Cram Koehler On-Line Environmental-Financial Bibliography
What is the relation between firms' environmental performance
and financial performance? Currently, we have 92 published
articles and unpublished working papers that bear directly on the question. These
are listed below in author order; all will be discussed in our literature
review. The Cram-Koehler number assigned to each is a reference number
we use to keep track of an article through draft versions up to publication,
including author order changes and title changes.
(End) Version of 3/27/00.
1. Al-Tuwaijri, S.A. and T.E. Christensen, The Relation between
Environmental Disclosure and Environmental Performance: A Simultaneous
Equations Approach, 1999. Cram-Koehler #77.
2. Balikov, H.R., Developing Global Environmental Management
Standards - Progress and Implications of the New Wave. Total Quality Environmental
Management, 1995. Spring 1995: p. 1-4. Cram-Koehler #55.
3. Barth, M.E. and M.F. McNichols, Estimation and Market
Valuation of Environmental Liabilities Relating to Superfund Sites, 1994.
5/23/94 A611; Cram-Koehler # 1.
4. Barth, M.E., M.F. McNichols, and G.P. Wilson, Factors
Influencing Firms' Disclosures about Environmental Liabilities, 1997.
Cram-Koehler # 5.
5. Bhatnagar, S. and M.A. Cohen, The Impact of Environmental
Regulation on Innovation: A Panel Data Study, in Journal of Environmental
Economics and Management. 1998. 1997 working paper available on web; also
current version as forthcoming in JEEM 1998, both within http://www.vanderbilt.edu/VCEMS.
Cram-Koehler # 20.
6. Blacconiere, W.G. and D.M. Patten, Environmental Disclosures,
Regulatory Costs, and Changes in Firm Value. Journal of Accounting and
Economics, 1994. 18: p. 357-377. Cram-Koehler # 2a.
7. Blacconiere, W.G. and W.D. Northcutt, Environmental Information
and Market Reactions to Environmental Legislation. Journal of Accounting,
Auditing & Finance, 1997. 12(2): p. 149-178. Cram-Koehler # 15.
8. Blake, M.S., Strategic Interaction in the Market for Emissions
Allowances, 1997. Cram-Koehler #58.
9. Bosch, J.C., E.W. Eckard, and I. Lee, Environmental regulations
and Stockholders' Wealth: An Empirical Examination, 1996. Cram-Koehler
10. Brothers, H.S. and T.R. Hauser, The HON Rule Evolution:
An Analysis of the Difficulties of Incorporating Pollution Prevention into
Regulations. Environmental Manager, 1995. Vol. 1: p. 14-23. Cram-Koehler
11. Burtraw, D., W. Harrington, A. Krupnick, and A.M. Freeman, Optimal "Adders" for Environmental
Damage by Public Utilities. Journal of Environmental Economics and Management,
1995. 29(Supplement): p. S1-S19. Cram-Koehler # 37.
12. Cahill, L.B. and D.P. Schomer, The Potential Effect of
ISO 14000 Standards on Environmental Audit Training in the United States.
Total Quality Environmental Management, 1995. Spring 1995: p. 5-14. Cram-Koehler
13. Campbell, K. and N. Soderstrom, Executive Compensation
and Environmental Exposure, 1996. Cram-Koehler # 12.
14. Campbell, K., S.E. Sefcik, and N.S. Soderstrom, Disclosure
of Private Information and Reduction of Uncertainty: Environmental Liabilities
in the Chemical Industry, 1996. Cram-Koehler # 9.
15. Campbell, K., S.E. Sefcik, and N.S. Soderstrom, Site
Hazard, Settlement Activity and Superfund Liability Valuation, 1996.
Cram-Koehler CK# 10.
16. Carson, R.T., R.C. Mitchell, W.M. Hanemann, R.J. Kopp, S. Presser, and P.A. Rudd. Contingent Valuation and Lost Passive
Use: Damages from the Exxon Valdez, 1994. Cram-Koehler # 36.
