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The Green Transition: Evidence from Corporate Green Revenues

Author

Listed:
  • Johannes Klausmann

    (University of Virginia - Darden School of Business)

  • Philipp Krueger

    (University of Geneva - Geneva Finance Research Institute (GFRI); Swiss Finance Institute; European Corporate Governance Institute (ECGI); University of Geneva - Geneva School of Economics and Management)

  • Pedro Matos

    (University of Virginia - Darden School of Business; European Corporate Governance Institute (ECGI))

Abstract

We introduce a novel measure of revenues from green products and services for publicly listed firms worldwide that is not spanned by prior sustainability metrics used in the literature. We show that green revenues grew at an accelerated pace after the Paris Agreement. This growth has been driven by innovative US companies converting green patents into green revenues, as well as by firms with higher sustainability-focused institutional ownership before the Paris Agreement. Furthermore, we examine the stock returns of firms with green revenues and find modest evidence of a green alpha in the post-Paris period, primarily concentrated in US stocks.

Suggested Citation

  • Johannes Klausmann & Philipp Krueger & Pedro Matos, 2025. "The Green Transition: Evidence from Corporate Green Revenues," Swiss Finance Institute Research Paper Series 25-40, Swiss Finance Institute.
    • Handle: RePEc:chf:rpseri:rp2540
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    File URL: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4850449
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    More about this item

    Keywords

    green revenues; sustainability; climate change; climate finance; green impact; ESG;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation

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