Journal
FINANCE RESEARCH LETTERS
Volume 56, Issue -, Pages -Publisher
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.frl.2023.104150
Keywords
Paris agreement; Firm productivity; Economic uncertainty; Green innovation
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Using event study method, this study examines the impact of the Paris Agreement on firm productivity in both the short and long term. Analysis of a sample of global listed firms from 2013 to 2020 reveals that the Paris Agreement initially has a negative effect on firms' total factor productivity (TFP) in the short term, but a positive optimization effect on TFP in the long term. Economic policy uncertainty and firms' risks mediate the agreement's short-term impact, while green innovation mediates its long-term impact.
Using the event study method, this study examines how the Paris Agreement affects firm pro-ductivity in the long and short term. With a sample of global listed firms from 2013 to 2020, we find that in the short term, the Paris Agreement has a negative impact effect on firms' total factor productivity (TFP). However, in the long term, it shows a positive optimization effect on firms' TFP. Furthermore, economic policy uncertainty and firms' risks mediate the effect of the Paris Agreement on firms' TFP in the short term; while green innovation mediates its effect in the long term.
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