Journal
ENERGY ECONOMICS
Volume 65, Issue -, Pages 172-182Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/j.eneco.2017.05.004
Keywords
Alternative energy stock returns; Institutional quality; Cultural dimensions
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Prior studies find that the technology sector and oil prices strongly influence the financial performance of alternative energy firms. The results, however, are country-specific and the role of country-level determinants is yet to be investigated. We argue that economic and societal factors are important in explaining cross-country differences in the financial performance of alternative energy firms. We analyse the financial,performance of alternative energy firms using firm-level data, from 26 countries. We find that the market rewards alternative energy firms when country-level technology and innovation are well developed. Additionally, we find that national cultural dimensions explain cross-country differences in the financial performance of alternative energy firms. (C) 2017 Elsevier B.V. All rights reserved.
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