| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27990 |
| 来源ID | Working Paper 27990 |
| The ESG-Innovation Disconnect: Evidence from Green Patenting | |
| Lauren Cohen; Umit G. Gurun; Quoc H. Nguyen | |
| 发表日期 | 2020-10-26 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | No firm or sector of the global economy is untouched by innovation. In equilibrium, innovators will flock to (and innovation will occur where) the returns to innovative capital are the highest. In this paper, we document a strong empirical pattern in green patent production. Specifically, we find that oil, gas, and energy-producing firms – firms with lower Environmental, Social, and Governance (ESG) scores, and who are often explicitly excluded from ESG funds’ investment universe – are key innovators in the United States’ green patent landscape. These energy producers produce more, and significantly higher quality, green innovation. Our findings raise important questions as to whether the current exclusions of many ESG-focused policies – along with the increasing incidence of explicit divestiture campaigns – are optimal, or whether reward-based incentives would lead to more efficient innovative outcomes. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Corporate Finance ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w27990 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585663 |
| 推荐引用方式 GB/T 7714 | Lauren Cohen,Umit G. Gurun,Quoc H. Nguyen. The ESG-Innovation Disconnect: Evidence from Green Patenting. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27990.pdf（902KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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