The impact of eco-innovation on the stock returns of technology-based KIBS: role of eco-innovation type and its degree of novelty
AbstractPurpose–The purpose of this paper is to determine the role of eco-innovation type and its degree of novelty inincreasing the stock returns of technology-based knowledge-intensive business service companies (T-KIBS), toadvance the development of the concept of eco-innovation within the literature on the effects of innovation.Design/methodology/approach–The effects of four eco-innovation types were examined across threedegrees of novelty involved. The event study methodology was applied to the sample of 238 eco-innovationannouncements released during the period of January 2016–June 2019 (inclusive) by European T-KIBS.Findings–While the implementation of product and organisational eco-innovation was the most beneficial,the results indicated that a high degree of novelty resulted in larger increase of stock returns in the case of allthe four eco-innovation types.Research limitations/implications–The eco-innovation announcements were gathered fromspecialised databases. However, it could be the case that companies may have used different communicationchannels (e.g. social media) to communicate innovation. Furthermore, a certain amount of bias undoubtedlyexists, as the data came only from the European Union. Expanding the spatial scope to include the NorthAmerican (especially the USA) and Asian economies appears necessary.Practical implications–Thepracticalinsightsintotherolethatthedegreeofnoveltyplaysineco-innovation announcements were formulated, which may be used to increase the market valuation of thefirm.Social implications–Strategies supporting eco-innovation are crucial for business development as thevalue created for the stakeholders involved transmits in time into the enterprise value.Originality/value–The paper attempts tofill the research gap concerning the impact of eco-innovation onthe stock returns of T-KIBS.
|Journal series||Sustainability Accounting, Management and Policy Journal, [Sustainability Accounting, Management and Policy Journal], ISSN 2040-8021, e-ISSN 2040-803X, (N/A 70 pkt)|
|Publication size in sheets||1.25|
|Keywords in Polish||eko-innowacje, wartość rynkowa, typ innowacji|
|Keywords in English||Eco-innovation, Stock returns, Innovation type|
|Score||= 70.0, 24-08-2020, ArticleFromJournal|
|Publication indicators||: 2018 = 0.946; : 2017 = 2.2 (2)|
|Uwagi||Publication date: 15 July 2020|
* presented citation count is obtained through Internet information analysis and it is close to the number calculated by the Publish or Perish system.