2003，企業之環境績效執行力與公司價值相關性之實證研究，國立成功大學會計學研究所碩士論文。\n楊雅菱，2012，企業推動減碳投資與經營績效之關聯性－以美國為例，國立政治大學會計學系碩士論文。\n劉家溢，2006，人力支出、環境支出與企業價值關聯性研究，國立中興大學會計學研究所碩士論文。\n鄧秋菊，2002，商標價值之估計及其攸關性之探討，中原大學會計研究所碩士論文。\n鄭傑珊，2003，企業揭露環境資訊影響因素探討，私立東吳大學會計學系未出版碩士論文。\n蕭代基，溫麗琪與申永順，2009，碳排放交易機制建制之研究，行政院經濟建設委員會委託，中華經濟研究院。\n謝佩芬，2004，財務指標與非會計資訊對股價之影響：Ohlson模型之延伸應用，中原大學國際貿易學系碩士論文。\n羅時芳，2006，美國因應全球氣候變遷之立場與策略，經濟前瞻，第105期（5月）：40-46。\n二、英文文獻\nAlnajjar, F. K. 2000. Determinants of social responsibility disclosure of U.S. fortune 500 Firms: An application of content analysis. Advances in Environmental Accounting & Management 1: 163-200.\nAmeer, P. G., S. J. Feldman, and P. A. Soyka. 1997. Does improving a firm`s environmental management system and environmental performance result in a higher stock price? The Journal of Investing 6 (4): 87-97.\nArora, S., and S. Gangopadhyay. 1995. Toward a theoretical model of voluntary overcompliance. Journal of Economic Behaviour and Organization 10 (3): 289-309.\nBanerjee, S. B. 2001. Managerial perceptions of corporate environmentalism: Interpretations from industry and strategic implications for organizations. Journal of Management Studies 38 (4): 489-513.\nBanerjee, S. B., E. S. Iyer, and R. K. Kashyap. 2003. Corporate environmentalism: Antecedents and influence of industry type. Journal of Marketing 67: 106-122.\nBelkaoui, A. 1976. The impact of the disclosure of the environmental effects of organizational behavior on the market. Financial Management 5 (4): 26-31.\nBerry, M. A., and D. A. Rondinelli. 1998. Proactive corporate environmental management: A new industrial revolution. Academy of Management Executive 12 (2): 38-50.\nBhat, V. N. 1999. Does it pay to be green? International Journal of Environmental Studies 56 (4): 497-507.\nBlacconiere, W. G., and D. M. Patten. 1994. Environmental disclosure, regulatory costs, and changes in firm value. Journal of Accounting and Economics 18: 357-377.\nBrammer, S., C. Brooks, and S. Pavelin. 2006. Corporate social performance and stock returns: UK evidence from disaggregate measures. Financial Management 35: 97-116.\nCairncross, F. 1992. Costing the earth. Boston: Harvard Business School Press.\nCarhart, M. 1997. On persistence in mutual fund performance. Journal of Finance 52: 57-82.\nClarkson, P. M., and Y. Li. 2004. The market valuation of environmental capital expenditures by pulp and paper companies. The Accounting Review 79 (2): 329-353.\nCormier, D., and M. Magnan. 1997. Investors` assessment of implicit environmental liabilities: An empirical investigation. Journal of Accounting and Public Policy 16 (2): 215-241.\nCormier, D., M. Magnan, and B. Morard. 1993. The impact of corporate pollution on market valuation: Some empirical evidence. Ecological Economics 18 (2): 135-156.\nEaston, P. D., and T. S. Harris. 1991. Earnings as an explanatory variables for returns. Journal of Accounting Research 29 (1): 19-36.\nFama, E. F., and K. R. French. 1992. The cross-section of expected stock returns. Journal of Finance 47: 427-465.\nFeltham G. A., and J. A. Ohlson. 1995. Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research 11: 689-731.\nFouts P. A., and M. V. Russo. 1997. A resource-based perspective on corporate environmental performance and profitability. Academy of Management Journal 40 (3): 534-559.\nFreedman, M., and A. Stagliano. 1991. Differences in social-cost disclosures: A market test of investor reactions. Accounting, Auditing and Accountability Journal 4 (1): 68-82.\nFreedman, M., and B. Jaggi. 1992. An examination of the impact of pollution performance and economic and market performance: Pulp and paper firms. Journal of Business Finance and Accounting 19 (5): 697-713.\nFreedman, M., and B. Jaggi. 