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Does corporate eco-innovation affect stock price crash risk?

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  • Zaman, Rashid
  • Atawnah, Nader
  • Haseeb, Muhammad
  • Nadeem, Muhammad
  • Irfan, Saadia

Abstract

We examine the effect of corporate environmental innovation (hereafter eco-innovation) on stock price crash risk and document a significant negative association. Utilising a large sample of publicly listed U.S. firms for the period 2003 to 2017, we find that an increase in eco-innovation from the 25th to the 75th percentile is associated with 17.62% reduction in stock price crash risk. This outcome remains robust to a variety of sensitivity tests and after accounting for potential endogeneity concerns. Eco-innovative firms attract more institutional investors and equity analyst following and disclose more information leading to lower stock price crash risk. Additional tests reveal that the negative effect of eco-innovation is contingent on the political leadership's ideology and environmental sensitivity. Our paper contributes to the ongoing discourse on the costs and benefits of eco-innovation, documenting the value-enhancing perspective of eco-innovation.

Suggested Citation

  • Zaman, Rashid & Atawnah, Nader & Haseeb, Muhammad & Nadeem, Muhammad & Irfan, Saadia, 2021. "Does corporate eco-innovation affect stock price crash risk?," The British Accounting Review, Elsevier, vol. 53(5).
    • Handle: RePEc:eee:bracre:v:53:y:2021:i:5:s0890838921000573
    DOI: 10.1016/j.bar.2021.101031
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    Keywords

    Eco-innovation; Stock price crash risk; Information asymmetry; Political leadership's ideology;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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