Impact of green transformation on firm value: evidence from Tokyo Stock Exchange firms

Shingo Ide and Hitoshi Takehara
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Shingo Ide: NLI Research Institute, Japan
Hitoshi Takehara: Waseda University, Japan

in ABEM Conference Proceedings from Academy of Business and Emerging Markets (ABEM), Canada, currently edited by Satyendra Singh

Abstract: Recent global climate changes require changes in the way companies operate. This study analyzes the impact of environmental technology patents held by firms on their stock market value by developing measures of green transformation at the firm level. The empirical results show that there is no statistically significant positive association between the Green Transformation Score (GXS) and firm market value. However, there are cases where GXS has a statistically significant positive impact on market value in some industries. This may be because market participants are aware of the value of green patents, albeit to a limited extent.

Keywords: green; transformation; firm value; Tokyo; Stock Exchange; firms (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:ris:abemcp:023479

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