2005. Global warming, commitment to the Kyoto protocol, and accounting disclosures by the largest global public firms from polluting industries. The International Journal of Accounting 40 (3): 215-232.\nHart, S. L. 1995. A natural-resource-based view of the firm. Academy of Management Review 20: 986-1014.\nHenriques, I., and P. Sadorsky. 1999. The relationship between environmental commitment and managerial perceptions of stakeholder importance. Academy of Management Journal 42(1): 87-99.\nHuang, Y. C. 2004. Empirical study of the influence factors of proactive environmental management in firms-research on the Taiwanese manufacturing industry. Journal of Management 21 (6): 733-757.\nIngram, R. 1978. An investigation of the information content of (certain) social responsibility disclosures. Journal of Accounting Research 16 (2): 270-285.\nKlassen, R. D., and C. P. McLaughlin. 1993. TQM and environmental excellence in manufacturing. Industrial Management and Data Systems 93 (6): 14-22 .\nKothari, S. P., and J. Shanken. 1997. Book-to-market, dividend yield, and expected market returns: A time-series analysis. Journal of Financial Economics 44 (2): 169-203.\nMcGuire, J. B., A. Sungren, and T. Schneeweis. 1988. Corporate social responsibility and firm performance. Academy of Management Journal 31: 854-872.\nMossin J. 1966. Equilibrium in a capital asset market. Econometrica 34(4): 768-783.\nNance, J. R., and D. M. Patten. 1998. Regulatory cost effect in a good news environment: The intra-industry reaction to the Alaskan oil spill. Journal of Accounting and Public Policy 17: 409-429.\nNehrt, C. 1998. Maintainability of first mover advantages when environmental regulations differ between countries. Academy of Management Review 23(1): 77-97.\nNeu, D., K. Pedwell, and H. Warsame. 1998. Managing public impressions: Environmental disclosures in annual reports. Accounting, Organizations and Society 23: 265-282.\nOhlson, J. A. 1995. Earning, book value, and dividends in equity valuation. Contemporary Accounting Research 11 (2): 661-687.\nPatten, D. M. 1991. Exposure, legitimacy and social disclosure. Journal of Accounting and Public Policy 10 (4): 23-34.\nPatten, D. M. 2002. The relation between environmental performance andenvironmental disclosure: A research note. Accounting, Organizations, and Society 27: 763–773. \nPorter, M. E. and C. van der Linde. 1995. Green and competitive. Harvard Business Review (September-October): 120-134.\nReinhardt, F. L. 1998. Environmental product differentiation: Implications for corporate strategy. California Management Review 40 (4): 43-73.\nReitenga, A. L. 2000. Environmental regulation, capital intensity, and cross-sectional variation in market returns. Journal of Accounting and Public Policy 19 (2): 189-198.\nRobert D. K., and C. P. McLaughlin. 1996. The impact of environmental management on firm performance. Management Science 42(8): 1199-1214.\nRyall, C. and T. Pinder. 1994. Environment management in the UK: The way ahead for business. Environmentalist 14 (2): 9-21.\nSadgrove, K. 1994. The Green Manager`s Handbook. London: Gower Press.\nSharpe, W. F. 1964. Capital asset prices: A theory of market equilibrium under conditions of risk. The Journal of Finance 19 (3): 425-442. \nSmith, E. T. 1991. Doing it for mother earth. Business Week (October 25): 44-49.\nTen, E. E. 2004. Determinants of Environmental Disclosures in a Developing Country: An Application of the Stakeholder Theory. Fourth Asia Pacific Interdisciplinary Research in Accounting Conference, Singapor
描述 碩士
國立政治大學
會計研究所
100353004
101
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0100353004
資料類型 thesis
dc.contributor.advisor 林良楓zh_TW
dc.contributor.advisor Lin, Liang Fengen_US
dc.contributor.author (Authors) 黃韻儒zh_TW
dc.contributor.author (Authors) Huang,Yun Juen_US
