The Effects of Environmental Policy on Stock Price Responses---A Study of the Restricted Use Policy on PlasticShopping Bags and Disposable Plastic Tableware.

• Main Authors: Chin-Sen CHANG, 張錦森
• Other Authors: Ying-Te Chen,Cher Hsueh-Ju Chen
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/15632144321484667371

碩士 === 靜宜大學 === 會計學系研究所 === 93 === Abstract The issue of environment protection has been known as a world-wide concerning topic and it has been a necessary section in the activities of managing companies or business all over the world for ages. Especially , the environmental policy of government has many broaden effects on it. In this regard, a case study is applied to examine the extents to which environmental event date move stock prices of plastic and paper-manufacturing industries by investigating the effects of the restricting policy on the plastic shopping bags and disposable plastic tableware. The reaction of the capital market to the information announcement is studied simultaneously. Further, the study also analyzes the relationship between restriction policy and sale revenues of both industries mentioned. The research samples are based on the combinations between seven companies producing PE, PP, PS and PC raw materials and seven paper-manufacturing companies. The market module is applied to test the responses of stock prices to the environment restriction policy and it presents the following consequences: 1.There are significant negative effects on stock prices among three event days for plastic industries. 2.There are significant positive effects on stock prices among three event days for the paper- manufacturing industries. 3.The capital market in Taiwan does not match the hypothesis of semi-strong and strong form efficient market. In testing the relationship between restriction policy and sale revenues, the analysis has shown: 1.The sales revenues of the plastic industries declined in the short term due to the policy, but it increased in the long term . 2.The sales revenues of the paper-manufacturing industries increased both in the short term and in the long term.