Corporate Environmental Management and Environmental Efficiency
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- 作者：Madhu Khanna (1) khanna1@illinois.edu
Surender Kumar (2) surendekumar@gmail.com - 关键词：Environmental management systems – ; Environmental efficiency – ; Directional distance function – ; Toxic releases
- 刊名：Environmental and Resource Economics
- 出版时间：October 2011
- 出版年：2011
- 期刊代码：10_09246460
- 类别：soc
- 卷：50
- 期：2
- 页码：227-242
- 数据来源：sp
摘要
This paper examines the potential of environmental management systems (EMSs) to provide opportunities for reducing toxic releases cost-effectively and increasing environmental efficiency of a sample of S&P 500 firms. We use directional distance function to estimate firm-specific environmental efficiency. A truncated regression model with bootstraping is then estimated to analyze the determinants of the environmental efficiency of firms. The analysis shows that the comprehensiveness of an EMS, pressures to reduce toxic releases cost-effectively, innovativeness of firms and the threat of costly regulations in the future lead firms to become more environmental efficient. Regression results indicate that increasing the comprehensiveness of EMS by adopting one additional practice benefits the average firm by approximately US$ 35.5 million by increasing its environmental efficiency by 0.3%.