dc.creator (作者) 黃韻儒zh_TW
dc.creator (作者) Huang,Yun Juen_US
dc.date (日期) 2012en_US
dc.date.accessioned 25-Aug-2014 15:14:29 (UTC+8)-
dc.date.available 25-Aug-2014 15:14:29 (UTC+8)-
dc.date.issued (上傳時間) 25-Aug-2014 15:14:29 (UTC+8)-
dc.identifier (Other Identifiers) G0100353004en_US
dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=77617-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計研究所zh_TW
dc.description (描述) 100353004zh_TW
dc.description (描述) 101zh_TW
dc.description.abstract (摘要) 　　美國為全球溫室氣體排放量最大的已開發國家，卻拒絕參與《京都議定書》。因此，本研究以2009年與2010年參與碳揭露計畫中的美國企業投入減碳投資、環境治理政策、環境治理行動與其股票報酬率之關聯性，做一實證研究分析。\n　　實證結果顯示，美國企業減碳投資與股票投資報酬並無關聯，是否為環境敏感性產業對於股票報酬率亦不相關。在長期之下，企業環境治理政策對股票報酬率有正向影響，環境治理行動對股票報酬率卻有負向影響。美國投資人對於企業在環境治理上之政策性的宣示，有正面的評價，但當企業對減少溫室氣體實際採取行動時，投資人反而將其視為成本之支出。在此也顯示，雖然美國實施各種環境政策與計畫，但嚴格性均不如《京都議定書》，說明美國投資人對於減碳投資、環境治理行動呈現不一致的結果。zh_TW
dc.description.abstract (摘要) The United States is the developed country to emit the greatest quantity of greenhouse gas in the world. However, America refuses to ratify the Kyoto Protocol. Does the USA`s GHG policies have a better result without Kyoto Protocol ratification? Therefore, the purpose of this paper is to examine and analyze the relationship between carbon reduction investment (CRI), environmental governance and return on stock investment(RSI). The samples are drawn from the U.S. companies participating in Carbon Disclosure Project in 2009 and 2010.\n The empirical results indicate that there is no relationship between CRI and RSI. And it is also not clear that environment sensitivity industry is associated with RSI. In the long run (2-year period), the policies of environmental governance have positive effect on RSI, but the actions of environmental governance have negative effect on RSI. It implies that once the companies disclose their policies of environmental governance, they can promote their enterprise image and investors give them a positive evaluation. Nevertheless, when companies actually take an action on environmental protection, investors explain the action as a cost increasing signal, so they give the companies a negative evaluation on RSI. It also points out that although the U.S. authorities did implement various environment-related policies and projects, none of them is strict as Kyoto Protocol. This might explain why investors have inconsistent valuation on the US companies` CRI and environmental governance.en_US
dc.description.tableofcontents 第一章　緒論 1\n第一節 研究背景與動機 1\n第二節 研究目的與範圍 3\n第三節 研究架構與流程 3\n第二章 文獻探討 5\n第一節 環境政策與計畫 5\n第二節 環境治理 12\n第三節 減碳投資 15\n第四節 碳揭露計畫 19\n第三章 研究方法 25\n第一節 觀念架構 25\n第二節 研究假說 25\n第三節 分析方法與模型之建立 28\n第四節 變數之衡量 31\n第五節 資料來源 35\n第四章 實證結果與分析 36\n第一節 敘述性統計 36\n第二節 變數相關分析 44\n第三節 迴歸分析 47\n第五章 結論與建議 54\n第一節 研究結論 54\n第二節 研究限制與建議 56\n參考文獻 58\n附錄一 敏感性分析表格 63zh_TW
dc.format.extent 1108156 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0100353004en_US
dc.subject (關鍵詞) 減碳投資zh_TW
dc.subject (關鍵詞) 環境治理zh_TW
dc.subject (關鍵詞) 股票報酬率zh_TW
dc.subject (關鍵詞) Carbon reduction investmenten_US
dc.subject (關鍵詞) Environmental governanceen_US
dc.subject (關鍵詞) Return on stock investmenten_US
dc.title (題名) 企業推動減碳投資與環境治理對公司股票報酬率之關聯性- 以美國企業為例zh_TW
dc.title (題名) The Association between Carbon Reduction Investment, Environmental Governance and Stock Returns: The Case of the US Industryen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 一、中文文獻\n丁立平，2003，公司治理、會計資訊與公司價值關係之研究，台灣大學會計研究所碩士論文。\n王京明，2013，COP18杜哈企後途徑的啟示，經濟前瞻，第146期（3月）：50-52。\n王肇偉，2011，歐盟、美國及中國在哥本哈根氣候變遷會議之策略研究，歐洲國際評論，第7期：147-178。\n朱博湧，2012，綠金企業：從IT到ET，開創新藍海，台北：天下文化。\n何亮君，2010，條件限制下的貝他係數與股價指數報酬的關係：以亞洲市場為例，修平學報，第21期：255-266。\n吳佼霓，2004，環保支出資訊與公司價值之關聯性研究，國立成功大學會計學研究所未出版碩士論文。\n吳明陵，2008，美國二氧化硫排放權交易制度之研究，萬能商學學報，第13期（7月）：121-136。\n吳靜怡，1994，污染防治設備投資與企業經營績效之實證研究，國立成功大學會計學研究所未出版碩士論文。\n李丹，2007，環保支出信息披露與特殊行業公司價值相關性研究，現代會計與審計，第3期：58-63。