Does environmental innovation improve investment efficiency?

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review Pub Date : 2024-01-01 DOI:10.1016/j.bir.2023.11.007

Ijaz Ur Rehman , Faisal Shahzad , Usama Laique , Muhammad Abdullah Hanif

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引用次数: 0

Abstract

Using a sample of 12,550 firm-year observations for the US over the period 2009–2021, we empirically examine the impact of environmental innovation on firm-level investment efficiency. Using fixed-effect regressions, our results indicate that eco-innovation has a significant and positive impact on firm-level investment efficiency. We show that eco-innovation raises investment efficiency and reducing information asymmetry enhances this effect. In addition, we show that the impact of eco-innovation on investment efficiency is statistically significant at environmentally sensitive firms, unlike firms that are environmentally insensitive. Further, the impact is higher at firms with low leverage than at firms with high leverage, in terms of both magnitude and economic significance, and the relative significance of this relationship is more pronounced at large firms. Our results are robust to alternative measures of eco-innovation, endogeneity, and sample selection bias.

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环境创新能提高投资效率吗?

本文以2009-2021年12550家美国企业为样本，实证研究了环境创新对企业投资效率的影响。采用固定效应回归分析，结果表明生态创新对企业投资效率有显著的正向影响。研究表明，生态创新提高了投资效率，而信息不对称的减少增强了这一效应。此外，我们发现生态创新对投资效率的影响在环境敏感型企业中具有统计学意义，而在环境不敏感型企业中则不同。此外，低杠杆企业的影响在规模和经济意义上都高于高杠杆企业，并且这种关系的相对重要性在大公司中更为明显。我们的结果对生态创新、内生性和样本选择偏差的替代措施是稳健的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Borsa Istanbul Review Multiple-

CiteScore

7.60

自引率

3.80%

发文量

130

审稿时长

26 days

期刊介绍： Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations