This study examines the association between pollution disclosures and pollution performance and between pollution disclosures and economic performance for firms in highly polluting industries. An index of pollution disclosures is developed and correlated with indices of pollution performance and...

In 2005, the European Union instituted the first phase of the Kyoto Protocol by implementing a carbon allocation scheme (cap and trade) to reduce greenhouse gas (GHG) emissions. Prior to 2005, the Scandinavian countries had imposed a carbon tax to reduce carbon emissions. In this study, the EU...