股东诉讼和有毒释放

IF 9.4 3区管理学 Q1 BUSINESS, FINANCE

Journal of International Financial Management & Accounting Pub Date : 2022-11-22 DOI:10.1111/jifm.12164

Trung K. Do, Xuan Vinh Vo, Tuan-Vinh Le

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引用次数: 2

摘要

我们研究了1989年至2005年间美国23个州交错采用普遍需求法对环境的影响。普遍需求法阻碍了衍生品诉讼，从而破坏了股东对公司环境绩效的监督。我们发现，股东诉讼权的削弱与公司释放有毒化学品呈正相关。对于治理薄弱的公司来说，这种影响更大，而法律通过后公司的环境管理不善导致财务业绩较差。总的来说，我们的调查结果表明，股东提起的衍生诉讼并不像人们常说的那样无聊。相反，它们是一种有效的公司治理机制。

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Shareholder litigation and toxic releases

We examine the environmental impact of the staggered adoption of universal demand laws by 23 U.S. states between 1989 and 2005. Universal demand laws impede derivative lawsuits and thus undermine shareholder oversight of corporate environmental performance. We find that weakened litigation rights for shareholders are positively associated with the release of toxic chemicals by firms. The effect is stronger for firms with weak governance, and environmental mismanagement by firms after the passage of the laws lead to poorer financial performance. Overall, our findings imply that derivative lawsuits by shareholders are not frivolous, as is often asserted. Rather, they act as an effective mechanism of corporate governance.

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来源期刊

Journal of International Financial Management & Accounting BUSINESS, FINANCE-

CiteScore

9.10

自引率

2.00%

发文量

期刊介绍： The Journal of International Financial Management & Accounting publishes original research dealing with international aspects of financial management and reporting, banking and financial services, auditing and taxation. Providing a forum for the interaction of ideas from both academics and practitioners, the JIFMA keeps you up-to-date with new developments and emerging trends.