| Author: | Ma, Ziqi Manson |
| Title: | Environmental disclosure and its relationship with cost of equity capital : a comparative analysis between Chinese and Japanese chemical companies |
| Degree: | M.Sc. |
| Year: | 2012 |
| Subject: | Environmental auditing -- China. Environmental auditing -- Japan. Chemical industry -- Environmental aspects. Hong Kong Polytechnic University -- Dissertations |
| Department: | School of Accounting and Finance |
| Pages: | 57 leaves : ill. ; 30 cm. |
| Language: | English |
| Abstract: | Nowadays, the environment in China is seriously threatened. Heavy-pollution companies’ contamination has already broken the ecological balance and violates lives of thousands of people. China is now sacrificing its environmental balance to realize economic prosper, a road Japan has experienced 40 years ago. So environment problems must be treated seriously and the environmental responsibility of enterprises must be supervised. Environmental disclosure is a useful way to regulate the environmental protection which was established in western countries years ago. However in China, environmental disclosure is at early stage and little market research on this issue is conducted. Scholars concentrate on basic theory research rather than practical market research. Up till now, little information on contemporary Chinese environmental disclosure situation can be drawn. I choose chemical industries, a heavy-pollution industry to investigate the relationship between environmental disclosure and cost of equity capital in China. At the same time, I analyzed present Chinese environmental disclosure situation in chemical industry. I documented no significant correlation between environmental disclosure and cost of equity capital in Chinese chemical companies. But I found that Chinese environmental disclosure in chemical industry is unsatisfactory, while the environmental disclosure of non-state-owned companies is worse than state-owned companies. I also analyzed Japanese listed chemical companies to make comparison with that of China. I documented significantly negative relationship between environmental disclosure and cost of equity capital in Japanese chemical companies. The average environmental disclosure level in Japan is about 4 times than that of China. |
| Rights: | All rights reserved |
| Access: | restricted access |
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| File | Description | Size | Format | |
|---|---|---|---|---|
| b25514866.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 1.26 MB | Adobe PDF | View/Open |
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