{"title":"投资者如何评价企业获得生态标签的决定?渔业的证据","authors":"M. Luna, M. García‐Olalla, J. L. F. Sánchez","doi":"10.1086/714519","DOIUrl":null,"url":null,"abstract":"In a context of a pressing need for more sustainable practices, the fishing industry still has doubts about whether the benefits resulting from adopting them outweigh the associated costs. With the aim of providing insights to answer that question, this study presents an analysis of the “it pays to be green” hypothesis by measuring the stock market reaction to the public announcements of compliance with voluntary environmental standards. To this end, an event study has been carried out to investigate whether the announcement that a seafood company has been certificated by the Marine Stewardship Council Chain of Custody Standard influences its shareholders’ decisions and, therefore, the company’s market value. Results show positive average abnormal returns following that event; these returns are greater in the case of those companies with larger size or lower profitability.","PeriodicalId":49880,"journal":{"name":"Marine Resource Economics","volume":"36 1","pages":"211 - 228"},"PeriodicalIF":2.0000,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"How Do Investors Value Firms’ Decisions on Obtaining an Eco-label? Evidence from the Fishing Industry\",\"authors\":\"M. Luna, M. García‐Olalla, J. L. F. Sánchez\",\"doi\":\"10.1086/714519\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"In a context of a pressing need for more sustainable practices, the fishing industry still has doubts about whether the benefits resulting from adopting them outweigh the associated costs. With the aim of providing insights to answer that question, this study presents an analysis of the “it pays to be green” hypothesis by measuring the stock market reaction to the public announcements of compliance with voluntary environmental standards. To this end, an event study has been carried out to investigate whether the announcement that a seafood company has been certificated by the Marine Stewardship Council Chain of Custody Standard influences its shareholders’ decisions and, therefore, the company’s market value. Results show positive average abnormal returns following that event; these returns are greater in the case of those companies with larger size or lower profitability.\",\"PeriodicalId\":49880,\"journal\":{\"name\":\"Marine Resource Economics\",\"volume\":\"36 1\",\"pages\":\"211 - 228\"},\"PeriodicalIF\":2.0000,\"publicationDate\":\"2021-07-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Marine Resource Economics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.1086/714519\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Marine Resource Economics","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1086/714519","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
How Do Investors Value Firms’ Decisions on Obtaining an Eco-label? Evidence from the Fishing Industry
In a context of a pressing need for more sustainable practices, the fishing industry still has doubts about whether the benefits resulting from adopting them outweigh the associated costs. With the aim of providing insights to answer that question, this study presents an analysis of the “it pays to be green” hypothesis by measuring the stock market reaction to the public announcements of compliance with voluntary environmental standards. To this end, an event study has been carried out to investigate whether the announcement that a seafood company has been certificated by the Marine Stewardship Council Chain of Custody Standard influences its shareholders’ decisions and, therefore, the company’s market value. Results show positive average abnormal returns following that event; these returns are greater in the case of those companies with larger size or lower profitability.
期刊介绍:
Marine Resource Economics (MRE) publishes creative and scholarly economic analyses of a range of issues related to natural resource use in the global marine environment. The scope of the journal includes conceptual and empirical investigations aimed at addressing real-world oceans and coastal policy problems. Examples include studies of fisheries, aquaculture, seafood marketing and trade, marine biodiversity, marine and coastal recreation, marine pollution, offshore oil and gas, seabed mining, renewable ocean energy sources, marine transportation, coastal land use and climate adaptation, and management of estuaries and watersheds.