The ESG-Innovation Disconnect: Evidence from Green Patenting

References

• Campello M, Kankanhalli G, Muthukrishnan P (2024) Corporate hiring under COVID-19: Labor market concentration, downskilling, and income inequality. J. Financial Quant. Anal. 59(4):1541–1585.Google Scholar
• Chamley C, Gale D (1994) Information revelation and strategic delay in a model of investment. Econometrica 62(5):1065–1085.Crossref, Google Scholar
• Chowdhry B, Davies SW, Waters B (2019) Investing for impact. Rev. Financial Stud. 32(3):864–904.Crossref, Google Scholar
• Cohn J, Liu Z, Wardlaw M (2022) Count (and count-like) data in finance. J. Financial Econom. 146(2):529–551.Google Scholar
• Das N, Nanda V, Xiao SC (2017) Truncation bias corrections in patent data: Implications for recent research on innovation. J. Corporate Finance 44:353–374.Crossref, Google Scholar
• Davies SW, Van Wesep ED (2018) The unintended consequences of divestment. J. Financial Econom. 128(3):558–575.Crossref, Google Scholar
• Engle RF, Giglio S, Kelly B, Lee H, Stroebel J (2020) Hedging climate change news. Rev. Financial Stud. 33(3):1184–1216.Crossref, Google Scholar
• Gal-Or E (1987) First mover disadvantages with private information. Rev. Econom. Stud. 54(2):279–292.Crossref, Google Scholar
• Geczy CC, Stambaugh RF, Levin D (2021) Investing in socially responsible mutual funds. Rev. Asset Pricing Stud. 11(2):309–351.Crossref, Google Scholar
• Gutiérrez E, Lourie B, Nekrasov A, Shevlin T (2020) Are online job postings informative to investors? Management Sci. 66(7):3133–3141.Link, Google Scholar
• Hall BH, Jaffe AB, Trajtenberg M (2001) The NBER patent citations data file: Lessons, insights and methodological tools. NBER Working Paper No. 8498, National Bureau of Economic Research, Cambridge, MA.Google Scholar
• Hall BH, Helmers C, von Graevenitz G, Bondibene CR (2014) A study of patent thickets. Intellectual Property Office Research Paper No. 2, Intellectual Property Office, Newport, UK.Google Scholar
• Hart O, Zingales L (2017) Companies should maximize shareholder welfare not market value. J. Law Finance Accounting 2(2):247–274.Google Scholar
• Haščič I, Migotto M (2015) Measuring environmental innovation using patent data. OECD Environment Working Paper No. 89, OECD Publishing, Paris.Google Scholar
• Heinkel R, Kraus A, Zechner J (2001) The effect of green investment on corporate behavior. J. Financial Quant. Anal. 36(4):431–449.Crossref, Google Scholar
• Hong H, Kacperczyk M (2009) The price of sin: The effects of social norms on markets. J. Financial Econom. 93(1):15–36.Crossref, Google Scholar
• Kogan L, Papanikolaou D, Seru A, Stoffman N (2017) Technological innovation, resource allocation, and growth. J. Political Econom. 132(2):665–712.Google Scholar
• Mogilyanskaya A (2013) Colleges warily ponder students’ calls for divestment in fossil fuels. Chronicle Higher Ed. (January 14), https://www.chronicle.com/article/colleges-warily-ponder-students-calls-for-divestment-in-fossil-fuels/.Google Scholar
• Oehmke M, Opp MM (2025) A theory of socially responsible investment. Rev. Econom. Stud. 92(2):1193–1225.Crossref, Google Scholar
• Pastor L, Stambaugh RF, Taylor LA (2021) Sustainable investing in equilibrium. J. Financial Econom. 142(2):550–571.Google Scholar
• Sampat BN, Ziedonis AA (2004) Patent citations and the economic value of patents. Moed HF, Glänzel W, Schmoch U, eds. Handbook of Quantitative Science and Technology Research (Springer, Dordrecht, Netherlands), 277–298.Crossref, Google Scholar
• Shapiro C (2000) Navigating the patent thicket: Cross licenses, patent pools, and standard setting. Innovation Policy Econom. 1:119–150.Crossref, Google Scholar
• Teoh SH, Welch I, Wazzan CP (1999) The effect of socially activist investment policies on the financial markets: Evidence from the South African boycott. J. Bus. 72(1):35–89.Crossref, Google Scholar
• Trajtenberg M (1990) A penny for your quotes: Patent citations and the value of innovations. RAND J. Econom. 21(1):172–187.Crossref, Google Scholar
• United Nations Global Compact (2004) Who cares wins—Connecting financial markets to a changing world. United Nations, New York.Google Scholar
• von Graevenitz G, Wagner S, Harhoff D (2011) How to measure patent thickets—A novel approach. Econom. Lett. 111(1):6–9.Crossref, Google Scholar