企业环境信息披露:年报还是独立报告?

文章通过对我国重污染行业上市公司2006至2008年度年报和独立报告中环境信息披露的差异及相互影响的分析,发现:(1)目前年报依然是企业披露环境信息的主要渠道,但独立报告的数量和比例正在迅速提高;(2)独立报告比年报披露了更多的环境信息,但信息质量较低;(3)独立报告与年报中的环境信息披露能够相互促进而不是相互替代。     

Difference in degrees: CEO characteristics and firm environmental disclosure

We contribute to the literature on firms' responses to institutional pressures and environmental information disclosure. We hypothesize that CEO characteristics such as education and tenure will influence firms' likelihood to voluntarily disclose environmental information. We test our hypotheses by examining firms' responses to the Carbon Disclosure Project (CDP) and find that firms led by newly appointed CEOs and CEOs with MBA degrees are more likely to respond to the CDP, while those led by lawyers are less likely to respond. Our results have implications for research on strategic responses to institutional pressures and corporate environmental performance. Copyright © 2013 John Wiley & Sons, Ltd.     

Firm litigation risk and the insurance value of corporate social performance

This paper advances the risk management perspective that superior social performance enhances firm value by serving as an ex ante valuable insurance mechanism. We posit that good social performance is more valuable as an insurance mechanism for firms with higher litigation risks. Moreover, value generation of corporate social performance (CSP) depends on whether a firm has gained pragmatic legitimacy (i.e., a firm's financial health) and moral legitimacy (i.e., whether or not a firm operates in a socially contested industry) among its stakeholders. We find that the value of CSP as insurance against litigation risk is practically significant, adding 2 to 4 percent to firm value. But CSP is less likely to create value if the firm is in financial distress or is operating in socially contested industries. Copyright © 2013 John Wiley & Sons, Ltd.     

欠发达农村生态治理创新--以甘肃为例

综合人口结构、民族分布、地理环境来看,甘肃的生态屏障战略地位凸显.老庄、孔孟等先贤奠定了生态治理的思想基础,之后与时俱进地变迁,政府的践行力度也持续强化,然而现实农村生态情况不容乐观,甘肃的形势也十分严峻.从公共治理理论出发,主要有三个方面的深层动因：企业逐利罔顾其他,政府绩效考核缺陷,农户人为加剧破坏.新农村生态治理亟待创新：以地方政府为主导力量、以乡镇企业为重点客体、以社会组织为桥梁纽带、以个体农户为核心依靠,综合多种手段统筹保护、恢复、建设,实现生态、经济、社会三维效益的整体优化.     

一起突发性地表水环境污染监测案例的分析与思考

针对发生在石家庄灵寿县境内的一起突发性地表水环境污染事件,介绍了石家庄市环境监测中心采取的现场勘查、监测、采样和处置等应急处理措施,就建立科学的应急监测管理机制提出建议:1)加强河流跨界交汇断面的监测;2)提高地表水生物监测技术水平;3)组建一支专业的污染事件应急监测队伍。     

水上加油站安全环保风险分析与管理建议

安全和环保是确保水上加油站生产经营稳定的两大基础。文章结合长江内趸船式水上加油站运行管理实践,论述水上加油站特点,辨识水上加油站经营过程中安全环保风险因素,分析水上加油站安全环保管理现状和存在的问题,并提出应对措施和管理建议。     

Winning us with trifles: Adverse selection in the use of philanthropy as insurance

Research Summary: We study the use of corporate philanthropy as a form of reputation insurance, developing a formal model of such insurance to examine how the terms of insurance in equilibrium change under different assumptions about the firm and its stakeholders. We then test the predictions from this model in the U.S. petroleum industry and find that philanthropic donations offer insurance‐like benefits, but are also positively associated with subsequent oil spills—firms that give more, spill more—with this association being stronger for spills that are under firms’ control and in states with low civic capacity. These results are consistent with an adverse selection/moral hazard equilibrium and suggest that the use of philanthropy as reputation insurance may benefit firms at the cost of society. Managerial Summary: Firms that donate to social causes develop a reputation for being socially responsible, and are often given the benefit of doubt when negative information about them comes to light. But are philanthropic firms truly more responsible? We argue that firms that donate more may be more likely to do harm—those that expect to do harm later are likely to give more now, and those that know their reputation protects them may become less careful. Evidence from the U.S. petroleum industry is consistent with this argument, with firms that give more having more subsequent oil spills, but only the type of spills that are under the firm's control, and only in states where the firm faces weaker scrutiny.     

工程质量保险在高校基建工作中应用的研究

随着我国经济的不断发展,对建筑工程质量提出了更高的要求。高校基建部门担负着基础设施建设的繁重任务,如何提高基建部门的风险管理水平,提高工程质量变得越来越重要,工程质量保险这一新兴的保险模式对高校基建工作起到很大的促进作用。     

环境规制、技术创新与中国火电行业的效率提升

基于效率的视角,本文对2004年中国30个省(自治区、直辖市)火电行业的环境规制进行分析。首先利用三阶段DEA模型排除经营环境与统计噪音对中国火电行业效率的影响,然后从非规制、弱规制、强规制三个层次分析环境规制程度与中国火电行业效率的关系。实证结果表明,环境规制可以提升中国火电行业整体的效率水平,总体上存在技术创新激励效应,但并非适用各个地区。最后本文根据环境规制与技术效率的关系,将中国各地区火电行业的发展模式划分为内力驱动环境友好型、环境弱友好型和外力推动环境友好型三种,并给出各自适应的规制建议。     

The relationship between corporate social responsibility and shareholder value: an empirical test of the risk management hypothesis

Do shareholders gain when managers disperse corporate resources through activities classified as corporate social responsibility (CSR)? Strategy scholars have recently developed a theoretical model that links such activities to shareholder value when a firm suffers a negative event; we test key portions of this theory of the ‘insurance‐like’ property of CSR activity. We posit that such activity leads to positive attributions from stakeholders, who then temper their negative judgments and sanctions toward firms because of this goodwill. We extend the risk management model by theorizing that some types of CSR activities will be more likely to create goodwill and offer insurance‐like protection than other types. We delineate several firm and event specific characteristics that we expect to influence the link between CSR activities and an insurance effect. We then test our model using an event study of 178 negative legal/regulatory actions against firms throughout the 11 years from 1993–2003. We find that participation in institutional CSR activities—those aimed at a firm's secondary stakeholders or society at large—provides an ‘insurance‐like’ benefit, while participation in technical CSRs—those activities targeting a firm's trading partners—yields no such benefits. We conclude by considering the implications of our findings for future theorizing and research into the economic value of CSR engagement. Copyright © 2008 John Wiley & Sons, Ltd.