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The field of environmental restoration is unique and highly complex. The purchasing function will be responsible for acquiring the restoration services for much of America′s estimated $500 billion clean‐up. Examines the specific characteristics of these projects and discusses how the unique nature of the work affects the function performed by today′s purchasing professionals. The scope and complexity of the purchasing job is vastly increased, requiring extensive teamwork and the development of dynamic and flexible purchasing strategies to handle the increased complexity and uncertainty at contaminated sites. Examines several alternative strategies for purchasing restoration services. No one strategy will fit every restoration project. The specific characteristics and unique nature of each project, and their effects on the purchasing job, must be considered in order to develop a well co‐ordinated and innovative purchasing strategy.

The purpose of this paper is to demonstrate whether or not lenders are environmentally liable by the simple act of lending money. The concept of “lender liability” is one of the more critical issues which seems to be ready to upset the “apple cart” of environmental calm, which the English law enjoyed until recently. Why should banks be held liable for pollution and clean-up costs? The banks’ responsibility should end when it has granted the loan to the borrower to carry out its commercial activities. It is argued that a lender who becomes involved in the borrower’s financial management is unlikely to incur a clean-up liability, but it will become liable to clean it up if it forecloses or takes possession of the land. Can the bank be regarded as the “owner” of the land? In some English statutes, there is no definition of the word “owner”. Does a mortgagee in possession entitle him to ownership of the property to hold him responsible for liabilities for environmental harm?

The development of domestic environmental liability and the Trans-Atlantic position with the USA will be examined. The “owner” concept will also be critically reviewed to see whether banks and mortgagees can be regarded as owners on possession of the property. The dilemma of the English courts with regards to lender issues and lender self-protection will also be examined. This will all be analysed and criticised in this paper.

This paper aims to demonstrate whether or not lenders are environmentally liable by the simple act of lending money. It will also discuss “owner” concept to see whether banks and mortgagees can be regarded as owners on possession of the property.

In this paper, the “owner” concept will be critically reviewed to see whether banks and mortgagees can be regarded as owners on possession of the property. The dilemma of the English courts with regards to lender issues and lender self-protection will also be critically analysed and compared with different legal systems.

To present a support system which will be useful to mediators of brownfield redevelopment negotiations between government and industry representatives.

The support system optimizes a weighted utility function of the parties involved in the negotiation. It provides not only the optimal solution but also some sensitivity reports which the mediator can use to lead the negotiations in the most effective direction.

The spreadsheet technology is sufficient to solve the optimization problem and produce sensitivity reports in real time. Consequently, a mediator equipped with a laptop computer can lead the negotiations efficiently.

It is possible to achieve Pareto optimal contingent contracts among the stakeholders of brownfield redevelopment projects.

Many negotiations that were stalled in the past could be completed successfully using the support system presented here. New negotiations might be completed more efficiently than without the system.

This is the first paper to offer detailed guidance to mediators of brownfield redevelopment projects.

Examines the environmental risks involved in managing and investing in commercial/industrial property in the UK. Looks at some of the questions which prudent landlords should now be asking of their tenants in order to assess these risks, and concludes that an environmental risk rating system should be developed and adopted by those responsible for managing and investing in commercial and industrial property. Quite simply according to the Royal Institution of Chartered Surveyors, 1993, “...all those involved in the appraisal of land and buildings need to include environmental factors in their considerations...” and a system which can allow this to take place should be thoroughly debated by the profession. It is also suggested that tenants who are adopting policies to regulate their environmental performance offer landlords an inherently less risky investment from an environmental perspective. The strength of the occupying tenant′s covenant should also be an integral part of any assessment of potential environmental risks which face property managers.

The purpose of this paper is to investigate environmental event materiality and user decision making, providing an empirical basis for reporting entities disclosures regarding material environmental events that further users' ability to make decisions.

A vignette describing an environmental event facing a company was provided to participants who were asked whether the event was deemed to be material and, second, whether the event would initiate an action or no action decision. The use of an experimental approach reveals results regarding the decision‐making process of users rather than relying on respondents stating preferences.