17. Christmann, P., Effects of "Best Practices" of Environmental
Management on Cost Advantage: The Role of Complementay Assets. Academy
of Management Journal - forthcoming, 1999(Special Research Forum on Organizations
and the Natural Environment). Cram-Koehler #71.
18. Clarkson, P.M., Y. Li, and G.D. Richardson, The Market
Valuation of Environmental Capital Expenditures by Pulp and Paper Companies,
. 1998. Cram-Koehler # 30.
19. Clough, R.R., Impact of an Environmental Screen on Portfolio
Performance: A Comparative Analysis of S&P 500 Stock Returns, 1997.
(Masters project proposal; from Winslow Management Company, Boston.)
Cram-Koehler # 24.
20. Cohen, M., Lead on or Look On: The Corporate Environmental
Dilemma. Insight, 1994. (Cram-Koehler CK#46; Insight is an occasional newsletter
of the Owen Graduate School of Management, Vanderbilt University addressed
to executives; article available 9/1/99 at http://www.vanderbilt.edu/VCEMS).
21. Cohen, M.A., S.A. Fein, and J. Naimon, Environmental
and Financial Performance: Are They Related?, 1995. IRRC. submitted to
Journal of Accounting and Public Policy, per Cohen resume webpage 9/99.
Cram-Koehler # 4.
22. Cohen, M.A., Monitoring and Enforcement of Environmental
Policy, 1998. (available at http://www.vanderbilt.edu/VCEMS
website as of 9/99; Cram-Koehler CK#46).
23. Cohen, M.A., Management and the Environment, undated.
Cram-Koehler CK#49; available as of 9/99 at www.vanderbilt.edu/VCEMS.
24. Cormier, D. and M. Magnan, Corporate Environmental Disclosure
Strategies: Determinants, Costs and Benefits, 1997. Cormier-Koehler #
25. Cram, D.P., Implicit Price Estimation: Measuring the
Impact of Nonfinancial Factors in Environmental Management Decision-Making,
. 1999. Cram-Koehler #72.
26. Deutsch, C.H., Investing It; For Wall Street, Increasing
Evidence that Green Begets Green, 1998, Innovest Group International.
Cram-Koehler # 43 See: http://www.innovestgroup.com/.
27. Ditz, D., J. Ranganathan, and R.D. Banks, eds. Green
Ledgers: Case Studies in Corporate Environmental Accounting. . 1995, World
Resources Institute: Baltimore. Cram-Koehler # 34.
28. Dowell, G., S. Hart, and B. Yeung, Do Corporate Global
Environmental Standards Create or Destroy Market Value?, 1999. Cram-Koehler
29. Edward V. Byrns, J., A Model for a Firm's Optimal Environmental
Policy. The Engineering Economist, 1994. Vol. 39(No. 3): p. 249-262. Cram-Koehler
30. Ely, K. and E. Stanny, User Sophistication and the Specificity
of Disclosure as Reflected in Disclosure of a Firm's Status as a Potentially
Responsible party, 1999. Cram-Koehler # 44.
31. EPA, Research to Improve Health Risk Assessments (RIHRA)
Program, 1990, Office of Research and Development: Washington, DC. Cram-Koehler
32. EPA, Methodology for Assessing Health Risks Associated
with Indirect Exposure to Combustor Emissions (Interim Final), 1990,
Office of Health and Environmental Assessment: Washington, DC. Cram-Koehler
33. Feldman, S.J., P.A. Soyka, and P. Ameer, Does Improving
a Firm's Environmental Management System and Environmental Performance
Result in a Higher Stock Price? Journal of Investing, 1997. 6(4): p. 87-97.
Cram-Koehler # 16 Have ICF Kaiser Working Paper Version (96).
34. Figge, F., Systematization of Economic Risks through
Global Environmental Problems, A Threat to Financial Markets, 1998. Cram-Koehler
35. Gale, L.R. and J.A. Mendez, A Note on the Empirical Relationship
between Trade, Growth and the Environment, 1996. Cram-Koehler #62.
