Stock Market Reaction to Green Vehicle Innovation

• 成果类型: Article
• 署名作者: Ba, Sulin; Lisic, Ling Lei; Liu, Qindong; Stallaert, Jan
• 署名单位: University of Connecticut; George Mason University; Dow Chemical Company
• 刊物名称: PRODUCTION AND OPERATIONS MANAGEMENT
• ISSN/ISSBN: 1059-1478
• DOI: 10.1111/j.1937-5956.2012.01387.x
• 发表日期: 2013
• 页码: 976-990
• 关键词: Automobile industry; Corporate sustainability; event study; green innovation; new product development

摘要

We study the stock market reaction to announcements of global green vehicle innovation over a 14-year time span (1996-2009) using the event study methodology. We document that the stock market generally reacts positively to automakers' announcements of environmental innovations, consistent with prior research on the wealth effects of innovation announcements. Our results indicate that crucial green product development decisions such as innovation type and market segment choices exert direct influence on a firm's market value. These results hold after controlling for firm size, leverage, profitability, R&D intensity, and oil price changes.