Results indicate that user groups consider the environmental event to be material at a threshold of 6 percent. The determination of the event as material results in a “no action” decision that suggests isolated events of this size may not result in “action” decisions. The study has implications for policy makers and entities disclosing environmental events.

The experimental research approach adopted is primarily limited by the specific contextual nature of the event.

Entity reporting of environmental events is receiving unprecedented levels of interest and this paper contributes to the materiality research and practice in this area.

This paper examines future trends in the environment and clean technologies (ECT) sector. Seven national technology foresight studies have been reviewed with the purpose of (i) screening the main issues linked to environmental and clean technologies (ii) highlighting major developments that are likely to play a crucial role for future paths towards sustainability.

America has a long history of environmental awareness which evolved as the country grew and changed during the past 300 years. Today, an environmental concern by the people of the country is mainstream and therefore has become an integral part of corporate America. Explores the development, influence and direction of the US environmental movement. Provides background information to help understand why the marketplace is currently responding to the environmental stimulus. Looks at the marketing methods by which the country is expressing this environmental concern and traces the paths taken by those who first advocated the need for an environmental consciousness. Combines historical aspects of the American environmental movement with addressing the growing challenges facing the integration of business and environmental sensitivity.

The purpose of this study is to show that corporations may resort to legal compliance instead of acting voluntarily towards abatement of environmental damages as a strategy for improving their reputation.

Based on the natural philosophy and postulate of business, theoretical models have been developed to justify the purpose of this paper. Financial impacts of Indian revenue law on environmental damage prevention by the polluting firms have been gauged mathematically.

Corporate environmental responsibilities have seemed to be more reputation-led than innovation-led or efficiency-led. Reputation-led environmental responsibilities can have ways to bypass innovations and some firms can simply comply with regulations at the society’s cost (may be to a sizeable extent). If penalty is imposed on companies in the form of taxation for damaging the environment, then companies get chances to pass the financial burden to the shareholders in the form of lower dividend pay-outs. Unless the capital market supports corporate green initiatives, there may be destruction of shareholder wealth.

Extensive empirical analysis have not been conducted as the paper concentrates on developing theoretical understanding of the models of “green cost”.

The exploration and outcomes of this paper can offer several directions to the government, business and social activists in articulating green economic policy for the benefits of all.

The civil society will understand better what the corporate environmental responsibility really means for them.

This paper has made a modest endeavour to develop theoretical models of both “green cost internalisation” and “green cost externalisation”. It has paved the path for further deliberations and research.

Among the top management issues covered in this section are: leadership to promote change; issues of corporate culture; effective international strategy; environmental leadership; investment in Eastern Europe; and developing “world‐class” manufacturing strategy.

International Accounting Standards Rule 37 (IAS 37) for Contingent Liabilities and Assets were designed to make analysis of exposures facing a corporate entity easier to understand, but the rules may be insufficiently prescriptive making provisions inadequate predictors of potential outlays. The purpose of this research is to redress this problem. We apply financial option theory to objectively mark-to-market the appropriateness of provisions replacing subjective inputs with market derived calculations.

This study applies financial option theory to determine whether provisions are appropriate according to market data. This research supports inferences regarding the probability of a provision being used while evidencing scope for earnings management.

In addition to showing how IAS 37 provisions may be calibrated against market data, from the large sample of UK-listed companies, the proposition that over-provisioning is common and related to share price volatility, is supported, supporting the view that IAS 37 rules may facilitate earnings management.

The financial and reporting community have struggled in interpreting the appropriateness of IAS 37 provisions. Are they too large or too small? What is the probability they will be used? Using option theory and market data, various subjective judgements may now be validated. This research should have tangible value to analysts, auditors, investors and other stakeholders concerned in the accurate valuation of potential liabilities.

Replacing subjective judgement and insufficiently prescriptive guidance, this study shows that financial option theory and share price data may be used to objectively calibrate the size of IAS 37 provisions.