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1、JOURNALOFAccounting&EconomicsELSEVIERJournalofAccountingandEconomics18(1994)357-377Environmentaldisclosures,regulatorycosts,andchangesinfirmvalueWalterG.Blacconiere*qa,DennisM.PattenbaDepartmenrofAccounting,IndianaUniversity.Bloomington.IN47405-1701,U
2、SAbIllinoisStateUniversity,Normal,IL61761-6901,USA(ReceivedOctober1992;finalversionreceivedDecember1993)AbstractUnionCarbideschemicalleakinBhopal,IndiaduringDecember1984resultedinapproximately4,000deathsand200,000injuries.Thisstudyexaminesthemarketrea
3、ctionofchemicalfirmsotherthanUnionCarbidetothiscatastrophe.Evidenceindicatesthatasignificantnegativeintra-industryreactionoccurred.However,firmswithmoreextensiveenvironmentaldisclosuresintheirfinancialreportpriortothechemicalleakexperiencedalessnegati
4、vereactionthanfirmswithlessextensivedis-closures.Thisresultsuggeststhatinvestorsinterpretedsuchdisclosuresasapositivesignofthefirmmanagingitsexposuretofutureregulatorycosts.Keywords:Capitalmarkets;Regulatorycosts;EnvironmentaldisclosuresJELclassijcati
5、on:GlO;K32;M411.IntroductionSeveralstudiesinrecentyearshaveattemptedtodeterminetheeffectsofregulatorycosts(definedascostsincurredbyafirminresponsetoorasaresult*Correspondingauthor.TheauthorswishtothankMaryBarth,BillCready,MarkDeFond,PatHughes,OliverKi
6、m,JimManegold,FredMittelstaedt,DanaNorthcut,SusanRiffe,NaomiSoderstrom,ChrisStinson,BobTrezevant,RossWatts(theeditor),EricNoreen(thereferee),workshopparticipantsatUniversityofCalifornia-LosAngeles,IndianaUniversity,UniversityofOregon,andTulaneUniversi
7、ty,andespecially,RobertBowenandLindaDeAngelofortheircommentsandsuggestions.0165-4101/94/$07.0001994ElsevierScienceB.V.AllrightsreservedSSDI016541019400365C358W.G.Blacconiere,D.M.Patten1JournalofAccountingandEconomics18(1994)357-377ofproposedorenactedg
8、overnmentregulations)onfirmvalue(e.g.,Dowdelletal.,1992).However,therehasbeenlittleexplorationoftheroleofaccountingdisclosuresinthemarketsassessmentofregulatorycosts.Thepurposeofthispaperistoexaminetheeffectofexanteenvironmentalaccountingdiscl
