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Greenium and Public Climate Concern: Evidence from China

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发布日期：2023年12月18日上次修订日期：2023年12月18日

Daping Zhao zhaodaping@cueb.edu.cn Capital University of Economics and Business Yande Wang andewong@163.com Capital University of Economics and Business Yong Fang yfang@amss.ac.cn Chinese Academy of Sciences

摘要

This paper measures the “greenium” in China’s stock markets with data during 2011-2020. We find that the green stocks outperform the brown ones in China and public climate concern brings the greenium. Based on the phenomenon, with panel regression, we furtherly figure out that the firms’ stock returns are positively correlated with their ESG rating, and public climate concern strengthens the relationship, which suggests that China’s stock investors behavioral bias contributes to greenium.

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关键词：

Greenium China’s stock market Public climate concern ESG rating

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