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Autor:innen: 
von Schickfus, Marie-Theres
Datum: 
2021
Schriftenreihe/Nr.: 
ifo Working Paper No. 356
Verlag: 
ifo Institute - Leibniz Institute for Economic Research at the University of Munich, Munich
Zusammenfassung: 
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.
Schlagwörter: 
Green innovation
green finance
climate policy
climate risk
institutional investors
JEL: 
Q55
G23
O34
Dokumentart: 
Working Paper

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