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- Title
Corporate Environmental Performance, Disclosure and Leverage: An Integrated Approach.
- Authors
Connors, Elizabeth; Gao, Lucia S.
- Abstract
Corporate capital financing decisions are an integral part of overall corporate strategy. This study analyses the effect of environmental performance and disclosure on the capital structure of U.S. firms in the electric utility industry. The hypothesized relationships account for endogeneity in the three factors of strategy and are estimated using a simultaneous equations model. Our results suggest that firms with lower toxics emissions exhibit higher leverage and voluntary disclosure and that leverage is negatively associated with disclosure.
- Subjects
UNITED States; CORPORATE environmentalism; CAPITAL financing; ENVIRONMENTAL reporting; CAPITAL structure; FINANCIAL leverage; AMERICAN business enterprises; ELECTRIC industries
- Publication
International Review of Accounting, Banking & Finance, 2011, Vol 3, Issue 3, p1
- ISSN
1946-6404
- Publication type
Article