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'Green money' in the bank: firm responses to environmental financial responsibility rules

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  • James Boyd

    (Resources for the Future, 1616 P. St., NW, Washington, DC 20036, USA)

Abstract

Financial responsibility rules are an increasingly common form of environmental regulation. Currently, the operators of landfills, underground petroleum storage tanks, offshore rigs, and oil tankers must demonstrate the existence of adequate levels of capital as a precondition to the legal operation of their businesses. Environmental financial responsibility ensures that firms possess the resources to compensate society for pollution costs created in the course of business operations. In addition to providing a source of funds for victim compensation and pollution remediation, financial responsibility is thought to motivate better decision-making, particularly regarding the management of long-term risks. This article describes firms' strategic responses to financial responsibility rules and their implications for the promise of financial responsibility as a complement to conventional environmental regulation. © 1997 John Wiley & Sons, Ltd.

Suggested Citation

  • James Boyd, 1997. "'Green money' in the bank: firm responses to environmental financial responsibility rules," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 18(6), pages 491-506.
    • Handle: RePEc:wly:mgtdec:v:18:y:1997:i:6:p:491-506
    DOI: 10.1002/(SICI)1099-1468(199709)18:6<491::AID-MDE849>3.0.CO;2-O
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    Cited by:

    1. Harrington, Winston & McConnell, Virginia D., 1999. "Coase and Car Repair: Who Should Be Responsible for Emissions of Vehicles in Use?," Discussion Papers 10911, Resources for the Future.
    2. Haitao Yin & Alex Pfaff & Howard Kunreuther, 2011. "Can Environmental Insurance Succeed Where Other Strategies Fail? The Case of Underground Storage Tanks," Risk Analysis, John Wiley & Sons, vol. 31(1), pages 12-24, January.
    3. Dorothy Wood & Donald G. Ross, 2006. "Environmental social controls and capital investments: Australian evidence," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 46(4), pages 677-695, December.
    4. Haitao Yin & Howard Kunreuther & Matthew W. White, 2011. "Risk-Based Pricing and Risk-Reducing Effort: Does the Private Insurance Market Reduce Environmental Accidents?," Journal of Law and Economics, University of Chicago Press, vol. 54(2), pages 325-363.
    5. Haitao Yin & Howard Kunreuther & Matthew White, 2009. "Risk-Based Pricing and Risk-Reducing Effort: Does the Private Insurance Market Reduce Environmental Accidents?," NBER Working Papers 15100, National Bureau of Economic Research, Inc.
    6. María del Pilar García Pachón, 2016. "Instrumentos Económicos Y Financieros Para La Gestión Ambiental," Books, Universidad Externado de Colombia, Facultad de Derecho, number 853, August.

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