IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v68y2024ics1544612324010341.html
   My bibliography  Save this article

Market-based patent value of green transformation technologies

Author

Listed:
  • Kimura, Yosuke

Abstract

This paper employs the green technology classification published by the Japan Patent Office to estimate the values of green and non-green innovations. By computing patent values based on stock price reactions to the announcement of patent issuance, this paper finds that, on average, green patents have higher values than non-green patents in the pooled sample. However, results from the matched sample indicate the presence of selection biases.

Suggested Citation

  • Kimura, Yosuke, 2024. "Market-based patent value of green transformation technologies," Finance Research Letters, Elsevier, vol. 68(C).
    • Handle: RePEc:eee:finlet:v:68:y:2024:i:c:s1544612324010341
    DOI: 10.1016/j.frl.2024.106004
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612324010341
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.frl.2024.106004?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Philippe Aghion & Antoine Dechezleprêtre & David Hémous & Ralf Martin & John Van Reenen, 2016. "Carbon Taxes, Path Dependency, and Directed Technical Change: Evidence from the Auto Industry," Journal of Political Economy, University of Chicago Press, vol. 124(1), pages 1-51.
    2. Leonid Kogan & Dimitris Papanikolaou & Amit Seru & Noah Stoffman, 2017. "Technological Innovation, Resource Allocation, and Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 132(2), pages 665-712.
    3. Hege, Ulrich & Pouget, Sébastien & Zhang, Yifei, 2023. "Climate Patents and Financial Markets," TSE Working Papers 23-1400, Toulouse School of Economics (TSE), revised Dec 2024.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hege, Ulrich & Li, Kai & Zhang, Yifei, 2025. "Climate Innovation and Carbon Emissions: Evidence from Supply Chain Networks," TSE Working Papers 25-1608, Toulouse School of Economics (TSE).
    2. Maogang Tang & Silu Cheng & Wenqing Guo & Weibiao Ma & Fengxia Hu, 2023. "Relationship between carbon emission trading schemes and companies’ total factor productivity: evidence from listed companies in China," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(10), pages 11735-11767, October.
    3. Hémous, David & Dechezleprêtre, Antoine & Olsen, Morten & Zanella, carlo, 2019. "Automating Labor: Evidence from Firm-level Patent Data," CEPR Discussion Papers 14249, C.E.P.R. Discussion Papers.
    4. Dobkowitz, Sonja, 2024. "Meeting Climate Targets: The role of fossil research subsidies," VfS Annual Conference 2024 (Berlin): Upcoming Labor Market Challenges 302410, Verein für Socialpolitik / German Economic Association.
    5. Ahlvik, Lassi & van den Bijgaart, Inge, 2024. "Screening green innovation through carbon pricing," Journal of Environmental Economics and Management, Elsevier, vol. 124(C).
    6. Keith Brouhle & Brad Graham & Donna Ramirez Harrington, 2023. "Patents and P2: Innovation and Technology Adoption for Environmental Improvements," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 84(2), pages 439-474, February.
    7. Olimpia Cutinelli Rendina & Sonja Dobkowitz & Antoine Mayerowitz, 2024. "Environmentally-Responsible Demand: Irresponsible Lobbying? ," Post-Print hal-04502992, HAL.
    8. KIMURA Yosuke, 2023. "Green Transformation Innovation," Discussion papers 23086, Research Institute of Economy, Trade and Industry (RIETI).
    9. Bracht, Felix & Verhoeven, Dennis, 2025. "Air pollution and innovation," LSE Research Online Documents on Economics 126875, London School of Economics and Political Science, LSE Library.
    10. Hu, Hui & Qi, Shaozhou & Chen, Yuanzhi, 2023. "Using green technology for a better tomorrow: How enterprises and government utilize the carbon trading system and incentive policies," China Economic Review, Elsevier, vol. 78(C).
    11. Ilona Babenko & Benjamin Bennett & John M Bizjak & Jeffrey L Coles & Jason J Sandvik, 2023. "Clawback Provisions and Firm Risk," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 12(2), pages 191-239.
    12. Febi Jensen & Hans Lööf & Andreas Stephan, 2020. "New ventures in Cleantech: Opportunities, capabilities and innovation outcomes," Business Strategy and the Environment, Wiley Blackwell, vol. 29(3), pages 902-917, March.
    13. Pauly, Stefan & Stipanicic, Fernando, 2021. "The creation and diffusion of knowledge: Evidence from the Jet Age," CEPREMAP Working Papers (Docweb) 2112, CEPREMAP.
    14. Chen, Yufeng & Ni, Liangfu & Liu, Kelong, 2021. "Does China's new energy vehicle industry innovate efficiently? A three-stage dynamic network slacks-based measure approach," Technological Forecasting and Social Change, Elsevier, vol. 173(C).
    15. Moritz Bohland & Sebastian Schwenen, 2020. "Technology Policy and Market Structure: Evidence from the Power Sector," Discussion Papers of DIW Berlin 1856, DIW Berlin, German Institute for Economic Research.
    16. Korrakot Phomsoda & Nattapong Puttanapong & Mongkut Piantanakulchai, 2021. "Economic Impacts of Thailand’s Biofuel Subsidy Reallocation Using a Dynamic Computable General Equilibrium (CGE) Model," Energies, MDPI, vol. 14(8), pages 1-21, April.
    17. Zhangsheng Liu & Liuqingqing Yang & Liqin Fan, 2021. "Induced Effect of Environmental Regulation on Green Innovation: Evidence from the Increasing-Block Pricing Scheme," IJERPH, MDPI, vol. 18(5), pages 1-15, March.
    18. Alex Bell & Raj Chetty & Xavier Jaravel & Neviana Petkova & John Van Reenen, 2019. "Who Becomes an Inventor in America? The Importance of Exposure to Innovation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 134(2), pages 647-713.
    19. Kim, Jinhee & Lee, Keun, 2022. "Local–global interface as a key factor in the catching up of regional innovation systems: Fast versus slow catching up among Taipei, Shenzhen, and Penang in Asia," Technological Forecasting and Social Change, Elsevier, vol. 174(C).
    20. Danilo Cascaldi-Garcia & Marija Vukotic, 2022. "Patent-Based News Shocks," The Review of Economics and Statistics, MIT Press, vol. 104(1), pages 51-66, March.

    More about this item

    Keywords

    Innovation; Green transformation; Green patent;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finlet:v:68:y:2024:i:c:s1544612324010341. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/frl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.