Analysis of the determinants of market capitalisation: Innovation, climate change policies and business context
研究利用数据包络分析和多级回归，分析欧洲企业研发效率、环境政策与商业环境对市值的影响，为决策者提供兼顾气候变化与私人投资的参考。
[EN] The issue of global warming is now on the agenda of all national governments. It is essential to understand the extent of the possible consequences of this scourge, which threatens all territories without exception. The growing need to curb global warming requires companies to adopt specific measures that can ultimately affect both their income statement and their public image. This research seeks to provide decision makers with valuable information that can guide policies aimed at mitigating climate change without damaging private investment. First, data envelopment analysis (DEA) is used to determine the efficiency of investments in research and development (R&D) made by the most innovative European companies. Second, a multilevel regression (MR) is run to analyse the impact that environmental policies, the business context and the efficiency of innovation exert on market capitalisation. The analysis focuses solely on European territory in 2019. The results reveal a pattern of behaviour by the countries and industries whose R&D spending has enabled them to optimise their output. In addition, the study identifies environmental measures that boost companies' share price, along with innovation, business confidence and the lifting of restrictions on foreign investment.