气候变化领域集成服务门户(CCPortal): Excess stock returns and corporate environmental performance in China

CCPortal

DOI	10.1186/s40854-023-00569-0
	Excess stock returns and corporate environmental performance in China
	Ma, Dandan; Zhai, Pengxiang; Zhang, Dayong; Ji, Qiang
发表日期	2024
EISSN	2199-4730
起始页码	10
结束页码	1
卷号	10 期号:1
英文摘要	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.
英文关键词	Environmental performance; Excess stock returns; Climate perception; Climate policies
语种	英语
WOS研究方向	Business & Economics ; Mathematical Methods In Social Sciences
WOS类目	Business, Finance ; Social Sciences, Mathematical Methods
WOS记录号	WOS:001147835200001
来源期刊	FINANCIAL INNOVATION
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/289809
作者单位	Chinese Academy of Sciences; Chinese Academy of Sciences; University of Chinese Academy of Sciences, CAS; Beihang University; Southwestern University of Finance & Economics - China
推荐引用方式 GB/T 7714	Ma, Dandan,Zhai, Pengxiang,Zhang, Dayong,et al. Excess stock returns and corporate environmental performance in China[J],2024,10(1).
APA	Ma, Dandan,Zhai, Pengxiang,Zhang, Dayong,&Ji, Qiang.(2024).Excess stock returns and corporate environmental performance in China.FINANCIAL INNOVATION,10(1).
MLA	Ma, Dandan,et al."Excess stock returns and corporate environmental performance in China".FINANCIAL INNOVATION 10.1(2024).