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  • The Value Relevance of Environmental Audits: Evidence from Japan

    Author(s)
    Lee, Ki-Hoon
    Park, Bum-Jin
    Song, Hakjoon
    Yook, Keun-Hyo
    Griffith University Author(s)
    Lee, Ki-Hoon
    Year published
    2017
    Metadata
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    Abstract
    Environmental audits are implemented internally in order to monitor compliance with environmental laws, regulations and related accounting rules, and to develop recommendations for ways in which to improve environmental accounting processes and performance. In addition, external third‐party assurance on environmental information is used to verify whether firms’ disclosures on environmental information are in compliance with environmental accounting rules and regulations. We examine whether firms’ environmental audits positively affect their market values and whether third‐party assurance strengthens positive effects, using ...
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    Environmental audits are implemented internally in order to monitor compliance with environmental laws, regulations and related accounting rules, and to develop recommendations for ways in which to improve environmental accounting processes and performance. In addition, external third‐party assurance on environmental information is used to verify whether firms’ disclosures on environmental information are in compliance with environmental accounting rules and regulations. We examine whether firms’ environmental audits positively affect their market values and whether third‐party assurance strengthens positive effects, using value relevance theory as a theoretical foundation. Our main tests are based on 266 Japanese manufacturing firms’ published environmental reports for the period 2010–2013. We find that the average market value of firms that implement environmental audits is 9 percent greater than those that do not. Further, we find that environmental audits positively affect firm value, largely through interaction with third‐party assurance.
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    Journal Title
    Business Strategy and the Environment
    DOI
    https://doi.org/10.1002/bse.1940
    Note
    This publication has been entered into Griffith Research Online as an Advanced Online Version.
    Subject
    Strategy, management and organisational behaviour
    Environmental management
    Publication URI
    http://hdl.handle.net/10072/143685
    Collection
    • Journal articles

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