Cited by 344Corporate Finance and GovernanceCorporate Social Responsibility ReportingPolitical Influence and Corporate Strategies

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Corporate Governance and Pollution Externalities of Public and Private Firms*

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Shive, Sophie A, Forster, Margaret M·2020·The Review of Financial Studies

DOI 10.1093/rfs/hhz079

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Abstract

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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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
DOI: 10.1093/rfs/hhz079
OpenAlex: W2969724914
Cited by: 343
References: 42
Citations by year: 2026: 40 · 2025: 89 · 2024: 69 · 2023: 49 · 2022: 38 · 2021: 32 · 2020: 14
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 › Economics, Econometrics and Finance › Finance › 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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Corporate Governance and Pollution Externalities of Public and Private Firms*

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