ABSTRACT This article examines the intra-industry market reaction to successive environmental accidents associated with Sinopec and PetroChina in China. Evidence indicates that a significantly negative intra-industry reaction occurred after these… Click to show full abstract
ABSTRACT This article examines the intra-industry market reaction to successive environmental accidents associated with Sinopec and PetroChina in China. Evidence indicates that a significantly negative intra-industry reaction occurred after these accidents. Furthermore, intra-industry firms with ex-ante environmental disclosures experienced a less negative reaction after successive accidents. Specifically, the mitigating effect of ex-ante environmental disclosures has certain extent of time delay, which differs from the immediate impact of ex-ante environmental disclosure within the context of developed countries.
Journal Title: Applied Economics Letters
Year Published: 2017
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