This study examines how the greenness of the firm affects the short- and long-term performance of IPOs. To measure the greenness of the firm, we develop the Greenness Index based on the emissions produced. We find that the greenness of the firms operating in services and financial sectors is higher than in other sectors. To examine the short- and long-run performance of IPOs, we classify our sample into high and low green firms. In the short-run, high green firms obtain a lower return than low green firms. However, high green firms perform better than low green firms in the long-run. This study also determines the factors that cause short- and long-run performance, and the results suggest that the firm’s greenness negatively influences initial returns and underperformance of IPOs. Finally, we develop a theoretical model in terms of the portfolio's allocation and assert that investors participate in high-green firms to optimize their portfolio.

这项研究考察了公司的绿色程度如何影响IPO的短期和长期绩效。为了衡量企业的绿色程度，我们根据产生的排放量制定了绿色程度指数。我们发现，服务业和金融业的公司的绿色程度高于其他行业。为了考察IPO的短期和长期表现，我们将样本分为绿色企业和绿色企业。在短期内，高绿色企业的收益要低于低绿色企业。但是，从长期来看，高绿色企业的表现要好于低绿色企业。这项研究还确定了导致短期和长期业绩的因素，结果表明，公司的绿色程度会对IPO的初始收益和表现不佳产生负面影响。最后，