36. Ganzi, J. and A. DeVries, Corporate Environmental Performance
as a Factor in Financial Industry Decisions, 1998. Cram-Koehler #74.
37. Garber, S. and J.K. Hammitt, Risk Premiums for Environmental
Liability: Does Superfund Increase the Cost of Capital? Journal of Environmental
Economics and Management, 1998. 36: p. 267-294. Cram-Koehler # 25.
38. Gerde, V.W. and J.M. Logsdon, Measuring Environmental
Performance? Use of the TOxics Release Inventory (TRI) and other Environmental
Databases in Business-and-Society Research, 1999. Cram-Koehler #51.
29. Gersbach, H., How get Firms to Invest; A Simple Solution
to the Hold-Up Problem in Regulation, 1999. Cram-Koehler #73.
40. Grinnell, D.J. and H.G. Hunt, Capital Budgeting for Pollution
Prevention, 1999. Cram-Koehler #65.
41. Gupta, S., G.V. Houtven, and M. Cropper, Paying for permanence:
an economic analysis of EPA's cleanup decisions at Superfund sites. RAND
Journal of Economics, 1996. 27(3): p. 563--582. Cram-Koehler CK#47. (Revealed
preferences of government bureaucracy.)
42. Hamilton, J.T., Pollution as News: Media and Stock Market
Reactions to the Toxics Release Inventory Data. Journal of Environmental
Economics and Management, 1995. 28: p. 98-113. Cram-Koehler # 7.
43. Hart, S.L., A Natural-Resource-Base View of the Firm.
Academy of Management Review, 1995. Vol. 20(No. 4): p. 1-29. Cram-Koehler
44. Hart, S.L. and G. Ahuja, Does it pay to be green? An
empirical examination of the relationship between emission reduction and
firm performance. Business Strategy and the Environment, 1996. 5: p. 30-37.
Cram-Koehler # 2b.
45. Hemmelskamp, J., The influence of environmental policy
on innovative behaviour : an econometric study, 1999. Cram-Koehler # 32.
46. IFAC, Environmental Management in Organizations: The
Role of Management Accounting, 1998, International Federation of Accountants:
New York. Cram-Koehler # 38.
47. Ilinitch, A.Y., N.S. Soderstrom, and T.E. Thomas, Measuring
Corporate Environmental Performance. Journal of Accounting & Public
Policy, 1998. 17(4,5 (Winter)): p. 383-408. Cram-Koehler # 18.
48. Irwin, J., Anomalies in the Values for Consumer Goods
with Environmental Attributes, 1996. Cram-Koehler #67.
49. Johnson, S.D. and K.J. Laverty, Environmental Performance
and Economic Performance, 1997. Cram-Koehler # 19.
50. Johnson, M.F., M. Magnan, and C.H. Stinson, Nonfinancial
Measures of Environmental Performance as Proxies for Environmental Risks
and Uncertainties, 1998. Cram-Koehler # 8.
51. Jones, J., C. L. Jones, and F. Phillips-Patrick, Estimating the Costs of the Exxon Valdez Oil Spill. Research in Law and Economics, 1994. 16: p. 109-149. Cram-Koehler # 92.
52. Jones, K. and P.H. Rubin, Effects of Harmful Environmental
Events on Reputations of Firms, 1998. Cram-Koehler # 31.
53. Karpoff, J.M., J.R. Lott, and G. Rankine, Environmental
Violations, Legal Penalties, and Reputation Costs, 1998, John M. Olin
Law & Economics Working Paper No. 71. Cram-Koehler # 27.
54. Karpoff, J.M., The Impact of Shareholder Activism on
Target Companies: A Survey of Empirical Findings, 1998. Cram-Koehler
55. Kennedy, J., T. Mitchell, and S.E. Sefcik, Disclosure
of Contingent Environmental Liabilities: Some Unintended Consequences?
