Law Firm expertise and shareholder wealth

Law Firm Expertise and Shareholder Wealth

SSRN Electronic Journal ◽

10.2139/ssrn.3496000 ◽

2019 ◽

Author(s):

Denis Schweizer ◽

Ge Wu

Keyword(s):

Shareholder Wealth ◽

Law Firm

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The economic consequences of voluntary environmental reporting on shareholder wealth

Social and Management Research Journal ◽

10.24191/smrj.v3i2.5110 ◽

2006 ◽

Vol 3 (2) ◽

pp. 1 ◽

Cited By ~ 1

Author(s):

Ruslaina Yusoff ◽

Shariful Amran Abd Rahman ◽

Wan Nazihah Wan Mohamed

Keyword(s):

Abnormal Return ◽

Listed Companies ◽

Shareholder Wealth ◽

Environmental Information ◽

Economic Consequences ◽

Share Price ◽

Cumulative Abnormal Return ◽

Environmental Reporting ◽

Financial Report ◽

Significant Difference

This study was carried out to examine the economic consequences ofvoluntary environmental reporting on shareholders' wealth among Malaysian Listed Companies that voluntarily disclosed environmental information in their financial report. One hundred andfifty two (152) companies of Bursa Malaysia (MSE) had been identified as a sample in the current study. Seventy six (76) companies were classified as environmental reporting companies while the remaining companies were classified as non-environmental reporting companies. The classification was done in order to determine the differences between share price, profitability and market equity for both types of companies. The study hypothesizes that voluntary environmental reporting leads to an improvement in the shareholders wealth. However, the results show that there is no significant difference between cumulative abnormal return for environmental and non-environmental reporting companies. Based on the results obtained, it can also be concluded that profitability and size of the companies do not have any significant roles in deciding whether or not to produce environmental reporting companies.

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