英國大型公司的自愿性環(huán)境信息披露【外文翻譯】

1、外文文獻(xiàn)翻譯外文文獻(xiàn)翻譯原文：VoluntaryEnvironmentalDisclosuresbyLargeUKCompanies2.INFLUENCESONVOLUNTARYENVIRONMENTALDISCLOSUREDECISIONSVoluntarydisclosuresareattemptstoremoveinfmationalasymmetriesbetweenthefirmexternalagentsprimarilya

2、gentsintheinvestmentcommunity.Asrecenteventsinthearenaofcpatesocialresponsibilityhavedemonstratedethicalsocialenvironmentalaspectsofbusinessactivitiesareassociatedwithsignificantfinancialconsequences.Giventhepossibilityo

3、fhiddencpateattributesinvestsmayprefernottoinvestincompaniesthatfailtovolunteerinfmationconcerningtheirenvironmentalperfmance.Thepointisthatabsentdisclosure‘investswillassumethewstwillbiddownitsstockprice’(CmierMagnan200

4、3p.47).Inthatsensevoluntaryenvironmentaldisclosuresmaybeviewedasattemptsbyfirmstoreducetheinfmationrisks(theirassociatedcosts)facedbypotentialactualinvests.Howevernotallfirmschoosetomakesuchdisclosuresthosedisclosurestha

5、taremadeareofvaryingquality.Thisisbecausedisclosureiscostlyintworespects:thecostsofmeasuringverifyingcollatingpublishingenvironmentalinfmationthelossofstrategicdiscretionassociatedwithmakingpubliccommitmentstoverifiablef

6、utureactionsperfmance(Verrecchia1983Lietal.1997CmierMagnan1999Skinner1994).Cpatedecisionsconcerningtheprovisionqualityofvoluntaryenvironmentaldisclosuresaretherefeexpectedtohingeuponarangeoffirmindustryacteristicsthatinf

7、luencetherelativecostsbenefitsofdisclosingsuchinfmation(CmierMagnan19992003Lietal.1997).Theexistingliteraturedemonstratesthatthesecostsbenefitsareassociatedwithpressurefromexternalagentssuchaslegislatsregulatsthedecision

8、toparticipateinanyperhapsminimallevelofenvironmentaldisclosuretheinfluencesuponthequalityofsuchdisclosures.SinclairDesgagneGozlan(2003)introduceatheeticalmodelthatpermitscompaniestochoosethequalityoftheirenvironmentaldis

9、closuresaccdingtothenatureoftheirprevailingstakeholderenvironment.Theyconcludethat‘thequalityofvoluntarilydisclosedenvironmentalinfmationislargelydemdriven’(p.380)inthesensethathighqualitydisclosuresareexpectedtobeassoci

10、atedwithfirmsthatfaceenvironmentallyconcernedstakeholders.Henceinadditiontosystematicvariationacrossindustriesinthelikelihoodthatcompaniesmakeenvironmentaldisclosureswealsohypothesisesuchvariationinthequalityofdisclosure

11、s.H1b:Thequalityofvoluntaryenvironmentaldisclosureishigherinindustriesassociatedwithvisibleenvironmentalissues.(ii)TheEnvironmentalPerfmanceofFirmDisclosurefulfilsavarietyofimptantfunctionsincludinginfmingrelevantgroupsa

12、boutthefirm’senvironmentalperfmanceattemptingtoalterperceptionsabouttheganization’sperfmancealteringsocietalexpectationsoffirmperfmance(Lindblom1994Patten2002aGrayetal.1995).Consistentwiththisdisclosuremaybemotivatedbyth

13、edesireto:createanimpressionofsensitivitytoimptantnonmarketinfluencesthatmaybeinthelongterminterestoftheshareholders(BelkaouiKarpik1989p.39).Theneedtocreatebenefitfromcreatingsuchanimpressionwouldbeexpectedtofallmostheav

14、ilyonfirmsthathavearecdofpoenvironmentalperfmance.Furthermeanimpetustodiscloseamongpoperfmersisdrivenbytheriskofdamagetothereputationofsenicpatemanagementthataccompaniesfailuretoreptbadnewsinatruelight(Trueman1997HughesS

15、ankar1997Skinner1994).Therefeweproposethefollowinghypotheses:H2a:Thelikelihoodofparticipationinvoluntaryenvironmentaldisclosureisnegativelyassociatedwithafirm’senvironmentalperfmance.H2b:Thequalityofvoluntaryenvironmenta