Disclosure of Environmental Violations and the Stock Market in the Republic of Korea
For almost 20 years, the Ministry of Environment of the Republic of Korea has published on a monthly basis a list of enterprises that fail to comply with national environmental laws and regulations. In this paper, the authors examine the reaction o...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, D.C.
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2004/06/4966653/disclosure-environmental-violations-stock-market-republic-korea http://hdl.handle.net/10986/14036 |
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okr-10986-140362021-04-23T14:03:21Z Disclosure of Environmental Violations and the Stock Market in the Republic of Korea Dasgupta, Susmita Hong, Jong Ho Laplante, Benoit Mamingi, Nlandu CAPITAL MARKETS CLEAN TECHNOLOGY COMMUNITY RIGHT TO KNOW ECOLOGICAL ECONOMICS EMISSIONS STANDARDS ENVIRONMENTAL ECONOMICS ENVIRONMENTAL PERFORMANCE ENVIRONMENTAL REGULATIONS INDUSTRIAL POLLUTION INFORMAL SECTOR MEDIA POLITICAL ECONOMY POLLUTERS POLLUTION ABATEMENT POLLUTION CONTROL POLLUTION INTENSITY PUBLIC DISCLOSURE CAPITAL MARKETS CEMENT INDUSTRY CLEAN TECHNOLOGY COMMUNITY RIGHT TO KNOW COMPETITIVENESS CONSERVATION DISCLOSURE ECOLOGICAL ECONOMICS ECONOMIC PERSPECTIVES EMISSION EMISSION STANDARD EMISSIONS EMISSIONS STANDARDS EMPIRICAL ANALYSIS ENVIRONMENTAL AWARENESS ENVIRONMENTAL ECONOMICS ENVIRONMENTAL EDUCATION ENVIRONMENTAL GROUPS ENVIRONMENTAL MANAGEMENT ENVIRONMENTAL PERFORMANCE ENVIRONMENTAL POLICIES ENVIRONMENTAL PROTECTION ENVIRONMENTAL REGULATIONS ENVIRONMENTAL REGULATORS FINANCIAL RESOURCES HAZARDOUS WASTE INDUSTRIAL POLLUTION INFORMAL SECTOR INSURANCE INTERNATIONAL MARKETS MARKET FORCES MARKET RETURNS MARKET VALUE POLICY RESEARCH POLITICAL ECONOMY POLLUTERS POLLUTION POLLUTION ABATEMENT POLLUTION CONTROL SECURITIES TOXIC EMISSIONS WASTE For almost 20 years, the Ministry of Environment of the Republic of Korea has published on a monthly basis a list of enterprises that fail to comply with national environmental laws and regulations. In this paper, the authors examine the reaction of investors to the publication of these lists and show that enterprises appearing on these lists have experienced a significant decline in their market valuation. Firms in developing countries are often said to have no incentives to invest in pollution control because they typically face weak monitoring and enforcement of environmental regulations. The findings of the authors, however, indicate that the inability of formal institutions to control pollution through fines and penalties may not be as serious an impediment to pollution control as is generally argued. Environmental regulators in developing countries could harness market forces by introducing structured programs to release firm-specific information about environmental performance. 2013-06-19T20:41:03Z 2013-06-19T20:41:03Z 2004-06 http://documents.worldbank.org/curated/en/2004/06/4966653/disclosure-environmental-violations-stock-market-republic-korea http://hdl.handle.net/10986/14036 English en_US Policy Research Working Paper;No.3344 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, D.C. Publications & Research :: Policy Research Working Paper Publications & Research East Asia and Pacific Korea, Republic of |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
CAPITAL MARKETS CLEAN TECHNOLOGY COMMUNITY RIGHT TO KNOW ECOLOGICAL ECONOMICS EMISSIONS STANDARDS ENVIRONMENTAL ECONOMICS ENVIRONMENTAL PERFORMANCE ENVIRONMENTAL REGULATIONS INDUSTRIAL POLLUTION INFORMAL SECTOR MEDIA POLITICAL ECONOMY POLLUTERS POLLUTION ABATEMENT POLLUTION CONTROL POLLUTION INTENSITY PUBLIC DISCLOSURE CAPITAL MARKETS CEMENT INDUSTRY CLEAN TECHNOLOGY COMMUNITY RIGHT TO KNOW COMPETITIVENESS CONSERVATION DISCLOSURE ECOLOGICAL ECONOMICS ECONOMIC PERSPECTIVES EMISSION EMISSION STANDARD EMISSIONS EMISSIONS STANDARDS EMPIRICAL ANALYSIS ENVIRONMENTAL AWARENESS ENVIRONMENTAL ECONOMICS ENVIRONMENTAL EDUCATION ENVIRONMENTAL GROUPS ENVIRONMENTAL MANAGEMENT ENVIRONMENTAL PERFORMANCE ENVIRONMENTAL POLICIES ENVIRONMENTAL PROTECTION ENVIRONMENTAL REGULATIONS ENVIRONMENTAL REGULATORS FINANCIAL RESOURCES HAZARDOUS WASTE INDUSTRIAL POLLUTION INFORMAL SECTOR INSURANCE INTERNATIONAL MARKETS MARKET FORCES MARKET RETURNS MARKET VALUE POLICY RESEARCH POLITICAL ECONOMY POLLUTERS POLLUTION POLLUTION ABATEMENT POLLUTION CONTROL SECURITIES TOXIC EMISSIONS WASTE |
