The Green Transition: Evidence from Corporate Green Revenues

Johannes Klausmann, Philipp Krueger and Pedro Matos
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Johannes Klausmann: University of Virginia - Darden School of Business
Philipp Krueger: University of Geneva - Geneva Finance Research Institute (GFRI); Swiss Finance Institute; European Corporate Governance Institute (ECGI); University of Geneva - Geneva School of Economics and Management
Pedro Matos: University of Virginia - Darden School of Business; European Corporate Governance Institute (ECGI)

No 25-40, Swiss Finance Institute Research Paper Series from Swiss Finance Institute

Abstract: We introduce a novel measure of revenues from green products and services for publicly listed firms worldwide that is not spanned by prior sustainability metrics used in the literature. We show that green revenues grew at an accelerated pace after the Paris Agreement. This growth has been driven by innovative US companies converting green patents into green revenues, as well as by firms with higher sustainability-focused institutional ownership before the Paris Agreement. Furthermore, we examine the stock returns of firms with green revenues and find modest evidence of a green alpha in the post-Paris period, primarily concentrated in US stocks.

Keywords: green revenues; sustainability; climate change; climate finance; green impact; ESG (search for similar items in EconPapers)
JEL-codes: G15 G18 G23 G30 Q55 (search for similar items in EconPapers)
Pages: 91 pages
Date: 2025-04
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Persistent link: https://EconPapers.repec.org/RePEc:chf:rpseri:rp2540

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