The importance of green patents for CDS pricing: The role of environmental disclosures

IF 13.6 2区经济学 Q1 ECONOMICS Energy Economics Pub Date : 2024-09-12 DOI:10.1016/j.eneco.2024.107905

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Abstract

Corporate green innovation to address global climate change has potential spillover effects through positive financial outcomes. This study examines how the credit market takes green innovation, measured by the approval of green patents, into account to determine the credit default swap (CDS) premia. Using a sample of United States (US) firms from 2002 to 2020, this research finds that the CDS market favourably prices green innovation: firms with more green patents have lower CDS spread, suggesting that the CDS market considers firms' green innovation in their investment decision. While greater firm-provided environmental disclosures boost the effect of green innovation, involuntary environmental exposures by external channels such as print and online media offset the favourable effect of green innovation on CDS spread. The green technology pilot program by the US Patent and Trademark Office in 2009 is exploited as a quasi-natural experimental setting to apply a difference-in-differences analysis, confirming the favourable effect of green innovation on CDS spread. The results remain robust to various sensitivity and other endogeneity tests. Managers intending to reconcile green innovation with their stakeholder value maximisation objective may find the findings interesting.

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绿色专利对 CDS 定价的重要性：环境信息披露的作用

企业为应对全球气候变化而进行的绿色创新可能会通过积极的财务结果产生溢出效应。本研究探讨了信贷市场如何将以绿色专利批准情况为衡量标准的绿色创新纳入考虑范围，以确定信用违约掉期（CDS）溢价。本研究以 2002 年至 2020 年的美国公司为样本，发现信用违约掉期市场对绿色创新给予了有利的定价：拥有更多绿色专利的公司的信用违约掉期利差较低，这表明信用违约掉期市场在投资决策中考虑了公司的绿色创新。虽然企业提供更多的环境信息披露会提高绿色创新的效果，但印刷和网络媒体等外部渠道的非自愿环境信息披露抵消了绿色创新对 CDS 利差的有利影响。利用 2009 年美国专利商标局的绿色技术试点项目作为准自然实验环境，采用差分分析法，证实了绿色创新对 CDS 利差的有利影响。结果在各种敏感性和其他内生性检验中保持稳健。有意协调绿色创新与利益相关者价值最大化目标的管理者可能会对研究结果感兴趣。

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来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.