دانلود رایگان مقاله انگلیسی تاثیر اخبار بر قیمت سهام شرکت های سبز در بازارهای نوظهور - الزویر 2018

Firms around the globe have enhanced their green credentials as a means of increasing competitiveness and improving firm performance. The literature on firms and news suggests that stock prices of most firms tends to be very responsive to news items in the short-term. However, many green companies make investments or are working in industries where the payoffs are likely to be obtained more in the medium-term. There is therefore good reason to believe that the stock prices of these firms would be less responsive to daily news items. Using a database of green firms in emerging markets, the study finds that news can impact on daily returns of green companies. However, the effects of this news does not seem to be long-lasting and was not observed across the majority of firms considered.

5 Conclusion and Discussion

Green firms are likely to become an important part of the portfolio of investors in many emerging markets. This is likely to be the case as countries attempt to reduce their impact on global CO2 emissions and firms attempt to reduce cost. The results provided in this study suggest that similar to other firms, stock market returns of green firms also tend to be quite reactive to news. However, green firms in the financial industry tend to be more responsive than firms in other areas of greening. One of the reasons this might be the case is that the business model of non-financial green firms might be driven more long-term factors rather than short-term news.

Over the medium- to long-run, these green businesses could therefore become a fairly important component of the portfolio of most investors as countries reduce their environmental impact and firms attempt to boost their market share and reduce cost. The results provided in this paper does suggest that news can impact on daily returns of green companies. However, the effects of this news does not seem to be long-lasting and was not observed across the majority of firms considered. These results could indicate that the returns associated with green firms are more driven by long-run factors.