文档介绍：外文文献翻译原文:,,ethical,social,,,absentdisclosure,‘investorswillassumetheworstandwillbiddownitsstockprice’(CormierandMagnan,2003,).Inthatsense,voluntaryenvironmentaldisclosuresmaybeviewedasattemptsbyfirmstoreducetheinformationrisks(andtheirassociatedcosts),notallfirmschoosetomakesuchdisclosures,:thecostsofmeasuring,verifying,collatingandpublishingenvironmentalinformation;mitmentstoverifiablefutureactionsand/orperformance(hia,1983;Lietal.,1997;CormierandMagnan,1999;andSkinner,1994).Corporatedecisionsconcerningtheprovisionandqualityofvoluntaryenvironmentaldisclosuresarethereforeexpectedtohingeuponarangeoffirmandindustrycharacteristicsthatinfluencetherelativecostsandbenefitsofdisclosingsuchinformation(CormierandMagnan,1999and2003;andLietal.,1997).Theexistingliteraturedemonstratesthatthesecostsandbenefitsareassociatedwithpressurefromexternalagentssuchaslegislators,munityandenvironmentallobbygroups,consumersandsociallyresponsibleinvestors(Roberts,1992;Lietal.,1997;Sinclair-DesgagneandGozlan,2003;andWillis,2003),thefirm’svulnerabilitytothosepressuresascapturedbyitssizeandmediavisibility(CormierandMagnan,2003;Patten,2002b;andRoberts,1992),itsenvironmentalperformance(Patten,2002;andUllmann,1985),itsownershipandgovernancestructures(CormierandMagnan,2003;Roberts,1992;andCullenandChristopher,2002),andresourceavailability(CormierandMagnan,2003;andRoberts,1992).Wewilldiscusseachofthesefactorsi