[1-91]

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 Currently, we have 92 published articles and unpublished working papers that bear directly on the question.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.

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 # 13.
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 #60.
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 #56.
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 # 35.
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 #83.
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 #59.
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 # 40.
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 # 39.
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 #69.
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 #63.
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 # 41.
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 # 28.
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 #85.
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). Cram-Koehler #88.
62. King, A. and J.M. Shaver, Are Aliens Green? Assessing Foreign Establishments' Environmental Conduct in the United States, 1999. Cram-Koehler #80.
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 #52.
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 CK#42b).
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. 36-66..
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). Cram-Koehler #21.
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. Cram-Koehler CK#45.
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. 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 Cram-Koehler #14.

(End) Version of 3/27/00.

To be added to the above:

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).

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