文章：Clarkson, P. M., Li, Y., &Richardson, G. D. (2004). The market valuation of environmental capitalexpenditures by pulp and paper companies. The Accounting Review, 79(2),pp.329-353.

摘要：The objective of this study is toexamine the market valuation of environ- mental capital expenditure investmentrelated to pollution abatement in the pulp and paper industry. The totalenvironmental capital expenditure of $8.7 billion by our sample firms during1989-2000 supports the focus on this industry. In order to be capitalized, anasset should be associated with future economic benefits. The existingenvironmental literature suggests that investors condition their evaluation ofthe future economic benefits arising from environmental capital expenditure onan assessment of the firms environmental performance. This literature predictsthe emergence of two environmental stereotypes: low-polluting firms thatovercomply with existing environmental regulations, and high-polluting firmsthat just meet minimal environmental requirements. Our valuation evidenceindicates that there are incremental economic benefits associated withenvironmental capital expenditure investment by low-polluting firms but nothigh-polluting firms. We also find that investors use environmental performanceinformation to assess unbooked environmental liabilities, which we interpret torepresent the future abatement spending obligations of high-polluting firms inthe pulp and paper industry. We estimate average unbooked liabilities of $560million for high-polluting firms, or 16.6 percent of market capitalization.