{"title":"Sustainable portfolio optimization: A multi-class framework for eco-friendly stocks","authors":"Abdul Wahid , Oskar Kowalewski","doi":"10.1016/j.ribaf.2025.102841","DOIUrl":null,"url":null,"abstract":"<div><div>This study investigates the impact of green stocks on portfolio performance over short- and long-term horizons and identifies key determinants influencing these returns. Stocks are categorized as green or non-green based on pre-IPO carbon emissions. The findings reveal that green stocks yield lower returns but exhibit superior portfolio efficiency in the short term compared to non-green stocks. Conversely, in the long run, green stocks outperform non-green stocks, demonstrating greater stability and profitability. Dual-class stocks deliver higher returns, which can be attributed to offshore risks and diversification benefits. Furthermore, parental market return dynamics and local currency exchange rate fluctuations significantly influence the performance of green stocks listed on AIM. Similarly, parental market dynamics and foreign exchange rate variability are critical factors affecting the returns of offshore stocks.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102841"},"PeriodicalIF":6.9000,"publicationDate":"2025-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Research in International Business and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0275531925000972","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
This study investigates the impact of green stocks on portfolio performance over short- and long-term horizons and identifies key determinants influencing these returns. Stocks are categorized as green or non-green based on pre-IPO carbon emissions. The findings reveal that green stocks yield lower returns but exhibit superior portfolio efficiency in the short term compared to non-green stocks. Conversely, in the long run, green stocks outperform non-green stocks, demonstrating greater stability and profitability. Dual-class stocks deliver higher returns, which can be attributed to offshore risks and diversification benefits. Furthermore, parental market return dynamics and local currency exchange rate fluctuations significantly influence the performance of green stocks listed on AIM. Similarly, parental market dynamics and foreign exchange rate variability are critical factors affecting the returns of offshore stocks.
期刊介绍：
Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance
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