\n汪怡娟，2003，環保支出資訊揭露及揭露品質決定因素之研究，國立成功大學會計學研究所未出版碩士論文。\n林璟儒，2012，企業減碳投資對於經營績效之影響－以歐洲為例，國立政治大學會計學系碩士論文。\n陳旭宏，2000，基本分析應用於股票高額報酬之研究，大同大學事業經營研究所碩士論文。\n馮婕蓉，2011，「碳揭露專案」與企業績效關係性之研究 : 以美國S&P500為例，國立臺北大學金融與合作經營學系未出版碩士論文。\n黃姵蓉，2001，環保支出資訊價值攸關性之研究，國立中正大學會計學研究所未出版碩士論文。\n黃莉盈，2003，企業之環境績效執行力與公司價值相關性之實證研究，國立成功大學會計學研究所碩士論文。\n楊雅菱，2012，企業推動減碳投資與經營績效之關聯性－以美國為例，國立政治大學會計學系碩士論文。\n劉家溢，2006，人力支出、環境支出與企業價值關聯性研究，國立中興大學會計學研究所碩士論文。\n鄧秋菊，2002，商標價值之估計及其攸關性之探討，中原大學會計研究所碩士論文。\n鄭傑珊，2003，企業揭露環境資訊影響因素探討，私立東吳大學會計學系未出版碩士論文。\n蕭代基，溫麗琪與申永順，2009，碳排放交易機制建制之研究，行政院經濟建設委員會委託，中華經濟研究院。\n謝佩芬，2004，財務指標與非會計資訊對股價之影響：Ohlson模型之延伸應用，中原大學國際貿易學系碩士論文。\n羅時芳，2006，美國因應全球氣候變遷之立場與策略，經濟前瞻，第105期（5月）：40-46。\n二、英文文獻\nAlnajjar, F. K. 2000. Determinants of social responsibility disclosure of U.S. fortune 500 Firms: An application of content analysis. Advances in Environmental Accounting & Management 1: 163-200.\nAmeer, P. G., S. J. Feldman, and P. A. Soyka. 1997. Does improving a firm`s environmental management system and environmental performance result in a higher stock price? The Journal of Investing 6 (4): 87-97.\nArora, S., and S. Gangopadhyay. 1995. Toward a theoretical model of voluntary overcompliance. Journal of Economic Behaviour and Organization 10 (3): 289-309.\nBanerjee, S. B. 2001. Managerial perceptions of corporate environmentalism: Interpretations from industry and strategic implications for organizations. Journal of Management Studies 38 (4): 489-513.\nBanerjee, S. B., E. S. Iyer, and R. K. Kashyap. 2003. Corporate environmentalism: Antecedents and influence of industry type. Journal of Marketing 67: 106-122.\nBelkaoui, A. 1976. The impact of the disclosure of the environmental effects of organizational behavior on the market. Financial Management 5 (4): 26-31.\nBerry, M. A., and D. A. Rondinelli. 1998. Proactive corporate environmental management: A new industrial revolution. Academy of Management Executive 12 (2): 38-50.\nBhat, V. N. 1999. Does it pay to be green? International Journal of Environmental Studies 56 (4): 497-507.\nBlacconiere, W. G., and D. M. Patten. 1994. Environmental disclosure, regulatory costs, and changes in firm value. Journal of Accounting and Economics 18: 357-377.\nBrammer, S., C. Brooks, and S. Pavelin. 2006. Corporate social performance and stock returns: UK evidence from disaggregate measures. Financial Management 35: 97-116.\nCairncross, F. 1992. Costing the earth. Boston: Harvard Business School Press.\nCarhart, M. 1997. On persistence in mutual fund performance. Journal of Finance 52: 57-82.\nClarkson, P. M., and Y. Li. 2004. The market valuation of environmental capital expenditures by pulp and paper companies. The Accounting Review 79 (2): 329-353.\nCormier, D., and M. Magnan. 1997. Investors` assessment of implicit environmental liabilities: An empirical investigation. Journal of Accounting and Public Policy 16 (2): 215-241.\nCormier, D., M. Magnan, and B. Morard. 1993. The impact of corporate pollution on market valuation: Some empirical evidence. Ecological Economics 18 (2): 135-156.\nEaston, P. D., and T. S. Harris. 1991. Earnings as an explanatory variables for returns. Journal of Accounting Research 29 (1): 19-36.\nFama, E. F., and K. R. French. 1992. The cross-section of expected stock returns. Journal of Finance 47: 427-465.\nFeltham G. A., and J. A. Ohlson. 1995. Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research 11: 689-731.\nFouts P. A., and M. V. Russo. 1997. A resource-based perspective on corporate environmental performance and profitability. Academy of Management Journal 40 (3): 534-559.\nFreedman, M., and A. Stagliano. 1991. Differences in social-cost disclosures: A market test of investor reactions. Accounting, Auditing and Accountability Journal 4 (1): 68-82.\nFreedman, M., and B. Jaggi. 