Information As Regulation: The Effect of Community Right to Know Laws on Toxic Emissions

Information As Regulation: The Effect of Community Right to Know Laws on Toxic Emissions. Konar, S. & Cohen, M. A. Journal of Environmental Economics and Management, 32(1):109--124, January, 1997.

Paper doi abstract bibtex

\textlessp\textgreater\textlessbr/\textgreaterThere is growing academic and policy-level interest in the use of information as quasi-regulatory mechanisms, such as toxic release inventory (TRI) and "green labels." Mandatory disclosure requirements have been touted as "market-based incentives" that may affect firm behavior. We provide new evidence on the effectiveness of disclosure requirements by examining firm behavior in response to disclosures of TRI emissions. We find that firms with the largest stock price decline on the day this information became public subsequently reduced emissions more than their industry peers. This is consistent with the view that financial markets may provide strong incentives for firms to change their environmental behavior.\textless/p\textgreater

@article{konar_information_1997,
	title = {Information {As} {Regulation}: {The} {Effect} of {Community} {Right} to {Know} {Laws} on {Toxic} {Emissions}},
	volume = {32},
	issn = {0095-0696},
	shorttitle = {Information {As} {Regulation}},
	url = {http://www.sciencedirect.com/science/article/pii/S0095069696909559},
	doi = {06/jeem.1996.0955},
	abstract = {{\textless}p{\textgreater}{\textless}br/{\textgreater}There is growing academic and policy-level interest in the use of information as quasi-regulatory mechanisms, such as toxic release inventory (TRI) and "green labels." Mandatory disclosure requirements have been touted as "market-based incentives" that may affect firm behavior. We provide new evidence on the effectiveness of disclosure requirements by examining firm behavior in response to disclosures of TRI emissions. We find that firms with the largest stock price decline on the day this information became public subsequently reduced emissions more than their industry peers. This is consistent with the view that financial markets may provide strong incentives for firms to change their environmental behavior.{\textless}/p{\textgreater}},
	number = {1},
	urldate = {2011-06-21},
	journal = {Journal of Environmental Economics and Management},
	author = {Konar, Shameek and Cohen, Mark A.},
	month = jan,
	year = {1997},
	pages = {109--124},
	file = {ScienceDirect Snapshot:files/33992/Konar and Cohen - 1997 - Information As Regulation The Effect of Community:}
}

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