Does corporate eco-innovation affect stock price crash risk?
نویسندگان
چکیده
We examine the effect of corporate environmental innovation (hereafter eco-innovation) on stock price crash risk and document a significant negative association. Utilising large sample publicly listed U.S. firms for period 2003 to 2017, we find that an increase in eco-innovation from 25th 75th percentile is associated with 17.62% reduction risk. This outcome remains robust variety sensitivity tests after accounting potential endogeneity concerns. Eco-innovative attract more institutional investors equity analyst following disclose information leading lower Additional reveal contingent political leadership's ideology sensitivity. Our paper contributes ongoing discourse costs benefits eco-innovation, documenting value-enhancing perspective eco-innovation.
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ژورنال
عنوان ژورنال: British Accounting Review
سال: 2021
ISSN: ['0890-8389', '1095-8347']
DOI: https://doi.org/10.1016/j.bar.2021.101031