气候变化领域集成服务门户(CCPortal): The relationship between air pollution, investor attention and stock prices: Evidence from new energy and polluting sectors

CCPortal

DOI	10.1016/j.enpol.2021.112430
	The relationship between air pollution, investor attention and stock prices: Evidence from new energy and polluting sectors
	Liu F.; Kang Y.; Guo K.; Sun X.
发表日期	2021
ISSN	03014215
卷号	156
英文摘要	To meet its solemn commitments in the area of climate change and environmental protection, China is working to promote the development of green finance, hoping to direct more resources to green sectors such as the new energy industry. Data show that China is among the world leaders in the amount of green bond and green credit issuance, but green companies in China still do not receive enough support from the stock market. The purpose of this article is to identify the factors that affect the stock prices of new energy companies and to provide specific suggestions for improving stock performance, which will help new energy companies obtain finance in the stock market. This paper takes the listed new energy and polluting companies of China's A-share market as research objects and uses the Baidu Index as a proxy for investor attention. A mediating effect model is adopted to investigate the transmission mechanism among air pollution, investor attention and stock prices. The results indicate that air pollution will not directly increase the stock prices of new energy companies, but it will directly reduce the stock prices of polluting companies. Moreover, the mediator between air pollution and stock prices is investor attention because both new energy and polluting enterprises receive more attention on trading days with air pollution, and increased investor attention could translate into higher stock prices. However, the results of the subsample analysis show that when the stock market shows an upward trend or fluctuates frequently, air pollution causes investors to pay less attention to both types of companies, and air pollution does not significantly reduce the stock prices of polluting companies. © 2021 Elsevier Ltd
关键词	Air pollution Green finance Investor attention Mediating effect Stock price
英文关键词	Air pollution; Climate change; Commerce; Costs; Investments; Energy companies; Green credits; Green finance; Investor attention; Mediating effect; New energies; New energy industries; Stock performance; Stock price; World leaders; Financial markets; atmospheric pollution; climate change; environmental protection; green economy; investment; stock market; China
语种	英语
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/205224
作者单位	School of Economics and Management, University of Chinese Academy of Sciences, Beijing, 100190, China; Sino-Danish College, University of Chinese Academy of Sciences, Beijing, 100190, China; Research Center on Fictitious Economy & Data Science, Chinese Academy of Science, Beijing, 100190, China; Institutes of Science and Development, Chinese Academy of Science, Beijing, 100190, China
推荐引用方式 GB/T 7714	Liu F.,Kang Y.,Guo K.,et al. The relationship between air pollution, investor attention and stock prices: Evidence from new energy and polluting sectors[J],2021,156.
APA	Liu F.,Kang Y.,Guo K.,&Sun X..(2021).The relationship between air pollution, investor attention and stock prices: Evidence from new energy and polluting sectors.Energy Policy,156.
MLA	Liu F.,et al."The relationship between air pollution, investor attention and stock prices: Evidence from new energy and polluting sectors".Energy Policy 156(2021).