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.
| Original language | English |
|---|---|
| Place of Publication | Rochester, NY |
| Number of pages | 71 |
| DOIs | |
| Publication status | Published - 26 Sept 2022 |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
-
SDG 13 Climate Action
Keywords
- green innovation
- patents
- climate change
- shareholders
- institutional investors
Fingerprint
Dive into the research topics of 'Does green innovation increase shareholder wealth?'. Together they form a unique fingerprint.-
Decarbonization Finance Series II: The Path to Net Zero Innovation & Sustainability
Andriosopoulos, D. (Speaker)
10 May 2024Activity: Talk or Presentation › Invited talk
-
The Sheffield Finance Workshop: Climate and Policy
Andriosopoulos, D. (Speaker), Marshall, A. (Contributor) & Czarnowski, P. (Contributor)
16 May 2023Activity: Talk or Presentation › Invited talk
-
3rd Climate Solutions Workshop - Climate Solutions Partnership for Highlands & Islands Enterprise
Andriosopoulos, D. (Recipient) & Black, I. (Host)
Sept 2022Activity: Public Engagement and Outreach › Education Outreach
Cite this
- APA
- Author
- BIBTEX
- Harvard
- Standard
- RIS
- Vancouver