The Price of Environmental Sustainability: Empirical Evidence from Stock Market Performance in China

doi:10.3390/su9081452

CSpace

	The Price of Environmental Sustainability: Empirical Evidence from Stock Market Performance in China
	Li, Biao 1; Wu, Kekun 1,2
	2017-08-01
发表期刊	SUSTAINABILITY
ISSN	2071-1050
卷号	9 期号:8 页码:16
摘要	Chinese manufacturers, which produce nearly one-fourth of global manufacturing outputs, play important roles in the global supply chains for many products. The Chinese government proposed the Made in China 2025 plan to help manufacturers upgrade their technology, so that the country will become a green and innovative world manufacturing power. It is important for researchers, practitioners, and the government to know the benefits and costs of being environmentally sustainable. In this paper, we investigate the effects of environmentally sustainable announcements of Chinese firms in the manufacturing, and the wholesale and retail industry on their stock market performance. First, we find negative market responses, which are significant in scale and statistics. Second, the stock market reactions are different for firms in different industries. Third, the stock market reactions are different in different years. Finally, we control the firm size and the book-to-market ratio with the Fama-French three factor model. The result is highly consistent with the one from the simple market model.
关键词	environmental sustainability supply chain management stock market reaction event study time pattern
DOI	10.3390/su9081452
语种	英语
资助项目	Fundamental Research Funds for the Central Universities ; "the Innovative Research Team Project: Financial Risk Management" by the Zhongnan University of Economics and Law ; Zhongnan University of Economics and Law[31541410505] ; Zhongnan University of Economics and Law[31541310516] ; Collaborative Innovation Center of the Industrial Upgrading and Regional Finance (Hubei)
WOS研究方向	Environmental Sciences & Ecology
WOS类目	Environmental Sciences ; Environmental Studies
WOS记录号	WOS:000408861800166
出版者	MDPI AG
引用统计
文献类型	期刊论文
条目标识符	http://ir.amss.ac.cn/handle/2S8OKBNM/26437
专题	中国科学院数学与系统科学研究院
通讯作者	Wu, Kekun
作者单位	1.Zhongnan Univ Econ & Law, Sch Finance, MBA Sch, 182 Nanhu Ave, Wuhan 430073, Hubei, Peoples R China 2.Chinese Acad Sci, Acad Math & Syst Sci, 55 Zhongguancun East Rd, Beijing 100190, Peoples R China
推荐引用方式 GB/T 7714	Li, Biao,Wu, Kekun. The Price of Environmental Sustainability: Empirical Evidence from Stock Market Performance in China[J]. SUSTAINABILITY,2017,9(8):16.
APA	Li, Biao,&Wu, Kekun.(2017).The Price of Environmental Sustainability: Empirical Evidence from Stock Market Performance in China.SUSTAINABILITY,9(8),16.
MLA	Li, Biao,et al."The Price of Environmental Sustainability: Empirical Evidence from Stock Market Performance in China".SUSTAINABILITY 9.8(2017):16.