Green patenting and voluntary innovation disclosure
研究绿色专利企业是否更愿意在电话会议中披露创新信息，发现它们比非绿色创新者披露更多，且披露与绿色基金持股和ESG声誉正相关。
Abstract We investigate whether green innovators voluntarily provide innovation disclosure to reduce processing costs for stakeholders and gain green-specific disclosure benefits. We observe that green patenting firms provide more innovation disclosure in conference calls than do other innovating peers, controlling for patent value. Using a patent-call unit of analysis, we also provide within-firm evidence that managers highlight their green inventions more on conference calls relative to their other inventions. Green innovators provide more innovation disclosure when the costs of processing patent information are higher and anticipated disclosure benefits are greater. We find some evidence that innovation disclosure is positively associated with green fund ownership and stronger market responses to conference calls as well as proxies for ESG-related reputation. Our findings highlight both capital market and social capital benefits as motivating forces for voluntary innovation disclosure and suggest the nature of a firm’s innovations can impact its information environment.