Corporate environmental initiatives and anticipated firm performance: the differential effects of process-driven versus product-driven greening initiatives
采用事件研究方法，分析企业环保举措对预期经济绩效的影响，发现股东对产品驱动和过程驱动绿色举措的反应存在显著差异，但整体上环保公告并未显著影响股票回报。
We investigate the influence of environmental initiatives on firms’ anticipated economic performance using an event study methodology. Framing our arguments within an organizational reputation framework, we propose that, due to potential positive effects of these initiatives on firm performance (through increases in reputation), shareholders will react positively to announced environmental initiatives. Contrary to our hypothesis, we found no overall effect of announced environmental initiatives on stock returns. However, our findings indicate that reactions to product-driven initiatives are significantly different than reactions to process-driven ones.