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American J. of Finance and Accounting (1 paper in press)
Historical Determinants of Supplemental Environmental Projects Included in the Settlement of a U.S. EPA Case Using Tobit Estimation by Musa Essayyad, William Galose Abstract: This environmental finance paper revisits an earlier interdisciplinary research paper by Galose and Essayyad (2014) focused on drawing lessons from U.S. history regarding what factors determine whether the settlement of a typical U.S Environmental Protection Agency (EPA) case includes a supplemental environmental project (SEP). SEPs provide benefits to the community affected by the alleged violation of environmental laws and the regulated entity. Galose and Essayyad (2014) employs probit models in its estimations of what variables determine whether an EPA settlement includes a SEP, with the dependent variable whether a SEP is included in the settlement. Unlike the previous research, this paper employs tobit models and uses the same sample to estimate the amount spent on SEPs included in the settlement of an EPA case. The value added of the tobit models is that they provide a superior measure of the benefits of SEPs by estimating the amount spent on SEPs while simultaneously controlling for whether the settlement includes a SEP. The empirical results of the tobit models substantiate those of the probit models. Keywords: Tobit and probit analysis; U.S. Environmental Protection Agency; supplemental environmental projects (SEPs); environmental enforcement; environmental justice; restorative justice; environmental history; corporate social responsibility; George W. Bush Administration; William Jefferson Clinton Administration.