nep-sbm New Economics Papers
on Small Business Management
Issue of 2023‒05‒01
sixteen papers chosen by
João Carlos Correia Leitão
Universidade da Beira Interior

  1. Firm Size and Financing Behavior during the COVID-19 Pandemic: Evidence from SMEs in Istanbul By Gur Nurullah; Babacan Mehmet; Ahmet Faruk Aysan; Suleyman Selim
  2. Does Emissions Trading Scheme Induce Innovation and Carbon Leakage? Evidence from Japan By Guanyu Lu; Taisuke Sadayuki; Toshi H Arimura
  3. Founder's Human Capital and the Entrepreneurial Process Duration By Shahid, Pirzada Syed Rizwan
  4. The role of localised, recombinant and exogenous technological change in European regions By T.E. Uberti; M.A. Maggioni; E. Marrocu; S. Usai
  5. Unleashing the productive potential of digitalisation in Lithuania By Vassiliki Koutsogeorgopoulou
  6. Resource Reallocation across Firms during the COVID-19 Pandemic: Analysis of productivity dynamics using firm-level micro data (Japanese) By IKEUCHI Kenta; KIM Young Gak; KWON Hyeog Ug; FUKAO Kyoji
  7. The effects of business experience and gender on academic entrepreneurial intention By Vuong, Quan-Hoang; Quang-Loc, Nguyen; Jin, Ruining; Nguyen, Minh_Hieu Thi Dr; Nguyen, Minh-Hoang; Le, Tam-Tri
  8. Different Market Segmentations of Dividend Policies: A Dynamic Panel Data Analysis By Nor Anis Shafai
  9. Identifying Technology Opportunity Using a Dual-attention Model and a Technology-market Concordance Matrix By MOTOHASHI Kazuyuki
  10. Understanding climate-related disclosures of UK financial institutions By Acosta-Smith, Jonathan; Guin, Benjamin; Salgado-Moreno, Mauricio; Vo, Quynh-Anh
  11. Helping Small Businesses become more Data-Driven: A Field Experiment on eBay By Sagit Bar-Gill; Erik Brynjolfsson; Nir Hak
  12. Meaning of packaging and innovation dynamics in a traditional luxury sector: the example of growers’ champagne By Aurélie Ringeval-Deluze; Louis César Ndione
  13. Online communities and entrepreneuring mothers: practices of building, being and belonging By Natalia Vershinina; Nichola Phillips; Maura Mcadam
  14. Search and Performance in Ecosystems: The Changing Role of Product Architectures By Axel Zeijen; Luigi Marengo; Stefano Brusoni
  15. "Business Excellence Model for the Business Performance of Small and Medium Enterprises in Malaysia " By Shahrunnizan bin Moin
  16. The Green Innovation Premium: Evidence from U.S. Patents and the Stock Market By Markus Leippold; Tingyu Yu

  1. By: Gur Nurullah (Istanbul Medipol University); Babacan Mehmet (Istanbul Medipol University); Ahmet Faruk Aysan (HBKU - Hamad Bin Khalifa University); Suleyman Selim (Istanbul Chamber of Commerce)
    Abstract: This paper examines how small and medium-size enterprises (SMEs) in Istanbul managed their financial needs during the COVID-19 pandemic. A unique survey was conducted in May-June 2021 to analyze the effect of the pandemic on financial conditions and access to finance. The paper maps the differences between firms in terms of their financing conditions and behavior based on their size during the pandemic. The novel data set helps to conceptualize the impact of the COVID-19 pandemic on SMEs. The paper makes a contribution to the literature through using a large number of variables related to firms' financial conditions and opportunities (e.g., credit restructuring, debt postponing, capital injection). The paper hypothesizes that SMEs are less likely than large firms to access formal finance opportunities, but they tend to rely more on informal financing. The empirical findings suggest that, during the pandemic, micro and small firms tend to borrow more from their acquaintances, such as relatives and friends. Micro firms are less likely to restructure their outstanding loans, borrow from banks, or inject capital. Furthermore, micro firms tend to cut their costs more to avoid further difficulty in their financial positions. Micro and small firms tend to apply for bank loans less than large firms, while medium-size firms are more likely to apply. Micro and small firms are more inclined to report difficulty in accessing credit.
