Carbon reduction initiatives, firm innovation and firm value

IF 1.8 4区 经济学 Q2 ECONOMICS
Albert Acheampong, Yan Wang
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引用次数: 0

Abstract

This study examines the impact of carbon reduction initiatives (CRI) on firm innovation and firm value. Using a sample of FTSE 350 non-financial firms from 2005 to 2023, we employ a novel text-mining approach to construct a CRI index and assess its relationship with firm’s R&D intensity and market valuation. Our findings reveal that firms engaged in CRI exhibit higher innovation output and enhanced firm value. Further findings reveal that carbon-intensive firms realise greater valuation benefits, whereas non-carbon-intensive firms exhibit stronger innovation-driven gains. These results remain robust to several further analysis and endogeneity tests. Our study contributes to the literature on corporate sustainability by highlighting the financial and technological implications of CRI. The findings offer practical insights for corporate managers, investors, and policymakers on the strategic advantages of integrating sustainability into corporate decision-making.
碳减排、企业创新、企业价值
本研究考察了碳减排举措对企业创新和企业价值的影响。本文以2005年至2023年富时350指数成分股非金融企业为样本,采用一种新颖的文本挖掘方法构建CRI指数,并评估其与企业研发强度和市场估值之间的关系。研究结果表明,参与创新创新的企业具有更高的创新产出和更高的企业价值。进一步的研究发现,碳密集型企业实现了更大的估值收益,而非碳密集型企业则表现出更强的创新驱动收益。这些结果在进一步的分析和内生性测试中仍然是稳健的。我们的研究通过强调CRI的财务和技术影响,为企业可持续发展的文献做出了贡献。研究结果为企业管理者、投资者和决策者提供了将可持续发展纳入企业决策的战略优势的实用见解。
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
Economics Letters
Economics Letters ECONOMICS-
CiteScore
3.20
自引率
5.00%
发文量
348
审稿时长
30 days
期刊介绍: Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.
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