Does green innovation increase shareholder wealth?

Andriosopoulos, Dimitris and Czarnowski, Pawel and Marshall, Andrew (2022) Does green innovation increase shareholder wealth? Preprint / Working Paper. Social Science Research Network (SSRN), Rochester, NY. (https://doi.org/10.2139/ssrn.4012633)

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Abstract

Despite the importance of green innovation in climate change adaptation and mitigation, green patent announcements do not have a positive effect on shareholder wealth, regardless of institutional investor ownership or attention, climate risk exposure, or climate change concerns. Also, we find no evidence that the number of green patents obtained by a company affects its environmental score, institutional ownership, or Tobin' Q. Nor is it a mispricing or a delayed reaction to green patents: portfolio strategies with green patent announcements consistently yield negative alphas. Overall, we find that green patents do not increase shareholder wealth.

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• Item metadata

  Item type:	Monograph(Preprint / Working Paper)
  ID code:	83831
  Dates:	Date Event 26 September 2022 Published
  Subjects:	Social Sciences > Economic Theory > Income. Factor shares > Entrepreneurship. Risk and uncertainty
  Department:	Strathclyde Business School > Accounting and Finance
  Depositing user:	Pure Administrator
  Date deposited:	25 Jan 2023 17:07
  Last modified:	25 Apr 2024 01:40
  URI:	https://strathprints.strath.ac.uk/id/eprint/83831