据JAR官网显示，来自香港大学的YILE (ANSON) JIANG，独自撰写的论文“Comply or Explain: Do Firms Opportunistically Claim Trade Secrets in Mandatory Environmental Disclosure Programs?”在国际会计学顶刊《Journal of Accounting Resarch》线上正式发表。
Title: Comply or Explain: Do Firms Opportunistically Claim Trade Secrets in Mandatory Environmental Disclosure Programs?
要么遵守，要么解释：公司是否在强制性环境信息披露计划中投机取巧地索取商业秘密？
YILE (ANSON) JIANG
香港大学
This paper studies whether firms opportunistically make proprietary claims in mandatory environmental disclosure programs with trade secret exemption rules. Examining the mandatory chemical disclosure program in the fracking industry, I find evidence of opportunistic withholding of information among operators that are less likely to have trade secrets. Specifically, I find that these operators claim fewer chemicals as trade secrets when the operating site is in close proximity to water quality monitors. This is only observed among publicly traded operators that face a higher cost of societal backlash when disclosing pollutant information. Further analyses suggest that these operators are concerned about external environmental monitoring, which deters them from opportunistic information withholding. Regarding public and private operators that are more likely to have trade secrets, I do not find strong evidence that their information withholding varies with the monitoring conditions.
本文研究公司是否会在具有商业秘密豁免规则的强制性环境信息披露计划中投机性地提出专有权利主张。通过检查水力压裂行业中的强制性化学品披露计划，我发现那些不太可能拥有商业秘密的运营商存在投机性隐瞒信息的证据。具体来说，我发现当作业地点靠近水质监测站时，这些运营商声称较少的化学品为商业秘密。这仅在公开交易的运营商中观察到，因为披露污染物信息时，它们面临更高的社会反弹成本。进一步分析表明，这些运营商关心外部环境监测，这阻止了它们投机性地隐瞒信息。关于更有可能拥有商业秘密的公共和私人运营商，我没有发现它们的信息隐瞒随着监测条件的变化而有强烈变化的证据。
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