Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/235243
Authors: 
von Schickfus, Marie-Theres
Year of Publication: 
2021
Series/Report no.: 
ifo Working Paper No. 356
Abstract: 
The tightening of climate policies may cause technologies based on fossil fuels to lose value compared to "green" technologies. For firms with significant fossil-based knowledge, this implies that their firm (market) value is at risk. This technological risk is also relevant for financial market actors, in particular institutional investors following long-term investment strategies. Measuring technological knowledge using patent data at the firm level, this paper uses a dynamic patent count data model and explores whether institutional investors address technological transition risk via engagement activities. Despite robust evidence for a positive influence of institutional investors on overall innovation, no evidence can be found that institutional ownership is associated with a change in the direction of innovation.
Subjects: 
Green innovation
green finance
climate policy
climate risk
institutional investors
JEL: 
Q55
G23
O34
Document Type: 
Working Paper

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