    Keywords: COVID-19 emerging markets finance small and medium-size enterprises (SMEs) JEL Classifications: D22 G21 H81 COVID-19 emerging markets finance small and medium-size enterprises (SMEs) JEL Classifications: D22 G21 H81, COVID-19, emerging markets, finance, small and medium-size enterprises (SMEs) JEL Classifications: D22, G21, H81 COVID-19, H81
    Date: 2023–02–12
  2. By: Guanyu Lu (Graduate School of Economics, Waseda University); Taisuke Sadayuki (Faculty of Economics, Seijo University); Toshi H Arimura (Faculty of Political Science and Economics, Waseda University)
    Abstract: This study aims to explore if Japan’s environmental regulation, such as its regional emissions trading scheme (ETS), can improve innovation without inducing carbon leakage. Using unique firm-level data for the period from 2003 to 2018, based on the difference-in-differences method, this study investigates how firms address issues such as innovation and outsourcing under Japan’s regional ETS framework. The key findings are as follows. (1) Japan’s regional ETS is effective in improving targeted firms’ innovation during the early stage of the compliance period. (2) Targeted firms that pursued innovation before the ETS promoted subsequent innovations after the ETS. (3) Japan’s regional ETS did not induce the risk of carbon leakage through outsourcing activities. (4) Firms that did not actively encourage innovation increased their outsourcing activities during the compliance period. Based on these findings, we discuss the study implications and directions for future policy design.
    Keywords: Emissions trading scheme, Japan, innovation, carbon leakage, outsourcing activity, difference-in-differences
    JEL: Q48 Q50 Q55 Q56 Q58 Q59
    Date: 2023–03
  3. By: Shahid, Pirzada Syed Rizwan
    Abstract: This thesis presents three quantitative empirical studies, utilising two US cohorts from the harmonised Panel Study of Entrepreneurial Dynamics (PSED), to advance our understanding of the relationship between nascent entrepreneurs’ human capital and duration to different entrepreneurial outcomes. Each chapter provides a distinct perspective across three dimensions: (1) human capital, age and sector impact duration to a profitable outcome, (2) the association of human capital and age with the founder’s exit; and finally, (3) human capital impact on the duration to a profitable outcome with a different spatial scope of sales. Following the introductory chapter, in chapter 2, the human capital perspective is used to investigate how the level of human capital and the founder’s age influence the likelihood of profitable venture creation in a shorter duration. This chapter extends research in nascent entrepreneurship that hitherto has largely overlooked the duration perspective to an entrepreneurial process outcome. This chapter stresses that hi-tech start-up particularly benefits from the nascent entrepreneur’s higher educational attainment in terms of shorter duration until the profitable outcome, and find that age has a non-linear relationship with the speed of the profitable venture outcome. Chapter 3 examines how a founder’s human capital factors and age influence the likelihood of a founder’s exit, and duration to an exit, from the entrepreneurial process. This chapter also extends its focus to human capital interactions to establish which combinations are more likely to reduce an earlier prospect of a founder’s disengagement from the entrepreneurial process. The chapter, also adds to the literature on how founders, with higher human capital, learn quickly and make intelligent choices to disengage without incurring heavy personal and societal costs. A non-linear relationship is found between the founder’s age and the duration to disengagement. Finally, chapter 4, seeks to understand how a founder’s human capital affects the profitable outcome, and the duration to such an outcome, at the different spatial scopes of sales. This paper takes a new approach and adds to the international entrepreneurship literature by clarifying how the founder’s human capital factors impact rapid (born global) and incremental (international new ventures) spatial scope strategies differently. Among the general human capital, a university degree is valuable across all types of spatial scopes of sales in terms of profitable venture creation in a shorter duration. However, start-up experience (specific human capital) only tends to be vital for international scope in terms of the shorter duration to create a profitable new venture. Altogether, the thesis advances our understanding of the important role of the founder’s human capital dimensions in nascent entrepreneurship, in the duration either to a profitable venture creation or to exit, which is underdeveloped in the existing literature. The thesis paves the way for future, both theoretical and empirical research, into nascent entrepreneurship process duration by analysing the direct effects of various aspects of social capital.
