تحقیقات جهانی بازار بورس

Disclosure of environmental violations and stock market in the Republic of Korea☆

For almost 20 years, the Ministry of Environment of the Republic of Korea has published on a monthly basis a list of enterprises which fail to comply with national environmental laws and regulations. In this paper, we examine the reaction of investors to the publication of these lists, and show that enterprises appearing on these lists have experienced a significant decline in their market valuation.

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