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The purpose of this paper is to investigate the value relevance of firms' integral environmental impact. In this paper, the authors utilize data from 74 Russian listed firms for the years 2005-2007. For the proxy of environmental performance they use the integral environmental impact measure, which they construct on the basis of the data provided by the Russian Independent Ecological Rating Agency (NERA). The results indicate that environmental performance measured as integral environmental impact is value relevant and is valued as an investment.
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