Abstract

Investment in the innovation of environmental sustainability in construction has been encouraged due to the industry's resource-intensity. However, it remains unclear how to convince shareholders and construction companies to invest in environmental innovations. This research used the event study method with a sample of 129 announcements in the construction industry from 2011 to 2017 to investigate the relationship between incremental environmental sustainability innovation and the stock market reactions of construction firms. The research finds evidence that the stock market reaction has a strong positive relationship with these announcements. There is also evidence for a relationship between strategic alliance, capital turnover, and the project start date with the stock market reaction. The results provide insight into the benefits of incremental innovations in the construction industry and extend the literature of environmental sustainability innovation by considering contributing factors that affect the relationship between environmental sustainability innovation and firm performance. They provide a useful reference for shareholders to integrate environmental sustainability innovation into their business strategies and allocate their resources more efficiently.

摘要

由于该行业的资源密集性，鼓励在建筑环境可持续性创新方面进行投资。然而，目前尚不清楚如何说服股东和建筑公司投资于环境创新。本研究使用事件研究方法，以2011年至2017年在建筑行业中的129条公告为样本，研究了环境可持续性创新的增量与建筑公司的股票市场反应之间的关系。该研究发现有证据表明，股市反应与这些声明有很强的正相关关系。也有证据表明战略联盟，资本周转和项目开始日期与股市反应之间存在关系。结果提供了对建筑业中渐进式创新的好处的见解，并通过考虑影响环境可持续性创新与企业绩效之间关系的因素，扩展了环境可持续性创新的文献。它们为股东将环境可持续性创新纳入其业务战略并更有效地分配其资源提供了有用的参考。