title: On the Obligation to Provide Environmental Information in the 21st Century – Empirical Evidence from Germany
creator: Massier, Philipp
creator: Römer, Daniel
subject: 330
subject: 330 Economics
description: In this paper, we study the effectiveness of environmental information disclosure as a regulatory instrument. In particular we analyze its impact when environmental regulation is already advanced. Using German stock market data, we are able to identify the impact of the European Pollutant Emission Register (EPER) on the market value of listed firms using a Multivariate Regression Model (MVRM). First, we show that the publication of EPER data leads to negative abnormal returns of the respective listed firms in Germany. Second, we study drivers of these abnormal returns. Here, we find that the firms' individual level of non-carbon emissions can explain the observed changes in market valuation, while carbon dioxide emissions do not seem to be punished by the market. Moreover, we include information on voluntarily provided environmental reports and find that these reports can serve as a substitute to the obligatory register. 
date: 2012
type: Working paper
type: info:eu-repo/semantics/workingPaper
type: NonPeerReviewed
format: application/pdf
identifier: https://archiv.ub.uni-heidelberg.de/volltextserverhttps://archiv.ub.uni-heidelberg.de/volltextserver/13169/1/Massier_Roemer_2012_dp524.pdf
identifier: DOI:10.11588/heidok.00013169
identifier: urn:nbn:de:bsz:16-opus-131697
identifier:   Massier, Philipp ; Römer, Daniel  (2012) On the Obligation to Provide Environmental Information in the 21st Century – Empirical Evidence from Germany.  [Working paper]     
relation: https://archiv.ub.uni-heidelberg.de/volltextserver/13169/
rights: info:eu-repo/semantics/openAccess
rights: http://archiv.ub.uni-heidelberg.de/volltextserver/help/license_urhg.html
language: ger