Green innovation and IPO return: Evidence from China

被引：0
|
作者：
Meng, Qingbin [1 ]
Peng, Tong [1 ]
Song, Xuan [2 ]
Wang, Song [3 ]
机构：
[1] Renmin Univ China, Sch Business, Beijing 100872, Peoples R China
[2] China Secur Regulatory Commiss, Postdoctoral Res Stn, Beijing 100033, Peoples R China
[3] Angelo State Univ, Norris Vincent Coll Business, San Angelo, TX USA
来源：
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2024年 / 93卷
基金：
中国国家自然科学基金;
关键词：
Sustainability; Green innovation; Initial public offering; Market efficiency; INITIAL PUBLIC OFFERINGS; ENVIRONMENTAL-REGULATION; PERFORMANCE; INFORMATION; ADVANTAGE; PRICE;
D O I：
10.1016/j.iref.2024.03.043
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In this paper, we demonstrate a strong valuation effect of corporate green innovation on IPO valuation. Studying the Chinese listed companies, we find that the companies with green innovation, especially in the form of inventive patents, experience lower share underpricing (higher offering price) during the IPO process. The higher valuation of the IPO shares is driven by institutional investors who are willing to pay higher prices based on the information disclosure related to green innovation. This valuation effect is more pronounced for firms with less information accessible and firms with higher costs and legal risks related to environmental issues. Put together, green innovation is an important factor in increasing IPO value.
引用
收藏
页码：660 / 677
页数：18
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