A Study on Environmental Information Disclosure of High Pollution Firms between Operating Performance and Stock Price

• Main Authors: CHANG,CHI-TING, 張棨庭
• Other Authors: 楊清溪博士
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/75198889639060333565

碩士 === 國立臺北大學 === 會計學系 === 99 === Due to the globally increasing environmental consciousness over the years, the local public has begun to pay attention to whether a firm makes any contribution to environmental protection. Therefore, implementing sustainability management and increasing environmental information disclosure have gradually been included among the most significant management issues for a firm. In addition, thanks to the facility and time-efficiency rendered by the popularity of Internet, the citizens can visit freely the market observation post system or the Webpage of every company to understand the essence of its environmental information and to what extent such information was revealed. Thus the current paper aims to target at the firms of the high pollution firms among public companies in 2009, adopting content analysis to evaluate the environmental information disclosure in the annual report of each firm and subsequently estimate the score. Consequently, this paper has chosen the nature of environmental information disclosure, export revenues ratio, financial situation, firm size, the return on total assets, earnings per share, Tobin’s Q, the growth rate of average share price, and the rate of annual stock returns as evaluation index to evaluate the relationship between operating performance and stock price. Furthermore, the study uses regression analysis to explore the correlation of environmental information disclosure, operating performance and stock price. According to the empirical results of the paper, the nature of environmental information disclosure, financial situation, firm size, earnings per share and Tobin’s Q all display an apparent positive relationship with the voluntary environmental information disclosure in annual report, while export revenues ratio suggest a weaker positive relationship with such disclosure. Conversely, the return on total assets, the growth rate of average share price and the rate of annual stock returns demonstrate a negative correlation with the aforementioned disclosure.