eprintid: 13169
rev_number: 21
eprint_status: archive
userid: 1
dir: disk0/00/01/31/69
datestamp: 2012-03-09 09:18:23
lastmod: 2016-01-03 04:06:00
status_changed: 2012-08-15 09:04:53
type: workingPaper
metadata_visibility: show
creators_name: Massier, Philipp
creators_name: Römer, Daniel
title: On the Obligation to Provide Environmental Information in the 21st Century – Empirical Evidence from Germany
ispublished: pub
subjects: 330
divisions: 181000
keywords: information disclosure , EPER, event study , environmental reports
abstract: 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. 
abstract_translated_lang: eng
class_scheme: jel
class_labels: L51, Q52, G14
date: 2012
date_type: published
id_scheme: DOI
id_number: 10.11588/heidok.00013169
schriftenreihe_cluster_id: sr-3
schriftenreihe_order: 0524
ppn_swb: 1651353360
own_urn: urn:nbn:de:bsz:16-opus-131697
language: ger
bibsort: MASSIERPHIONTHEOBLIG2012
full_text_status: public
citation:   Massier, Philipp ; Römer, Daniel  (2012) On the Obligation to Provide Environmental Information in the 21st Century – Empirical Evidence from Germany.  [Working paper]     
document_url: https://archiv.ub.uni-heidelberg.de/volltextserver/13169/1/Massier_Roemer_2012_dp524.pdf