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1、外文文献翻译原文：CorporateEnvironmentalDisclosureStrategies:Determinants,CostsandBenefitsInresponsetoinvestors'andotherstakeholders'concernsaboutcorporateenvironmentalpolicies,manyfirmsarevoluntarilyincreasingtheirlevelofenvironmentaldisclosuresincethereisascarcityof
2、alternativeinformationsources.Usingacost-benefitframework,thisstudyintendstoidentifydeterminantsofcorporateenvironmentalreportingbyCanadianfirmssubjecttowaterpollutioncomplianceregulationsduringthe1986-1993period.Resultssuggestthatinformationcostsandafirm'sfi
3、nancialconditionarekeydeterminantsofenvironmentaldisclosure.Firmsize,theregulatoryregimegoverningcorporatedisclosure,andindustry,alsocontributetoexplainingenvironmentaldisclosure.1.IntroductionWhileregulators(e.g.,securitiescommissions)setguidelinesforfinanci
4、alandnonfinancialinformationdisclosure,finnsoftenrevealmoreabouttheiractivitiesthanrequired.Manyexecutivesrecognizethatafirm'sdisclosurepolicyisastrategictoolthatprovideseconomicbenefitsifmanagedproperly.Infact,thereisevidencethatanopendisclosurepolicyhasapos
5、itiveimpactonfirmvalue(Lev[1992];Skinner[1994];BlacconiereandPatten[1994];Botosan[1997]).However,thepotentialcostsfromincreasedlegalorpoliticalexposurecanleadtolessdisclosure.Thus,theidentificationofcircumstancesoreventsthatpromptfiirmstodisclosemorethanwhati
6、srequiredbecomesarelevantissue.Managerialdecisionsareespeciallysensitiveinthecaseofenvironmentaldisclosure,sinceafirmcanincurcostsofsomemagnitudeifitisperceivedtobenegligentorirresponsibleInitsinteractionswiththeenvironment.Suchcostsmayresultfromlobbyingcampa
7、ignsbyvariousenvironmentalpressuregroupsorfromthefirm'slosingItsreputationamongcustomers,employees,lenders,andsuppliers.Thispaperconjecturesthatmanagersweighshareholders'informationcostsaswellascostsandbenefitsarisingfromafirm'sfinancialconditionindecidingits
8、environmentaldisclosurestrategy.Forinstance,acost-benefitanalysisofshareholders'informationneedsmaysuggestthatitismoreefficientformanagementofwidelyheldfirmstodiscloseenvironmentalinforma
