2024-03-28T17:37:26Zhttp://buleria.unileon.es/oai/requestoai:buleria.unileon.es:10612/143192022-06-23T10:35:05Zcom_10612_17col_10612_18
Facultad de Ciencias Economicas y Empresariales
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Castro Castro, Paula
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600
0000-0002-7936-9833
Gutiérrez López, Cristina
554
600
0000-0003-2080-6047
Tascón Fernández, María Teresa
1038
600
0000-0002-5868-0008
Castaño Gutiérrez, Francisco Javier
200
600
0000-0002-6803-2514
Economia Financiera y Contabilidad
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500
2021-10-20
2022-03-22T08:09:37Z
2022-03-22T08:09:37Z
0959-6526
https://www.sciencedirect.com/science/article/pii/S095965262103064X?via%3Dihub
http://hdl.handle.net/10612/14319
10.1016/j.jclepro.2021.128868
.
This study examines the impact of environmental performance on firms' stock prices, considering the moderating effect of the green and innovative environmental context by country. Renewable energy policies, green technologies, and foreign trade form this environmental context of interest for the reduction of carbon emissions. Using a sample of 2638 firm-year observations for the firms listed in the main stock index of 16 European countries over the period of 2005–2017, we find that environmental performance is value-relevant, except during the worst years of a crisis, when it is not significant. Two elements of the green technological framework, namely, renewable energy policies and the potential transmission effect of technology through foreign trade, are valued by investors as offsetting factors of the positive effect exerted by carbon performance on the firm's value. This is consistent with the slow and costly adoption of greener technologies. However, registered green patents appear to be a turning point, showing a significant positive effect on the relationship between firms' environmental performances and their market values. Again, the crisis period interferes with deepening the negative effect of renewable energy policies and cancelling out the effect of green patents and foreign trade. On one hand, our results highlight the market's role in making inefficiencies visible and showing the potential future losses of green and innovative policies; on the other hand, the hampering interference of crisis periods must be considered by policymakers.
SI
eng
Elsevier
Attribution-NonCommercial-NoDerivatives 4.0 Internacional
http://creativecommons.org/licenses/by-nc-nd/4.0/
info:eu-repo/semantics/openAccess
Economía
Empresas
Finanzas
Environmental performance
Stock prices
Renewable energy
Foreign trade
European listed firms
5308 Economía General
5311 Organización y Dirección de Empresas
The impact of environmental performance on stock prices in the green and innovative context
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
ULE2019/00157/001
Journal of Cleaner Production
320
128868
THUMBNAIL
Impact_Environmental_Performance_Stock_Prices.pdf.jpg
Impact_Environmental_Performance_Stock_Prices.pdf.jpg
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oai:buleria.unileon.es:10612/14319
2022-06-23 12:35:05.19
BULERIA. Repositorio Institucional de la Universidad de León
buleria@unileon.es
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