| spellingShingle |
CAPITAL MARKETS CLEAN TECHNOLOGY COMMUNITY RIGHT TO KNOW ECOLOGICAL ECONOMICS EMISSIONS STANDARDS ENVIRONMENTAL ECONOMICS ENVIRONMENTAL PERFORMANCE ENVIRONMENTAL REGULATIONS INDUSTRIAL POLLUTION INFORMAL SECTOR MEDIA POLITICAL ECONOMY POLLUTERS POLLUTION ABATEMENT POLLUTION CONTROL POLLUTION INTENSITY PUBLIC DISCLOSURE CAPITAL MARKETS CEMENT INDUSTRY CLEAN TECHNOLOGY COMMUNITY RIGHT TO KNOW COMPETITIVENESS CONSERVATION DISCLOSURE ECOLOGICAL ECONOMICS ECONOMIC PERSPECTIVES EMISSION EMISSION STANDARD EMISSIONS EMISSIONS STANDARDS EMPIRICAL ANALYSIS ENVIRONMENTAL AWARENESS ENVIRONMENTAL ECONOMICS ENVIRONMENTAL EDUCATION ENVIRONMENTAL GROUPS ENVIRONMENTAL MANAGEMENT ENVIRONMENTAL PERFORMANCE ENVIRONMENTAL POLICIES ENVIRONMENTAL PROTECTION ENVIRONMENTAL REGULATIONS ENVIRONMENTAL REGULATORS FINANCIAL RESOURCES HAZARDOUS WASTE INDUSTRIAL POLLUTION INFORMAL SECTOR INSURANCE INTERNATIONAL MARKETS MARKET FORCES MARKET RETURNS MARKET VALUE POLICY RESEARCH POLITICAL ECONOMY POLLUTERS POLLUTION POLLUTION ABATEMENT POLLUTION CONTROL SECURITIES TOXIC EMISSIONS WASTE Dasgupta, Susmita Hong, Jong Ho Laplante, Benoit Mamingi, Nlandu Disclosure of Environmental Violations and the Stock Market in the Republic of Korea |
| geographic_facet |
East Asia and Pacific Korea, Republic of |
| relation |
Policy Research Working Paper;No.3344 |
| description |
For almost 20 years, the Ministry of
Environment of the Republic of Korea has published on a
monthly basis a list of enterprises that fail to comply with
national environmental laws and regulations. In this paper,
the authors examine the reaction of investors to the
publication of these lists and show that enterprises
appearing on these lists have experienced a significant
decline in their market valuation. Firms in developing
countries are often said to have no incentives to invest in
pollution control because they typically face weak
monitoring and enforcement of environmental regulations. The
findings of the authors, however, indicate that the
inability of formal institutions to control pollution
through fines and penalties may not be as serious an
impediment to pollution control as is generally argued.
Environmental regulators in developing countries could
harness market forces by introducing structured programs to
release firm-specific information about environmental performance. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Dasgupta, Susmita Hong, Jong Ho Laplante, Benoit Mamingi, Nlandu |
| author_facet |
Dasgupta, Susmita Hong, Jong Ho Laplante, Benoit Mamingi, Nlandu |
| author_sort |
Dasgupta, Susmita |
| title |
Disclosure of Environmental Violations and the Stock Market in the Republic of Korea |
| title_short |
Disclosure of Environmental Violations and the Stock Market in the Republic of Korea |
| title_full |
Disclosure of Environmental Violations and the Stock Market in the Republic of Korea |
| title_fullStr |
Disclosure of Environmental Violations and the Stock Market in the Republic of Korea |
| title_full_unstemmed |
Disclosure of Environmental Violations and the Stock Market in the Republic of Korea |
| title_sort |
disclosure of environmental violations and the stock market in the republic of korea |
| publisher |
World Bank, Washington, D.C. |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2004/06/4966653/disclosure-environmental-violations-stock-market-republic-korea http://hdl.handle.net/10986/14036 |
| _version_ |
1764430393730138112 |