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| Author: | Hughes II, K. E. |
| Title: | The value relevance of nonfinancial measures of air pollution in the electric utility industry |
| Journal: | The Accounting Review
2000 : APR, VOL. 75:2, p. 209-228 |
| Index terms: | COMPANIES Pollution Liabilities Disclosure Investors |
| Language: | eng |
| Abstract: | Accounting policy makers and practitioners have called for increased external reporting of value-relevant nonfinancial information. Nonfinancial measures can help equity investors value intangible assets that are not recognized in historical cost-based accounting reports. This study uses a nonfinancial measure (toxic emissions) to examine the relation between the firm's exposure to (unbooked) future environmental liabilities and the market value of firm's common equity. Investors discount the equity value of environmentally exposed firms. |
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