Climate Change, Innovation Efficiency, and Shareholder Wealth: Insights From the Paris Agreement

IF 12.5 1区管理学 Q1 BUSINESS

Business Strategy and The Environment Pub Date : 2025-04-21 DOI:10.1002/bse.4272

Viput Ongsakul, Pattanaporn Chatjuthamard, Pornsit Jiraporn, Sang Mook Lee

引用次数: 0

Abstract

We examine the impact of innovation efficiency on shareholder value in the context of climate change, using the novel research quotient (RQ) metric. The adoption of the Paris Agreement provides a unique setting to assess the effect of R&D productivity on stock market reactions. Our findings reveal that lower innovation efficiency, as measured by RQ, positively impacts cumulative abnormal returns (CARs) around the Paris Agreement's adoption. This suggests that firms starting from a lower baseline of innovation efficiency have greater potential for improvement and stand to gain significantly more from the Paris Agreement's climate‐related incentives and support. In particular, a decline in innovation efficiency by one standard deviation improves the stock market reactions by 8.7%–9.9%. Also, we find that firms with stronger governance and higher profitability can further leverage these benefits, enhancing the positive market reactions to the Paris Agreement.

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气候变化、创新效率和股东财富：来自《巴黎协定》的见解

本文采用新颖的研究商（RQ）度量，考察了气候变化背景下创新效率对股东价值的影响。《巴黎协定》的通过为评估研发生产率对股票市场反应的影响提供了一个独特的环境。我们的研究结果表明，较低的创新效率（以RQ衡量）对《巴黎协定》实施前后的累积异常回报（CARs）产生了积极影响。这表明，从较低创新效率基线开始的企业有更大的改进潜力，并有望从《巴黎协定》的气候相关激励和支持中获得更多收益。特别是，创新效率每下降一个标准差，股市的反应就会提高8.7%-9.9%。此外，我们发现治理能力更强、盈利能力更高的公司可以进一步利用这些好处，增强市场对《巴黎协定》的积极反应。

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

Business Strategy and The Environment Multiple-

CiteScore

22.50

自引率

19.40%

发文量

336

期刊介绍： Business Strategy and the Environment (BSE) is a leading academic journal focused on business strategies for improving the natural environment. It publishes peer-reviewed research on various topics such as systems and standards, environmental performance, disclosure, eco-innovation, corporate environmental management tools, organizations and management, supply chains, circular economy, governance, green finance, industry sectors, and responses to climate change and other contemporary environmental issues. The journal aims to provide original contributions that enhance the understanding of sustainability in business. Its target audience includes academics, practitioners, business managers, and consultants. However, BSE does not accept papers on corporate social responsibility (CSR), as this topic is covered by its sibling journal Corporate Social Responsibility and Environmental Management. The journal is indexed in several databases and collections such as ABI/INFORM Collection, Agricultural & Environmental Science Database, BIOBASE, Emerald Management Reviews, GeoArchive, Environment Index, GEOBASE, INSPEC, Technology Collection, and Web of Science.