金融市场如何影响企业的绿色创新?股票分析师的角色

IF 9.4 3区 管理学 Q1 BUSINESS, FINANCE Journal of International Financial Management & Accounting Pub Date : 2022-01-18 DOI:10.1111/jifm.12152
Paolo Fiorillo, Antonio Meles, Mario Mustilli, Dario Salerno
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引用次数: 20

摘要

本文研究了股票分析师在不同金融市场中对企业绿色创新的影响。利用56个不同国家6000多家上市公司的独特数据集,我们发现企业绿色创新与跟踪该公司的股票分析师数量呈正相关。我们将这一结果归因于分析师的信息作用,它鼓励管理者更多地投资于生态创新。然而,当我们根据被覆盖的公司是在市场导向国家还是在银行导向国家将整个样本分成两个子样本时,我们发现在市场导向的金融体系中,公司的绿色创新与分析师覆盖率之间的关联变为负相关。我们认为,对这一结果的潜在解释依赖于市场导向和银行导向系统之间在上市公司所有权结构和公平交易银行(而非长期借贷关系)盛行方面的差异。
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How does the financial market influence firms' Green innovation? The role of equity analysts

This paper investigates how equity analysts influence firms' green innovation across different financial markets. Using a unique data set consisting of more than 6000 listed firms across 56 different countries, we find that corporate green innovation is positively associated with the number of equity analysts following the firm. We attribute this result to the informational role of analysts, which encourages managers to invest more in eco-innovation. However, when we divide the full sample into two subsamples based on whether covered firms are incorporated in market-oriented or bank-oriented countries, we find that the association between firm's green innovation and analyst coverage becomes negative in the case of market-oriented financial systems. We argue that potential explanations for this result rely on the differences occurring among market-oriented and bank-oriented systems in terms of listed companies' ownership structure and the prevalence of arm's length transaction banking rather than long-term lender–borrower relationships.

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来源期刊
CiteScore
9.10
自引率
2.00%
发文量
23
期刊介绍: The Journal of International Financial Management & Accounting publishes original research dealing with international aspects of financial management and reporting, banking and financial services, auditing and taxation. Providing a forum for the interaction of ideas from both academics and practitioners, the JIFMA keeps you up-to-date with new developments and emerging trends.
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