Voluntary environmental disclosure quality and firm value: Further evidence

Carbon Emission Disclosure and the Cost of Capital: An Analysis of Malaysian Capital Market

“…This results are contradict towards a few study done on these issue (i.e; Bonetti et al 2013;He et al, 2013, Lambert et al, 2007Li et al, 2014 andPlumlee et al 2015) which reported a significant relations with cost of capital. Nonetheless, most of the study used separate indictor for each cost of obtaining the capital which are cost of debt and cost of equity instead of the weighted cost of both debt and equity's capitals as per current study.…”

“…With regard to environmental and carbon emission disclosure, Plumlee, Brown, Hayes and Marshall (2015) investigated how quality of voluntary environmental disclosure is related to the firm value. The author used cost of capital and future expected cash flows as the proxy of firm values and found a positive association between both variables.…”

An Integrated Model to Explain How Corporate Social Responsibility Affects Corporate Financial Performance

“…However, in environmentally non-sensitive industries, firms do not necessarily create or improve products and services in environmental orientation. Investments in CSR activities will negatively affect the firm performance because the costs of resources used in CSR activities are extremely high [68].…”

“…By contrast, environmentally non-sensitive industries (i.e., pharmaceutical, food, beverage, etc.) consist of companies that could not substantially damage the environment during the production process [68,78,82]. Based on the classification of the World Commission on Environment and Development [81] and prior studies [68,[78][79][80]82], we used the four-digit SIC of 500 S&P companies in the Compustat database to divide all companies into environmentally sensitive and non-sensitive industries.…”

Executive Remuneration: Achieving Accountability through Disclosure

“…In examination of environmental disclosure practices, prior research has found that firms will vary the level of quality in their disclosure practices (Clarkson, Fang, Li and Richardson, 2013), and the level of quality impacts firm value (Plumlee, Brown, Hayes & Marshall, 2015). Plumlee et al's (2015) research suggests that increased quantity of disclosure does not necessarily imply better quality disclosure. This finding is supported by Melloni et al's (2017) research, which finds that firms with weaker financial performance employ disclosure strategies such as increasing quantity, decreasing readability and manipulating the tone and content of disclosures.…”