This paper investigates the role of corporate financial reports in the Environmental Protection Agency's (EPA) regulatory activities. By tracking the EPA's direct retrieval of SEC filings, we identify three key findings. First, the EPA retrieves a large volume of financial reports, especially from firms in high-pollution industries. Second, the EPA is more likely to access financial reports during enforcement investigations and significant rule proposals, but less so during compliance monitoring, with patterns varying predictably across firms. Third, the EPA's reliance on financial reports is potentially driven by its demand for information on firm liquidity, solvency, and profitability. Overall, our study highlights the usefulness of financial reports for the EPA as an environmental regulator.

中文翻译：

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美国环保署的关注点：财务报告在环境监管中的作用


本文调查了公司财务报告在环境保护署 （EPA） 监管活动中的作用。通过跟踪 EPA 对 SEC 文件的直接检索，我们确定了三个关键发现。首先，EPA 检索了大量财务报告，尤其是来自高污染行业的公司。其次，EPA 更有可能在执法调查和重大规则提案期间访问财务报告，但在合规监控期间则不太可能访问，因此不同公司的模式可以预见地有所不同。第三，EPA 对财务报告的依赖可能是由其对公司流动性、偿付能力和盈利能力信息的需求驱动的。总体而言，我们的研究强调了财务报告对 EPA 作为环境监管机构的有用性。