Can environmental investment and expenditure enhance financial performance of US electric utility firms under the clean air act amendment of 1990?

被引:103
作者
Sueyoshi, Toshiyuki [1 ,2 ]
Goto, Mika [3 ]
机构
[1] New Mexico Inst Min & Technol, Dept Management, Socorro, NM 87801 USA
[2] Natl Cheng Kung Univ, Coll Business, Dept Ind & Informat Management, Tainan 70101, Taiwan
[3] Cent Res Inst Elect Power Ind, Komae, Tokyo 2018511, Japan
关键词
Electricity; US clean air act; Financial performance; Environmental regulation; PERSPECTIVE; INDUSTRY; IMPACTS; CREATE;
D O I
10.1016/j.enpol.2009.06.038
中图分类号
F [经济];
学科分类号
02 ;
摘要
This study investigates the causality from environmental investment (as a long-term effort) and expenditure (as a short-term effort) to financial performance in the US electric utility industry. The industry is one of the large air polluters in the United States. This empirical study finds that the environmental expenditure under the US Clean Air Act has had a negative impact from 1989 to 2001. The negative impact has become much effective after the implementation of the Title IV Program (1995) of the US Clean Air Act. This study cannot find the influence of environmental investment on financial performance by a statistical test although it indicates a positive impact. In the United States, fossil-fueled power plants such as coal-fired ones still produce a large portion of electricity. The generation structure is inconsistent with the betterment in the US environmental protection and imposes a financial burden to electric utility firms. (C) 2009 Elsevier Ltd. All rights reserved.
引用
收藏
页码:4819 / 4826
页数:8
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