Journal of Accounting Research, 1998. 36(2 (Autumn)): p. 257-277. Cram-Koehler
56. Khanna, M., W.R.H. Quimio, and D. Bojilova, Toxics Release
Information: A Policy Tool for Environmental Protection. Journal of Environmental
Economics and Management, 1998. 36: p. 243-266. Cram-Koehler # 29.
57. Khanna, M. and L.A. Damon, EPA's Voluntary 33/50 Program:
Impact on Toxic Releases and Economic Performance of Firms. Journal of
Environmental Economics and Management, 1999. 37: p. 1-25. Cram-Koehler
58. King, A., Organizational Response to Environmental Regulation:
Punctuated Change or Autogenesis?, , forthcoming in Business Strategy and
the Environment. Cram-Koehler #81.
59. King, A. and M. Lenox, Industry Self-Regulation without
Sanctions: The Chemical Industry's Responsible Care Program, , forthcoming
in Academy of Management Journal. Cram-Koehler #82.
60. King, A. and S. Baerwald, Using the Court of Public Opinion
to Encourage Better Business Decisions, p. 309-328. (Working paper, available at http://www.stern.nyu.edu/~aking/Better.pdf as of 4/00. Cram-Koehler #89.
61. King, A., The Social Performance Uncertainty Principle.
Corporate Reputation Review, An International Journal, 1997. 1(No. 1-2).
62. King, A. and J.M. Shaver, Are Aliens Green? Assessing
Foreign Establishments' Environmental Conduct in the United States, 1999.
63. King, A. and M. Lenox, Does it Really Pay to be Green?
Accounting for Strategy Selection in the Relationship between Environmental
and Financial Performance, 2000. Cram-Koehler #78.
64. Klassen, R.D. and C.P. McLaughlin, The Impact of Environmental
Management on Firm Performance. Management Science, 1996. 42(8): p. 1199-1214.
Cram-Koehler # 11.
65. Konar, S. and M.A. Cohen, Information as Regulation:
The Effect of Community Right to Know Laws on Toxic Emissions, 1996.
(available 9/01/99 at http://www.vanderbilt.edu/VCEMS ) normalizes TRI
by revenue (not domestic) forthcoming, Journal of Environmental Economics
and Management (working paper October 1995 had opposite order of authors)
Cram-Koehler # 6.
66. Konar, S. and M.A. Cohen, Why do Firms Pollute (and Reduce)
Toxic Emissions?. 1997. Cram-Koehler # 22.
67. Konar, S. and M.A. Cohen, Does the Market Value Environmental
Performance?, 1997. Cram-Koehler CK#48 Available as of 9/99 at http://www.vanderbilt.edu/VCEMS.
68. Lancaster, K.A.S., Valuation Analysis of Environmental
Disclosures, 1998. Cram-Koehler # 26.
69. Lanen, W.N., Waste Minimization at 3M Corporation: A
Case Study in Performance Measurement, 1995. Cram-Koehler # 3.
70. Levy, D.L., The Environmental Practices and Performance
of Transnational Corporations. Transnational Corporations, 1995. Vol. 4(No.
1): p. 44-56. Cram-Koehler #76.
71. Li, Y., G.D. Richardson, and D.B. Thornton, Corporate
Disclosure of Environmental Liability Information: Theory and Evidence.
Corporate Accounting Research, 1997. 14(7). Cram-Koehler # 17.
72. Li, Y. and B.J. McConomy, An Empirical Examination of
Factors Affecting the Timing of Environmental Accounting Standard Adoption
and the Impact on Corporate Valuation. Journal of Accounting, Auditing
& Finance, 1999. 14(3 (Summer)): p. 279-319. Cram-Koehler # 42 With
discussion by McKeown.
73. Lober, D.J., Evaluating the Environmental Performance
of Corporations. Forthcoming, Journal of Managerial Issues, 1995. Cram-Koehler
74. McKeown, J.C., Discussion: Li, Y. and B. j . McConomy
'An Empirical Examination of Factors Affecting the Timing of Environmental
Accounting Standard Adoption and the Impact on Corporate Valuation'. Journal
of Accounting Audit and Finance, 1999. 14(3): p. 279-319. (Cram-Koehler
75. Montgomery, C.A. and R.A. Pollak, Pricing Biodiversity,
. 1996. Cram-Koehler #68.
