Do efforts on energy saving enhance firm values? Evidence from China's stock market

被引：24
|
作者：
Ye, Dezhu [1 ,2 ]
Liu, Shasha [3 ]
Kong, Dongmin [4 ]
机构：
[1] Jinan Univ, Dept Finance, Res Inst Finance, Guangzhou, Guangdong, Peoples R China
[2] Jinan Univ, Inst Resources Environm & Sustainable Dev, Guangzhou, Guangdong, Peoples R China
[3] Peking Univ, Guanghua Sch Management, Beijing, Peoples R China
[4] HUST, Sch Econ, Wuhan 430074, Peoples R China
来源：
ENERGY ECONOMICS | 2013年 / 40卷
基金：
中国国家自然科学基金;
关键词：
Energy saving; Firm values; Event study; Emerging market; CAPITAL-MARKETS; EVENT; PERFORMANCE; OWNERSHIP; POLLUTION; BEHAVIOR; RETURNS; PROFITS;
D O I：
10.1016/j.eneco.2013.07.017
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper studies the impact of energy-saving efforts on firm value, using the carbon emission rights trading scheme (CERTS) of China as an exogenous shock. The results showed that the CERTS increases the market value of energy-related firms; moreover, the energy-saving efforts of firms further influence their market value and investor reaction. Energy-related firms improve their market value and gain benefits by strengthening their energy-saving activities. This paper offers an important policy implication that the Government should enact appropriate policies to improve the energy-saving activities of firms, especially in the energy industry. (C) 2013 Elsevier B.V. All rights reserved.
引用
收藏
页码：360 / 369
页数：10
相关论文
共 50 条
  • [41] Stock Options and Firm Performance: New Evidence from the French Market
    Triki, Thouraya
    Ureche-Rangau, Loredana
    JOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT & ACCOUNTING, 2012, 23 (02) : 154 - 185
  • [42] Stock Mispricing and Firm Innovation: Evidence from an Emerging Equity Market
    Le Quy Duong
    Operations Research Forum, 5 (4)
  • [43] Business strategy and firm efforts on environmental protection: Evidence from China
    Kong, Dongmin
    Yang, Xiandong
    Liu, Chen
    Yang, Wei
    BUSINESS STRATEGY AND THE ENVIRONMENT, 2020, 29 (02) : 445 - 464
  • [44] Financial Constraints and Stock Returns: Evidence from Stock Market in China
    Ling Zhi-xiong
    Chen Si-yu
    2012 INTERNATIONAL CONFERENCE ON MANAGEMENT SCIENCE & ENGINEERING, 2012, : 1422 - 1428
  • [45] Does Digital Transformation Enhance Firm's ESG Performance? Evidence from an Emerging Market
    Luo, Yonggen
    Tian, Na
    Wang, Deli
    Han, Wenqi
    EMERGING MARKETS FINANCE AND TRADE, 2024, 60 (04) : 825 - 854
  • [46] Relationships among Energy Price Shocks, Stock Market, and the Macroeconomy: Evidence from China
    Cong, Rong-Gang
    Shen, Shaochuan
    SCIENTIFIC WORLD JOURNAL, 2013,
  • [47] The prediction of firm's competitive response from non-market and market perspective Evidence from China
    Deng, Xinming
    Tian, Zhilong
    Fan, Shuai
    Abrar, Muhammad
    NANKAI BUSINESS REVIEW INTERNATIONAL, 2010, 1 (04) : 416 - 443
  • [48] Study on Financial Market Segmentation in China: Evidence from Stock Market
    Wang Xiaoyan
    Hu Debao
    PROCEEDINGS OF 2013 INTERNATIONAL SYMPOSIUM - INTERNATIONAL MARKETING SCIENCE AND INFORMATION TECHNOLOGY, 2013, : 44 - +
  • [49] Stock Market Exposure and Anxiety in a Turbulent Market: Evidence From China
    Qin, Xin
    Liao, Hui
    Zheng, Xiaoming
    Liu, Xin
    FRONTIERS IN PSYCHOLOGY, 2019, 10
  • [50] Information-based stock trading and managerial incentives: evidence from China's stock market
    Firth, Michael
    Jin, Man
    Zhang, Yuanyuan
    EUROPEAN JOURNAL OF FINANCE, 2014, 20 (7-9): : 637 - 656
12345