Flexibility In Cutting Toxic Releases Yields...( that participatingchemical companies h...)

that participating chemical companies had lower average earnings in the three years studied than non-participating companies. However, they concluded that the immediate costs of the program would be offset by reduced future liabilities and savings due to increased efficiency.

The threat of possible liabilities under the Superfund Act was a strong motivator for many companies to participate in the voluntary program, they noted, adding that "voluntary initiatives alone are unlikely by themselves to generate the desired changed in corporate behavior."

Khanna and Damon concluded that "credible penalties" must be levied against companies that make little or no effort to clean up toxic wastes. "New generation policy initiatives should be regarded as complements to rather than substitutes for mandatory environmental regulation."

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Contact: Mark Reutter
mreutter@uiuc.edu
(217) 333-0568
University of Illinois at Urbana-Champaign
4-Sep-1998

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