76. Naimon, J.S., Environmental Risks and Competitive Advantage
among S&P 500 Companies: Empirical Findings and Implications for the
Financial Services Industry, 1994. Cram-Koehler #75.
77. Ohara, S., Strategic Aspects of Environmental Management,
. 1994. Cram-Koehler #54.
78. Peterson, P.P., Event Studies: A Review of Issues and
Methodology. Quarterly Journal of Business and Economics, 1989. 28: p.
79. Pindyck, R.S., Irreversibilities and the Timing of Environmental
Policy, 1999. Cram-Koehler #61.
80. Porter, M.E. and C.v.d. Linde, Green and competitive:
Ending the stalemate. Harvard Business Review, 1995. 73(September/October).
81. Repetto, R. and D. Austin, Estimating the Effects of
Environmental Performance on Shareholder Value, 1999, 1999 Greening of
Industry Network Conference, Best Paper Proceedings. Cram-Koehler #87.
82. Russo, M.V. and P.A. Fouts, A Resource-Based Perspective
on Corporate Environmental Performance and Profitability. Academy of Management
Journal, 1997. 40(No. 3): p. 534-559. Cram-Koehler #86.
83. Rutledge, G.L. and C.R. Vogan, Pollution Abatement and
Control Expenditures, 1972-92, in Survey of Current Business. 1994. p.
36-49. Cram-Koehler #57.
84. Schaltegger, S. and F. Figge, Environmental Shareholder
Value, 1998. Cram-Koehler #70.
85. Smith, V.K., Arbitrary Values, Good Causes and Premature
Verdicts. Journal of Environmental Economics and Management, 1992. 22:
p. 72-89. Cram-Koehler #64.
86. Stavins, R.N., Market-Based Environmental Policies,
1998. Cram-Koehler #66.
87. Suranyi, M., Stock Markets and the Environment, 1999.
88. Thomas, P.B. and S.Y. Kenny, Environmental Reporting:
A Comparison of Annual Report Disclosures and Popular Financial Press Commentary,
. 1997: http://les.man.ac.uk/IPA/papers/thomas61.htm.
Cram-Koehler # 23.
89. Thompson, D.B., Can Consumer Groups have More Political
Clout than Regulated Industries? An Analysis of the Political Economy of
the RECLAIM Emissions Market, 1998. Cram-Koehler #53.
90. Voorhees, A.S., et al., Retrospective Cost-Benefit Analysis
of Nitrogen Dioxide Pollution in Tokyo, 2000. Cram-Koehler #79. Alliance
for Global Sustainability, 2000 Annual Meeting, Cambridge, MA.
91. Waddock, S. and N. Smith, Corporate Responsibility Audits:
Doing Well by Doing Good. Sloan Management Review, 2000. Winter 2000: p.
75-83. Cram-Koehler #84.
92. White, M.A., Investor Response to the Exxon Valdez Oil
Spill, 1996. An electronic version is available at http://etext.lib.virginia.edu/osi/OSIbrowse.html
To be added to the above:
Return to the Environmental and Financial Performance Literature Webpage.
- King, A. and Lenox, M. Information costs and profitable pollution reduction: an exploration of the locus of opportunities along the pollution chain. 2000, working paper.
- Klassen, R.D. & Whybark, D.C. 1999. The Impact of Environmental Technologies on Manufacturing Performance. Academy of Management Journal, 42(6): 599-615.
- Muoghalu, M., Robinson, D., & Glascock, J. 1990 Hazardous waste lawsuits, stockholder returns, and deterrence. Southern Waste Journal, 57:357-370.
- Reinhardt, F. Market failure and the environmental policies of firms. Journal of Industrial Ecology, 3(1).