ترجمه مقاله نقش ضروری ارتباطات 6G با چشم انداز صنعت 4.0
- مبلغ: ۸۶,۰۰۰ تومان
ترجمه مقاله پایداری توسعه شهری، تعدیل ساختار صنعتی و کارایی کاربری زمین
- مبلغ: ۹۱,۰۰۰ تومان
This paper addresses the conflicting environmental interests of a firm and the community, an important stakeholder. The short-term profit maximization objective of a firm may stand in contrast with what the community wants – a “safe and clean environment”. This paper argues that the information regarding the environmental impact of a firm’s products, processes, and waste may be asymmetrically distributed between the firm and the community. The resultant information asymmetry may influence the probability of a firm acting opportunistically, and ultimately, a firm’s ethical behavior. The paper identifies information asymmetry between a firm and community, as well as that within the community. The perceived information asymmetry across various community segments may perhaps be a determinant of environmental discrimination. The paper further contends that information asymmetry may diminish in the long run. Finally it examines the implications of information asymmetry for firms and government policy.
Introduction
A number of researchers in business and environmental ethics have argued that a firm needs to meet the objectives of its stakeholders, concerning various environmental issues (Clarkson, 1995; Freeman, 1984, pp. 102–107; Hargrove, 1995; Shrivastava, 1995). This prescription has important implications for corporate environmental and social performance (e.g., Epstein, 1996; Wood, 1991a, b). It is, however, likely that the objectives of a firm – such as short-term wealth maximization, may be in conflict with those of other stakeholders. For example, the community surrounding a firm’s manufacturing plants, an important stakeholder of the firm, may want a safe and clean environment. This may constrain a firm’s profitability in the short run.
Conclusion
This paper examines the antecedents and consequences of information asymmetry among a firm’s stakeholders regarding corporate environmental practices. The information asymmetry arises in the short run, because an opportunistic firm may withhold or manipulate some of the information about the environmental impact of its products and processes. As a result of its informational advantage over the community, a firm is likely to generate significant rents. This paper identifies information asymmetry between a firm and community, as well as that within the community. Both kinds of information asymmetry may decrease in the long run because the community may retaliate or the informed members of the community may impart externalities on the uninformed ones. The government policies may also eventually force a firm to disclose more information. For example, the EPCRA 1986 has implications for the communities’ right to know a firm’s environmental practices. The Executive Order on Environmental Justice, on the other hand, has implications for how the information may be distributed among various community segments. Finally, we argue that in the long run, transactions characterized by cooperation and trust between a firm and the community are likely to be a source of rents.