مقاله انگلیسی رایگان در مورد تاثیر اخبار بر قیمت سهام شرکت های سبز – الزویر ۲۰۱۸

Many companies around the world have been greening their operations in recent years (Zhu, Cordeiro, & Sarkis, 2012). While some of this has been driven by government regulations, many companies have also been greening their operations as a means of increasing and/or diversifying their market share and reducing their costs (Saha & Darnton, 2005). Through greening their supply chains, companies can enhance their competitiveness as well improve their overall economic performance (Rao & Holt, 2005). Given the improved performance obtained by firms investing in greening their operations, it is likely that more firms will try to incorporate such practices in their operations in the medium-term. From a financial perspective, King and Lenox (2001) have also noted that that there exists a relationship between pollution and financial valuation. Similarly, Konar and Cohen (2006) relates the market value of firms on the S&P 500 to various measures of environmental performance. The authors estimate that bad environmental performance is equivalent to an intangible lability of approximately 9% of the replacement value of tangible assets. More specifically, a 10% reduction in emissions of chemicals was associated with a $34 increase in the firm’s market value. As investors shift more of their portfolio to green or greening companies, it will be become important to understand whether or not traditional stock market characteristics apply these green companies. One of these established characteristics is the link between news and stock price returns as well as volatility (Brooks & Mun, 2012). In particular, negative shocks tend to have a greater impact on volatility than native shocks (Engle & Ng, 1993). Building on the developments highlighted earlier, this paper attempts to make three main contributions to the literature. First, it evaluates the potential impact of news on the returns on green firms. Second, an assessment of the lag effects of these news items is provided for firms in various industries in emerging markets. Third and finally, the authors also outline an approach that can be used to assess the effects of news in markets with thin trading. The remainder of the paper is structured as follows. Following the introduction, a review of the literature of green firms and performance is provided, the next section outlines the methodological approach used in the paper.