The lack of a focused study on the nexus of research and development (R&D) intensity, eco-friendly practices, firm value in the energy sector, and the stakeholders' concerns for ecology motivated us to realize this study. The study sample covers the period from 2002 to 2019, resulting in 4016 firm-year observations affiliated with 43 countries. The data were retrieved from the Thomson Reuters Eikon, and a country-year fixed-effects regression analysis was executed. Our empirical findings are threefold. First, the results show that energy firms' R&D intensity spurs eco-friendly practices in three dimensions, namely, resource consumption reduction, emissions reduction, and eco-innovation. Second, our study revealed that corporate environmental performance could induce greater firm value, implying a positive shareholders' reaction to the environmental engagement. Third, moderation analysis revealed that while R&D intensity's interaction with eco-innovation is value-enhancing, its interaction with resource consumption reduction and emissions reduction is not. The results are largely robust to alternative sampling, endogeneity concerns, and alternative variables measurements. The findings suggest implications for energy firms, R&D activities, and capital markets.

中文翻译：

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研发强度、环境绩效和公司价值：揭开全球能源行业的联系

由于缺乏对研发 (R&D) 强度、生态友好型实践、能源部门的公司价值以及利益相关者对生态的关注之间关系的重点研究，促使我们实现了这项研究。研究样本涵盖 2002 年至 2019 年期间，产生了与 43 个国家相关的 4016 个公司年观测数据。数据取自 Thomson Reuters Eikon，并执行了国家/地区年固定效应回归分析。我们的实证研究结果有三重。首先，结果表明，能源企业的研发强度在资源消耗减少、排放减少和生态创新三个维度上促进了生态友好实践。其次，我们的研究表明，企业环境绩效可以带来更大的企业价值，这意味着积极的股东利益 对环境参与的反应。第三，调节分析表明，R&D 强度与生态创新的相互作用是增值的，而与资源消耗减少和排放减少的相互作用不是。结果在很大程度上对替代抽样、内生性问题和替代变量测量具有稳健性。调查结果表明对能源公司、研发活动和资本市场的影响。