企業(yè)自愿性環(huán)保措施及股東財(cái)富【外文翻譯】

1、1外文文獻(xiàn)翻譯外文文獻(xiàn)翻譯原文：VoluntaryCpateEnvironmentalInitiativesShareholderWealthResearchersdebatewhetherenvironmentalinvestmentsreducefirmvalueactuallyimprovefinancialperfmance.Weprovidesomecompellingevidenceonshareholderwealthef

2、fectsofmembershipinvoluntaryenvironmentalprograms(VEPs).CompaniesannouncingmembershipinEPA’sClimateLeadersaprogramtargetingreductionsingreenhousegasemissionsexperiencesignificantlynegativeabnmalstockreturns.Thepricedecli

3、neislargerinfirmswithpocpategovernancestructuresfhighmarkettobook(i.e.highgrowth)firms.HoweverfirmsjoiningCeresaprograminvolvingmegeneralenvironmentalcommitmentshaveinsignificantannouncementreturnsasdoptfoliosofindustryr

4、ivals.Overallcpatecommitmentstoreducegreenhousegasemissionsappeartoconflictwithfirmvaluemaximization.Thishasimptantimplicationsfpoliciesthatrelyonvoluntaryinitiativestoaddressclimatechange.Furtherwefindthatfirmstendtojoi

5、nClimateLeaderseitherinresponsetoclimaterelatedshareholderresolutionsduetoweakcpategovernancestardswhichgivemanagersthediscretiontomakesuchvoluntaryenvironmentallyresponsibleinvestmentdecisions—decisionsthatmayresultinlo

6、werfirmvalue.IntroductionArapidlygrowingcpatetrendinrecentyearsthathasmanytakingnoticeisthenumberofcompaniesengagedinvoluntaryenvironmentallyresponsible(VER)activities.Theseactivitiesspanawiderangeincludingmembershipinpu

7、blicvoluntaryprogramsthatencouragepollutionreductionsunilateralefftsbycompaniestoimprovetheirenvironmentalperfmancethevoluntarypublicdisclosureofenvironmentalperfmancemeasures(Khanna2001).Withthistrendagrowingnumberofpeo

8、pleareaskingwhetherbetterenvironmentalperfmance3investmentsareinterpretedbyinveststoraisecosts(ratherthanlowerthem)exceptinthecasewherethefirmwouldfacenoncompliancepenaltiesiftheseinvestmentswerenotmade.Thiswouldimplytha

9、tfirmsshouldexperienceanegativeimpactonfinancialperfmancefromenvironmentalinvestmentsunlesstheseinvestmentsaremadeinresponsetoliabilitycomplianceregulatythreats—afindingconsistentwiththeempiricalevidence.Ptfolioanalysiss

10、tudieshavereptedsimilarresults.White(1996)Geczyetal(2005)findthatsociallyenvironmentallyresponsiblemutualfundsearnlowerriskadjustedreturns.Ziegleretal(2009)findthataninvestmentstrategythatbuysstocksoffirmsthataremakingef

11、ftstolowertheirgreenhousegasemissionssellsstocksoffirmswithlittlenoclimatechangemitigationefftresultsinanegativeabnmalreturn.HoweverCohenFennKonar(1997)Derwalletal(2005)bothfindthatptfolioscontainingstocksofcompanieswith

12、highenvironmentalperfmancesceshavepositivereturnsinthecaseofDerwalletal(2005)evenoutperfmptfolioscontaininglowenvironmentalperfmingcompanystocks.Tounderstthesecontrastingresultsitisimptanttoexaminetheenvironmentalperfman

13、cemeasurebeingusedineachofthesestudies.InCohenFennKonar(1997)theenvironmentalperfmancesceisbasedonToxicReleaseInventy(TRI)dataisafunctionoftheprobabilityofnoncompliancedetectionexpectedsizeofsanctionsexpectedreputational

14、loss—allfactsthatwouldresultinlowerfirmvalue.InDerwalletal(2005)theenvironmentalperfmancerankingisbasedonInnovestrankingsisafunctionofhisticalliabilitiesoperatingriskecoefficiencyriskmanagerialriskenvironmentallyrelateds

15、trategicbusinessopptunitiesmanyofwhichwouldresultinlowerfirmvalue.Thesefindingsarealsoconsistentwiththepredictionthatfirmsengagedinenvironmentalactivitiestolowerriskwillexperiencepositivereturnswhereasfirmsengagedinthese

16、activitiesfotherreasonswillnot.Theresultsfromeventstudiesarealsoconsistentwiththisprediction.Hamilton(1995)aneventstudybasedonTRIdatareleasesfindsthatafterthesedataaremadepubliclyavailablefirmshighlightedinthepress—dueto