当前位置: X-MOL 学术The British Accounting Review › 论文详情
Our official English website, www.x-mol.net, welcomes your feedback! (Note: you will need to create a separate account there.)
Does corporate eco-innovation affect stock price crash risk?
The British Accounting Review ( IF 4.761 ) Pub Date : 2021-06-24 , DOI: 10.1016/j.bar.2021.101031
Rashid Zaman , Nader Atawnah , Muhammad Haseeb , Muhammad Nadeem , Saadia Irfan

We examine the effect of corporate environmental innovation (hereafter eco-innovation) on stock price crash risk and document a significant negative association. Utilising a large sample of publicly listed U.S. firms for the period 2003 to 2017, we find that an increase in eco-innovation from the 25th to the 75th percentile is associated with 17.62% reduction in stock price crash risk. This outcome remains robust to a variety of sensitivity tests and after accounting for potential endogeneity concerns. Eco-innovative firms attract more institutional investors and equity analyst following and disclose more information leading to lower stock price crash risk. Additional tests reveal that the negative effect of eco-innovation is contingent on the political leadership's ideology and environmental sensitivity. Our paper contributes to the ongoing discourse on the costs and benefits of eco-innovation, documenting the value-enhancing perspective of eco-innovation.



中文翻译:

企业生态创新是否影响股价崩盘风险?

我们研究了企业环境创新(以下简称生态创新)对股价崩盘风险的影响,并记录了显着的负面关联。利用 2003 年至 2017 年期间美国上市公司的大量样本,我们发现生态创新从第 25 个百分点增加到第 75 个百分点与股价崩盘风险降低 17.62% 相关。在考虑了潜在的内生性问题后,这一结果在各种敏感性测试中仍然稳健。生态创新企业吸引更多机构投资者和股票分析师关注,披露更多信息,降低股价暴跌风险。额外的测试表明,生态创新的负面影响取决于政治领导人的意识形态和环境敏感性。

更新日期:2021-06-24
down
wechat
bug