Academic Journal
Excess stock returns and corporate environmental performance in China
| العنوان: | Excess stock returns and corporate environmental performance in China |
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| المؤلفون: | Dandan Ma, Pengxiang Zhai, Dayong Zhang, Qiang Ji |
| المصدر: | Financial Innovation, Vol 10, Iss 1, Pp 1-30 (2024) |
| بيانات النشر: | SpringerOpen, 2024. |
| سنة النشر: | 2024 |
| المجموعة: | LCC:Public finance LCC:Finance |
| مصطلحات موضوعية: | Environmental performance, Excess stock returns, Climate perception, Climate policies, Public finance, K4430-4675, Finance, HG1-9999 |
| الوصف: | Abstract Using unbalanced panel data on 3326 Chinese listed companies from 2014 to 2021, this study investigates the impact of corporate environmental performance on China’s excess stock returns. The results show that stocks of companies with better environmental performance earn significantly higher excess returns, indicating the existence of green returns in the Chinese stock market. We further reveal that heightened climate-change concerns can boost the stock market’s green returns, while tightened climate policies decrease green returns by increasing long-term carbon risk. Our findings are robust to endogeneity problems and hold great implications for both investors and policymakers. |
| نوع الوثيقة: | article |
| وصف الملف: | electronic resource |
| اللغة: | English |
| تدمد: | 2199-4730 |
| Relation: | https://doaj.org/toc/2199-4730 |
| DOI: | 10.1186/s40854-023-00569-0 |
| URL الوصول: | https://doaj.org/article/2995bd78ff194f838a7ddbc09e2b1988 |
| رقم الانضمام: | edsdoj.2995bd78ff194f838a7ddbc09e2b1988 |
| قاعدة البيانات: | Directory of Open Access Journals |
Full Text Finder | تدمد: | 21994730 |
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| DOI: | 10.1186/s40854-023-00569-0 |