| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6643 |
| DP6643 Can Pay Regulation Kill? Panel Data Evidence on the Effect of Labour Markets on Hospital Performance | |
| John Van Reenen; Carol Propper | |
| 发表日期 | 2008-02-07 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Researchers debate whether environmental investments reduce firm value or can actually improve financial performance. We provide some first evidence on shareholder wealth effects of voluntary corporate environmental initiatives. Companies announcing membership in Climate Leaders and Ceres - two voluntary environmental programs related to climate change - experience significantly negative abnormal stock returns. The price decline is smaller in carbon-intensive industries, where regulatory actions are more likely, and for high book-to-market firms, suggesting that "green" expenditures crowd out growth-related investments. We also document insignificant announcement returns for portfolios of industry rivals. Overall, the environmental investments appear to conflict with shareholder value-maximization. This has far reaching implications since the U.S. government relies on voluntary initiatives to reduce the emissions of greenhouse gases. |
| 主题 | Financial Economics |
| 关键词 | Capital expenditures Climate change Corporate social responsibility Environmentally responsible investing Shareholder wealth |
| URL | https://cepr.org/publications/dp6643 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535523 |
| 推荐引用方式 GB/T 7714 | John Van Reenen,Carol Propper. DP6643 Can Pay Regulation Kill? Panel Data Evidence on the Effect of Labour Markets on Hospital Performance. 2008. |
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