This paper focuses on the impact that the introduction of environmental technologies (i.e., less polluting process technologies or green products) and environmental marketing strategies have on the firms‟ market value. For a sample of US-based, large chemical companies over a period of 10 years (1999-2008), we first measure whether and how many environmental technologies have been developed, and then we assess whether and how our sample firms have undertaken marketing actions to promote their environmental concern. We employ innovative indicators to measure both dimensions. Finally, we estimate how those two dimensions affect firms‟ market value. Our results confirm that, taken alone, both environmental innovations and environmental marketing actions positively affect firms‟ performance. However, we show that when firms simultaneously develop environmental technologies and promote their technological results by means of marketing actions, the financial market misinterprets firms‟ overall environmental concern and, as a consequence, lowers firms‟ evaluation. From these results, we draw relevant managerial implications.

How Firm Value Reflects Green Intellectual Capital. The Impact of Green Technological Innovations and Green Marketing Actions on Firm Performance

Cesaroni Fabrizio;
2011-01-01

Abstract

This paper focuses on the impact that the introduction of environmental technologies (i.e., less polluting process technologies or green products) and environmental marketing strategies have on the firms‟ market value. For a sample of US-based, large chemical companies over a period of 10 years (1999-2008), we first measure whether and how many environmental technologies have been developed, and then we assess whether and how our sample firms have undertaken marketing actions to promote their environmental concern. We employ innovative indicators to measure both dimensions. Finally, we estimate how those two dimensions affect firms‟ market value. Our results confirm that, taken alone, both environmental innovations and environmental marketing actions positively affect firms‟ performance. However, we show that when firms simultaneously develop environmental technologies and promote their technological results by means of marketing actions, the financial market misinterprets firms‟ overall environmental concern and, as a consequence, lowers firms‟ evaluation. From these results, we draw relevant managerial implications.
2011
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11570/3137766
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