the simple comprises 192 observations for 2008.Environmental and disclosures were collected form Web sites 2008. Disclosure formats include annual report, Web pages and sustainability reports.Two-hundred and twenty firms represented on the Toronto Stock Exchange S&P/TSX Index were identified. From 220 firms, there are no earnings forecasts for 23 firms and no governance score for five firms.This provides a sample of 192 firms. Financial data were collected from Compustat and Stock Guide.Governance scores come form Board Games ranking for 2008 (The Globe & Mail). Sample firm operate in the following industries