Abstract
In this paper we evaluate the performance of voluntary environmental agreements in South Korea, called as the 30/50 program. We constructed establishment- and chemical substance-level panel data from 2004 to 2010 by using the Pollutant Release and Transfer Registers (PRTR) Information System. Although firms voluntarily participate in the program and the agreement is not binding, we find that the chemical materials released by the participating firms is substantially reduced by 1.2 to 2.7 tons. Although the abatement effect is more salient for those listed chemical substances in the agreements, the reductions in other substances are also significant. This implies that participating firms adopted new technologies that could reduce environmental hazards.
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