The purpose of this work is to investigate whether news flows can be used to effectively capture financial success of green commercial activities conducted by listed companies. The authors employ a large, cross-sectoral, global dataset, consisting of 97,954 articles from 10 online magazines, mentioning over 344 different firms that are part of more than 286 listed companies, covering the years 2004–2017 and over 32 countries. The notifications focus on GreenTech-related activities performed by companies. The authors conduct event studies to calculate abnormal returns and text analytics to gather (hyper-) textual features. Finally, the authors analyse the relationship between returns and features using ordinary least squares (OLS) regression models. Results indicate that textual features extracted from web notifications significantly provide new market information. Thus, news flow is found to serve as a reliable measure to reflect the financial success of green activities for future research on listed companies. Features, such as multimedia elements turn out to not provide new market information, while readability and sentiment measures do. The authors extend the growing literature on GreenTech by proposing the novel combination of textual and event study analysis in order to enable research on green commercial activities conducted by listed companies.

中文翻译：

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捕捉上市公司与绿色科技相关的商业活动

这项工作的目的是调查是否可以利用新闻流来有效地捕捉上市公司开展的绿色商业活动的财务成功。作者使用了一个大型、跨部门的全球数据集，其中包含来自 10 种在线杂志的 97,954 篇文章，其中提到了 344 家不同的公司，这些公司隶属于 286 多家上市公司，涵盖了 2004-2017 年和超过 32 个国家。这些通知侧重于公司开展的与绿色科技相关的活动。作者进行事件研究以计算异常回报和文本分析以收集（超）文本特征。最后，作者使用普通最小二乘 (OLS) 回归模型分析了收益和特征之间的关系。结果表明，从网络通知中提取的文本特征显着提供了新的市场信息。因此，新闻流被认为是反映绿色活动财务成功的可靠指标，可用于未来对上市公司的研究。多媒体元素等功能最终无法提供新的市场信息，而可读性和情绪指标却可以。作者通过提出文本和事件研究分析的新颖组合扩展了越来越多的绿色科技文献，以便对上市公司进行的绿色商业活动进行研究。例如多媒体元素并不能提供新的市场信息，而可读性和情绪指标却可以。作者通过提出文本和事件研究分析的新颖组合扩展了越来越多的绿色科技文献，以便对上市公司进行的绿色商业活动进行研究。例如多媒体元素并不能提供新的市场信息，而可读性和情绪指标却可以。作者通过提出文本和事件研究分析的新颖组合扩展了越来越多的绿色科技文献，以便对上市公司进行的绿色商业活动进行研究。