Corporate Governance and Pollution Externalities of Public and Private Firms*
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The number of U.S. publicly traded firms has halved in 20 years. How will this shift in ownership structure affect the economy’s externalities? Using comprehensive data on greenhouse gas emissions from 2007 to 2016, we find that independent private firms are less likely to pollute and incur EPA penalties than are public firms, and we find no differences between private sponsor-backed firms and public firms, controlling for industry, time, location, and a host of firm characteristics. Within public firms, we find a negative association between emissions and mutual fund ownership and board size, suggesting that increased oversight may decrease externalities.
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Shive and Forster (2020) find that private companies are associated with less pollution.
“However, recent research indicates that private companies are associated with less pollution (Shive and Forster (2020)).”
From Presidential Address: Sustainable Finance and ESG Issues— <i>Value</i> versus <i>Values</i> (2023) · cites this paper as Shive and Forster (2020)
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Unintended consequences of punishment: Adverse effects of environmental penalties on green patents
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Stock liquidity and corporate climate performance: evidence from China
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Reduction in Corporate Greenhouse Gas Emissions Under Prescriptive Disclosure Requirements
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The Environmental Bias of Corporate Income TaxationPreprint
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CEO age and corporate environmental policies
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Does Private Equity Ownership Make Firms Cleaner? The Role Of Environmental Liability Risks
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Corporate political activities and firms' carbon emissions
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Sea Level Rise and Portfolio ChoicePreprint
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Policy Uncertainty Reduces Green Investment
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- Authors
- Shive, S. A., & Forster, M. M.
- Affiliations
- University of Notre Dame (US)
- Corresponding author
- Shive, Sophie A
- ORCID
- Shive, Sophie A
- Venue
- The Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2020-02-14
- Volume
- 33
- Issue
- 3
- Pages
- 1296-1330
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W2969724914
- Cited by
- 343
- References
- 42
- Citations by year
- 2026: 40 · 2025: 89 · 2024: 69 · 2023: 49 · 2022: 38 · 2021: 32 · 2020: 14 · 2019: 7 · 2018: 4 · 2017: 1
- FWCI
- 58.04
- Type
- journal article
- Language
- en
- Open access
- green
- doi.org
- Licence
- academic.oup.com/journals/pages/open_access/funder_policies/chorus/standard_publication_model (vor)
- Locations
- Review of Financial Studies (publishedVersion)
- SSRN Electronic Journal (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Funders
- University of Notre Dame
- Topics
- Social Sciences › Business, Management and Accounting › Accounting › Corporate Finance and Governance
- Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
- Social Sciences › Business, Management and Accounting › Strategy and Management › Political Influence and Corporate Strategies
- Keywords
- corporate governance, pollution externalities, greenhouse gas emissions, public companies, private enterprises, ownership structure, mutual fund ownership, board size, ownership concentration
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