References (37)



Corporate Governance and Green Innovation

Mario Daniele Amore

Bocconi University

Morten Bennedsen

INSEAD - Economics and Political Sciences

November 11, 2015

Journal of Environmental Economics and Management, Forthcoming

We study the relationship between corporate governance and firms’ environmental innovation. Exploiting changes in antitakeover legislation in the US, we show that worse governed firms generate fewer green patents relative to all their innovations. This negative effect is greater for firms with a smaller share of institutional ownership, with a smaller stock of green patents, and with more binding financial constraints. Investigating regulatory and industry variations, we also find more pronounced effects for firms operating in states with lower pollution abatement costs, and in sectors less dependent on energy inputs. Overall, our results suggest that ineffective corporate governance may constitute a major obstacle to environmental efficiency.

Number of Pages in PDF File: 52

Keywords: corporate governance, environment, green innovation, patents

JEL Classification: G34, O31, Q20, Q55

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Date posted: February 13, 2013 ; Last revised: November 11, 2015

Suggested Citation

Amore, Mario Daniele and Bennedsen, Morten, Corporate Governance and Green Innovation (November 11, 2015). Journal of Environmental Economics and Management, Forthcoming. Available at SSRN: http://ssrn.com/abstract=2215753 or http://dx.doi.org/10.2139/ssrn.2215753

Contact Information

Mario Daniele Amore (Contact Author)
Bocconi University ( email )
Via Sarfatti, 25
Milan, MI 20136
Morten Bennedsen
INSEAD - Economics and Political Sciences ( email )
Boulevard de Constance
F-77305 Fontainebleau Cedex


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