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標題: Implications of the British petroleum oil spill disaster for its industry peers :evidence from the market reaction andearnings quality
關鍵字: oil spill;environmental disclosures;market reaction;earnings management
Project: Asia-Pacific Journal of Accounting & Economics, Volume 20, Issue 3, Page(s) 281-296.
As one of the worst environmental catastrophes in US history, the British Petroleum(BP) Deepwater Horizon explosion and oil spill have profound implications for theoil and gas industry. This study examines the stock market reaction and earningsquality of BP’s peers in response to the imminence of regulatory threats. Our empiricalevidence indicates that a significantly negative intra-industry reaction occurred.In addition, petroleum companies with more extensive pre-disaster environmentaldisclosures experienced a less negative reaction. Finally, our analysis finds thatpetroleum companies tended to depress earnings via discretionary accruals post theBP oil spill. Our study is motivated by mounting attention to the increase in environmentalrisks and the need for enhancement in environmental accounting reportingrequirements (The Securities and Exchange Commission 2010).
DOI: 10.1080/16081625.2012.739963
Appears in Collections:會計學系所

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