The Effects of Green Innovation on Stock Liquidity: Evidence from US Companies
グリーンイノベーションが株式流動性に与える影響：米国企業からの証拠 (AI 翻訳)
Xinze Qian, Haizhi Wang, Yiqiao Xu, Richard Zhang
🤖 gxceed AI 要約
日本語
本研究は、グリーンイノベーション（GI）が情報非対称性を緩和することで株式流動性を向上させるかを検証。2010年から2024年の米国上場企業4752社のデータを用い、GIが流動性を有意に高めることを示す。効果は気候変動リスクや規制不確実性が高い企業で強く、ステークホルダー志向や保守的会計報告がその効果を増幅する。
English
This study investigates whether green innovation (GI) enhances stock liquidity by mitigating information asymmetry, using a panel of 4,752 U.S. listed firms from 2010 to 2024. GI is associated with significantly higher liquidity, especially for firms facing higher climate risk and regulatory uncertainty. Stakeholder orientation and conservative reporting amplify the effect.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本企業にとって、グリーンイノベーションが株式流動性向上に寄与する可能性は、ESG開示（SSBJ）や統合報告書の文脈で重要。米国データだが、日本の環境規制や投資家対応にも示唆を与える。
In the global GX context
This paper links product-market green innovation to financial market efficiency, contributing to the global literature on ESG and corporate finance. It complements TCFD/ISSB frameworks by showing how green innovation reduces information asymmetry.
👥 読者別の含意
🔬研究者:Empirical evidence on the financial market benefits of green innovation, relevant for studies on ESG and corporate finance.
🏢実務担当者:Corporate sustainability teams can use green innovation to potentially improve stock liquidity and investor perception.
🏛政策担当者:Supports policies encouraging green innovation by demonstrating positive market effects, including enhanced liquidity.
📄 Abstract（原文）
This study investigates whether green innovation (GI) enhances stock liquidity by mitigating information asymmetry. Using a hand-collected panel of 4752 unique U.S. publicly listed firms from 2010 to 2024, we employ OLS regressions to show that GI is associated with significantly higher stock liquidity. Our empirical evidence indicates that the relation between GI and market liquidity is highly contingent on firms’ market and accounting environments. Specifically, the liquidity-enhancing effect of GI is stronger for firms facing higher exposure to climate change risk and environmental regulatory uncertainty, where green signaling is most valuable. Furthermore, we find that a strong stakeholder orientation both stimulates green innovation and amplifies its positive impact on stock liquidity. Finally, the liquidity benefits of GI are more pronounced among firms adopting conservative financial reporting practices, suggesting that reporting conservatism mitigates the endogenous risks associated with GI and enhances the credibility of innovation-related disclosures. Overall, our findings establish a robust link between product market sustainability and financial market efficiency, highlighting the role of green innovation in reducing information frictions.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/jrfm19020147first seen 2026-06-29 08:57:44
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