Investors’ Reaction to Environmental Performance: A Global Perspective of the Newsweek ’s “Green Rankings”
Investors’ Reaction to Environmental Performance: A Global Perspective of the Newsweek ’s “Green Rankings”
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投资者对环境绩效的反应：《新闻周刊》“绿色排名”的全球视角
DOI：
10.1007/s10640-014-9781-0
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发表时间：
2015
影响因子：
5.9
通讯作者：
S. Lence
中科院分区：
文献类型：
--
作者：
J. M. Murguia;S. Lence
我们使用事件研究分析来确定新闻周刊的“全球100强排名”的发布是否与市场相关。我们观察一天和两天的事件窗口，以检查市场的两种可能反应：等权重投资组合的价值变化，以及股票相对价格的变化。结果表明，市场对“全球100强排名”的反应是改变股票的相对价格，而不是投资组合的价值。具体来说，在《新闻周刊》的“全球100家绿色企业排行榜”中，每靠近一个位置，该公司的平均价值就会增加1100万美元。还有一些证据表明，非美国上市股票的反应比美国上市股票更强烈。非重工业股票比重工业股票表现出更强劲的反应。我们发现，在美国上市的股票投资者感兴趣的是过去的环境表现和管理质量，而第二个是更相关的投资者在非美国上市的股票。结果对替代模型规格具有稳健性。
We use event study analysis to determine whether the release ofNewsweek’s “Global 100 Ranking” is relevant for the market. We look at one- and two-day event windows to check two possible reactions of the market: changes in the value of an equal-weight portfolio, and changes in the relative price of the stocks. The results show that the market reacted to the “Global 100 Ranking” by changing the relative price of the stocks, but not the value of the portfolio. Specifically, getting one position closer to the top ofNewsweek’s “Global 100 Green Rankings” increases the value of an average firm in the list by eleven million dollars. There is also some evidence of a stronger reaction of non-US-traded stocks compared to US-traded ones. Non-heavy sector stocks display a more robust reaction than heavy sector stocks. We find that investors in US-traded stocks are interested in past environmental performance and managerial quality, while the second is more relevant for investors in non-US-traded stocks. Results are robust to alternative model specifications.