Descriptive statistics present means (medians) and ranges (min–max) below.presents disclosures scores for firms that chose to provide discretionary disclosures (i.e., ‘‘disclosing’’ firms) on their
environmental performance (N= 122 firms). The scale for each category of disclosure items is presented in brackets.Panel Bpresents environmental performance
measures for the full sample, i.e., ‘‘disclosing’’ firms and ‘‘silent’’ firms (N= 191 firms). TRI/Sales is toxics release inventory data (in pounds) divided by total sales (in
thousands). Percent recycled is toxic waste treated or recycled divided by total waste generated by firm