论文信息 - Environmental disclosures and share prices—a discussion about efforts to study this relationship

Environmental disclosures and share prices—a discussion about efforts to study this relationship

This edition ofAccounting Forumincludes two articles that consider the relationship between environmental performance information and share prices. The papers by Freedman and Patten (2004) , and byLorraine, Collison and Power (2004) , respectively, embrace the methodology inherent within capital market research. It is in regard to these papers that the editor ofAccounting Forumhas kindly asked me to contribute some comments. Some of my comments relate to the papers themselves, and the methodology they employ. Some other comments are made about the demand for social and environmental information by ‘the market’ and other interested stakeholders, and how this demand has appeared to change across time. Specifically, the issues that I discuss relate to:

C. Deegan | Craig Deegan

[1] Charles E. Wasley,et al. Capital Markets Research in Accounting , 2001 .

[2] M. Freedman,et al. Evidence on the pernicious effect of financial report environmental disclosure , 2004 .

[3] Markus J. Milne,et al. Securing organizational legitimacy , 2002 .

[4] G. O'Donovan,et al. Environmental disclosures in the annual report: Extending the applicability and predictive power of legitimacy theory , 2002 .

[5] C. Deegan,et al. The Materiality of Environmental Information to Users of Annual Reports , 1997 .

[6] Brendan O’Dwyer. Managerial perceptions of corporate social disclosure: An Irish story , 2002 .

[7] M. Milne. SECURING ORGANIZATIONAL LEGITIMACY: AN EXPERIMENTAL DECISION CASE EXAMINING THE IMPACT OF ENVIRONMENTAL DISCLOSURES* , 2001 .

[8] D. Collison,et al. An analysis of the stock market impact of environmental performance information , 2004 .