1992. An examination of the impact of pollution performance and economic and market performance: Pulp and paper firms. Journal of Business Finance and Accounting 19 (5): 697-713.\nFreedman, M., and B. Jaggi. 2005. Global warming, commitment to the Kyoto protocol, and accounting disclosures by the largest global public firms from polluting industries. The International Journal of Accounting 40 (3): 215-232.\nHart, S. L. 1995. A natural-resource-based view of the firm. Academy of Management Review 20: 986-1014.\nHenriques, I., and P. Sadorsky. 1999. The relationship between environmental commitment and managerial perceptions of stakeholder importance. Academy of Management Journal 42(1): 87-99.\nHuang, Y. C. 2004. Empirical study of the influence factors of proactive environmental management in firms-research on the Taiwanese manufacturing industry. Journal of Management 21 (6): 733-757.\nIngram, R. 1978. An investigation of the information content of (certain) social responsibility disclosures. Journal of Accounting Research 16 (2): 270-285.\nKlassen, R. D., and C. P. McLaughlin. 1993. TQM and environmental excellence in manufacturing. Industrial Management and Data Systems 93 (6): 14-22 .\nKothari, S. P., and J. Shanken. 1997. Book-to-market, dividend yield, and expected market returns: A time-series analysis. Journal of Financial Economics 44 (2): 169-203.\nMcGuire, J. B., A. Sungren, and T. Schneeweis. 1988. Corporate social responsibility and firm performance. Academy of Management Journal 31: 854-872.\nMossin J. 1966. Equilibrium in a capital asset market. Econometrica 34(4): 768-783.\nNance, J. R., and D. M. Patten. 1998. Regulatory cost effect in a good news environment: The intra-industry reaction to the Alaskan oil spill. Journal of Accounting and Public Policy 17: 409-429.\nNehrt, C. 1998. Maintainability of first mover advantages when environmental regulations differ between countries. Academy of Management Review 23(1): 77-97.\nNeu, D., K. Pedwell, and H. Warsame. 1998. Managing public impressions: Environmental disclosures in annual reports. Accounting, Organizations and Society 23: 265-282.\nOhlson, J. A. 1995. Earning, book value, and dividends in equity valuation. Contemporary Accounting Research 11 (2): 661-687.\nPatten, D. M. 1991. Exposure, legitimacy and social disclosure. Journal of Accounting and Public Policy 10 (4): 23-34.\nPatten, D. M. 2002. The relation between environmental performance andenvironmental disclosure: A research note. Accounting, Organizations, and Society 27: 763–773. \nPorter, M. E. and C. van der Linde. 1995. Green and competitive. Harvard Business Review (September-October): 120-134.\nReinhardt, F. L. 1998. Environmental product differentiation: Implications for corporate strategy. California Management Review 40 (4): 43-73.\nReitenga, A. L. 2000. Environmental regulation, capital intensity, and cross-sectional variation in market returns. Journal of Accounting and Public Policy 19 (2): 189-198.\nRobert D. K., and C. P. McLaughlin. 1996. The impact of environmental management on firm performance. Management Science 42(8): 1199-1214.\nRyall, C. and T. Pinder. 1994. Environment management in the UK: The way ahead for business. Environmentalist 14 (2): 9-21.\nSadgrove, K. 1994. The Green Manager`s Handbook. London: Gower Press.\nSharpe, W. F. 1964. Capital asset prices: A theory of market equilibrium under conditions of risk. The Journal of Finance 19 (3): 425-442. \nSmith, E. T. 1991. Doing it for mother earth. Business Week (October 25): 44-49.\nTen, E. E. 2004. Determinants of Environmental Disclosures in a Developing Country: An Application of the Stakeholder Theory. Fourth Asia Pacific Interdisciplinary Research in Accounting Conference, Singaporzh_TW