The Green Tobin's q: theory and evidence
从动态随机模型推导出绿色托宾q，该指标取决于企业的绿色努力（技术与压力）及传统资本。以石油行业为证据，发现绿色技术对托宾q有负向影响，而股东绿色压力有正向影响。
We derive from a dynamic stochastic model a “Green Tobin's q” as a function of a firm's green efforts (technology and pressure), as well as traditional capital stocks and investments. The evidence focuses on the oil industry which is inextricably bound to the debate on climate change. Our regression results indicate a negative impact on Tobin's q from green technologies, and a positive impact on Tobin's q from green stockholder pressure. In addition to adding a theoretical model, we provide empirical evidence regarding pressing issues in the energy transition.