- List of Figures
- List of Tables
- List of Abbreviations
- List of Contributors
- Retrospective, Perspective, and Prospective: Introduction to the Oxford Handbook on Business and the Natural Environment
- Competitive Strategy and the Environment: A Field of Inquiry Emerges
- International Business and the Environment
- Environmental Entrepreneurship
- The Value of Managing Stakeholders
- Industry Self-Regulation and Environmental Protection
- Environmental Governance
- Business and Environmental Law
- Cognitive Barriers to Environmental Action: Problems and Solutions
- Intergenerational Beneficence and the Success of Environmental Sustainability Initiatives in Organizational Contexts
- Organizational Culture and Environmental Action
- Institutional Approaches to Organizations and the Natural Environment
- Institutional Pressures and Organizational Characteristics: Implications for Environmental Strategy
- Social Movements, Business, and the Environment
- Greener Supply Chain Management
- Closed-Loop Supply Chains
- Industrial Ecology: Business Management in a Material World
- Information Systems, Business, and the Natural Environment: Can Digital Business Transform Environmental Sustainability?
- From Green Marketing to Marketing for Environmental Sustainability
- Why not Choose Green? Consumer Decision Making for Environmentally Friendly Products
- Using Market Segmentation Approaches to Understand the Green Consumer
- Sustainability and Social Responsibility Reporting and the Emergence of the External Social Audits: The Struggle for Accountability?
- Environmental Management, Measurement, and Accounting: Information for Decision and Control?
- Corporate Environmental Financial Reporting and Financial Markets
- Values-Driven and Profit-Seeking Dimensions of Environmentally Responsible Investing
- Environmental Risks and Financial Markets: A Two-Way Street
- Corporate Decision-Making, Net Present Value, and the Environment
- The Relevance of the Natural Environment for Corporate Social Responsibility Research
- Business, Society, and the Environment
- The New Corporate Environmentalism and the Symbolic Management of Organizational Culture
- Critical Perspectives on Business and the Natural Environment
- Approaching Business and the Environment with Complexity Theory
- Beyond the Brave New World: Business for Sustainability
- Looking Back, Thinking Forward: Distinguishing Between Weak and Strong Sustainability
- Enterprise Sustainability 2.0: Aesthetics of Sustainability
- Tomorrow's C-Suite Agenda
- The Third-Generation Corporation
- Capitalism Critique: Systemic Limits on Business Harmony with Nature
Abstract and Keywords
This article investigates why corporations make environmental disclosures in their financial reports, addressing two major theories utilized in related accounting research. It also describes how economic theories of stock-market behavior are used to evaluate whether the market values corporate environmental information contained in financial reports. These two streams of research are related to newer, potentially productive avenues of research related to environmental financial reporting and financial markets. Research into the extent of corporate environmental disclosure shows that, while a number of environmental disclosure regulations are in place, problems with oversight, monitoring, and enforcement by the agencies responsible for implementation has led to relatively low levels of environmental disclosure in corporate financial reports. Recent trends in environmental disclosure and reporting practices suggest a largely increasing number of stand-alone reports, which include social, environmental, and economic/financial information reflecting what is referred to as triple bottom line reporting.
Accounting and Management Control, ESSEC Business School
Charles H. Cho is Associate Professor of Accounting at ESSEC Business School.
College of Business, Illinois State University
Dennis M. Patten is Professor of Accounting at College of Business, Illinois State University.
Kenneth G. Dixon School of Accounting, University of Central Florida
Robin W. Roberts is Al and Nancy Burnett Eminent Scholar, Kenneth G. Dixon School of Accounting, University of Central Florida.
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