Stump harvesting signifi es an intensifi cation of forest management compared with conventional stem-only or aboveground biomass-only harvesting. There are many practical and perceived benefi ts of stump harvesting. These include (1) the production of woodfuel; (2) fossil fuel substitution; (3) additional revenue for forest owners; (4) improved site preparation and (5) potential reduction of Heterobasidion. However, evidence suggests that, in the absence of appropriate precautionary measures, stump harvesting will lead to many undesirable environmental impacts. These include (1) removal of soil organic matter inputs; (2) adverse impacts on forest soil carbon stores and greenhouse gas emissions; (3) increased soil erosion; (4) increased soil compaction; (5) depletion of soil nutrient stocks and changes in nutrient cycling; (6) unknown impacts on future productivity; (7) loss of valuable habitat for fungi, mosses, bryophytes and insects and (8) increase in non-forest vegetation and additional herbicide requirements. To minimize environmental impacts, best practice guidelines should be developed and communicated. Research to date has focussed on the impact of stump removal on the incidence of root diseases and has limited applicability to healthy uninfected stands. Additional research is required to understand fully the environmental impacts, particularly how stump harvesting infl uences the forest soil carbon balance and forest nutrient stocks.

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This paper explores the relationship between corporate environmental reporting and share price performance amongst companies in two industry groups listed on the UK FTSE (Financial Times Stock Exchange) 100 as of the 30th July 2001. The hypothesis tested is that the production of good quality corporate environmental reports (CERs) benefits company share price, by demonstrating to investors an awareness of risk, liability, legislation and opportunities as well as providing a collection of policy, impacts, temporal trends, targets and commitment. Some other studies in this area have concluded that a positive relationship exists between corporate environmental management and performance (including environmental reporting) and share value. The results of this paper differ however, and show that on average, the production of environmental reports by FTSE100 companies (in the energy and utilities and financial services sectors) has not lead to improved historical share price performance when compared to non-reporting companies, although there is strong evidence for reduced volatility of share price. Results for sector performance varied from those obtained from individual company level. The two companies assessed as producing the best reports in their industry sector outperformed both the FTSE100 benchmark, and many of their competitors for the five-year period studied. Whilst there are many benefits to be gained by listed companies through environmental reporting, such as enhancing image and improving public and investor opinion, a positive attitude to the environment, as demonstrated through environmental reporting, can provide an indication of a truly strategic approach to business. Yet there are so many factors involved, it is not possible from the results to conclude that environmental reporting supports share value.

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