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1、JOURNALOFENVIRONMENTALECONOMICSANDMANAGEMENT36,243]2661998.ARTICLENO.EE981048ToxicsReleaseInformation:APolicyToolforEnvironmentalProtection*MadhuKhanna,WilmaRoseH.Quimio,andDoraBojilovaDepartmentofAgriculturalandConsumerEconomics,Uni¨ersityofIllinoisatUrbana
2、]Champaign,Urbana,Illinois61801ReceivedJune6,1997;revisedJuly1998Thisstudyexaminesinvestorreactionstotherepeatedpublicdisclosureofenvironmentalinformationaboutfirmsinthechemicalindustryandtheeffectivenessofthisinformationasadecentralizedmechanismfordeterringt
3、heirpollution.Byallowinginvestorstobenchmarktheperformanceoffirms,repeatedprovisionoftheToxicsReleaseInventoryledfirmstoincurstatisticallysignificantnegativestockmarketreturnsduringtheone-dayperiodfollow-ingthedisclosureofthatinformationintheyears1990]1994.Th
4、eselosseshadasignificantnegativeimpactonsubsequenton-sitetoxicreleasesandasignificantpositiveimpactonwastestransferredoffsite,buttheirimpactontotaltoxicwastesgeneratedbythesefirmsisnegligible.Q1998AcademicPress1.INTRODUCTIONAgrowingrealizationofthesteeplyrisi
5、ngcostsofexistingcommandandcontrolregulationsforenvironmentalprotectionisleadingtoashiftinthenationalenvironmentalpolicyintheU.S.towardmoredecentralizedinstrumentsthatpromoteflexibleandself-regulatedenvironmentalmanagement.Providingpublicaccesstoenvironmental
6、databanksisaninnovativeefforttoreducetheroleofbiggovernmentbureaucracyandengageprivatesectorparticipationinregulatingtheenvironment.TheToxicsReleaseInventoryTRI,mandatedbytheEmergency.PlanningandCommunityRighttoKnowActof1986,offersonesuchsourceofenvironmenta
7、lperformanceinformationaboutfirms.ItrequiresallmanufacturingfacilitiesoperatingunderSICcodes20]39,with10ormoreemployees,tosubmitareportoftheirannualon-sitereleasesandoff-sitetransfersofeachofover300specifiedtoxicchemicals.TheCongressenvisionedthatpublicprovis
8、ionoftheTRIwouldgiveinvestors,consumers,journalists,andenvironmentalgroupsunprecedentedaccesstoenvi-ronmentaldataaboutfirmsandleadtoadevolutionofresponsibilityforregulatingthetoxicemissio
