The relevance of environmental disclosures: Are such disclosures incrementally informative? ☆

摘要: Abstract Establishing the information content of transparent voluntary environmental disclosures and source this is fundamental importance for corporate social responsibility (CSR) practitioners. Our results indicate that: (1) incremental to provided by current Toxics Releases Inventory (TRI) data, provide valuation relevant information; (2) various disclosure categories are similar in value relevance, implying that each category informative management’s strategies; (3) TRI positively associated with cost capital but there no association between capital; (4) taken together, above point a signaling role such financial performance prediction as means which enhance firm value. This advances literature pinning down enhancement disclosures. suggest proactive strategy investors can firm’s stock price, finding will assist CSR practitioners convincing top management strategies combined worthwhile.