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Firm-Level Financial Resources and Environmental Spills / Jonathan Cohn, Tatyana Deryugina.
- Format:
- Book
- Author/Creator:
- Cohn, Jonathan.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w24516.
- NBER working paper series no. w24516
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2018.
- Summary:
- Using novel US environmental spill data, we document a robust negative relationship between the number of spills a firm experiences in a given year and its contemporaneous and lagged (but not future) cash flow. In addition, studying two natural experiments, we find an increase (decrease) in spills following negative (positive) shocks to a firm's financial resources, both in absolute terms and relative to control firms. Overall, our results suggest that firms' financial resources play an important role in their ability to mitigate environmental risk.
- Notes:
- Print version record
- April 2018.
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