    Date: 2023–03–25
  4. By: T.E. Uberti; M.A. Maggioni; E. Marrocu; S. Usai
    Abstract: How do regions develop and evolve along their productive and technological path is a central question. Within an evolutionary perspective, a given region is likely to develop new technologies closer to its pre-existing specialization. We adopt the approach of Hidalgo et al. (2007) to map the regional European technology/knowledge space to investigate the pattern and the evolution of regional specialisation in the most innovative EU countries. These dynamics depend on the interaction of three factors - (i) localised technological change, (ii) endogenous processes of knowledge recombination, and (iii) exogenous technological paradigm shifts while accounting for spatial and technological spillovers. Our paper maps the technological trajectories of 198 EU regions over the period 1986-2010 by using data on 121 patent sectors at the NUTS2 level for the 11 most innovative European countries, plus Switzerland and Norway. The results show that regional technological specialization is mainly shaped by localised technological change and exogenous technological paradigm shifts, whereas recombinant innovation contributes to a lower extent and that these effects largely depends on the increasing, decreasing or stable regional dynamics.
    Keywords: Technology/knowledge space;spatial ordered models.;recombinant innovation;patent analysis;localised technology change;evolutionary economic geography;european regions
    Date: 2023
  5. By: Vassiliki Koutsogeorgopoulou
    Abstract: Lithuania is digitalising its economy with visible success, but much scope remains for the integration of advanced technologies. The COVID-19 crisis confirmed the importance of digitalisation to sustain activity. Increased private investment in innovation is essential to speed up digitalisation. The take-up of R&D tax incentives is low, however, despite relatively generous provisions, and many smaller firms have not been inclined to innovate. More effective public support for business R&D and stronger research-business collaboration on innovation are important. There is also a need to promote digital uptake, especially among smaller firms that lag behind. Improving access to equity finance for young innovative firms, reducing remaining gaps in digital infrastructure, along with better information on digital tools and how to use them, can help smaller firms digitalise. The public sector too has to become more digitalised. Addressing weaknesses in foundational skills through education reforms and responding more effectively to labour market needs for digital skills would enable a wider adoption of advanced technologies and higher productivity growth, while ensuring that the digitalisation dividends are distributed fairly. Increased participation in adult learning, especially among the less educated, is the way forward to adapt to increased job automation in the digital era.
    Keywords: Collaboration, connectivity, digital, innovation, productivity, R&D, skills, technologies
    JEL: J24 O3 O32 I23
    Date: 2023–04–20
  6. By: IKEUCHI Kenta; KIM Young Gak; KWON Hyeog Ug; FUKAO Kyoji
    Abstract: During the COVID-19 pandemic, a substantial shift in demand occurred in the economy, including a decrease in demand for some non-manufacturing industries such as retail, transportation, and restaurants and accommodation services, a downturn in international trade due to the global spread of infections, and an increase in demand for information and communication services due to remote working and other factors. In countries with high labor mobility, such as the United States, active reallocation of resources across industries and firms during and after the pandemic could be observed. On the other hand, in Japan, the reallocation of resources across firms in response to demand shifts may have been sluggish due to the difficulty of laying off regular employees (especially in large firms) and the government’s efforts to maintain employment and prevent bankruptcies through employment adjustment subsidies and special COVID-19 loans. Using firm-level financial data from Tokyo Shoko Research, we examine the reallocation of resources across firms during the COVID-19 pandemic in private-sector production activities in Japan by focusing on developments in productivity dynamics and the share of zombie firms. Our analysis of total factor productivity (TFP) dynamics shows that in 2018–2021, probably due to rigid employment practices, there was a large negative within-firm effect among large firms, and especially large firms operating in the non-manufacturing sector saw a substantial decline in TFP. In contrast, small and medium-sized enterprises (SMEs) experienced increases in TFP during this period due to positive reallocation effects. Especially SMEs engaged in manufacturing saw an acceleration in TFP growth. This suggests that the market selection mechanism functioned mainly for SMEs. Meanwhile, the share of zombie firms, defined as firms with an interest coverage ratio of less than 1 for several years, peaked in 2011 and then gradually declined. Although there has been a small increase since the start of the pandemic in 2020, the increase in 2020–2021 was not particularly pronounced compared to the rapid increase from 2009 to 2011.
    Date: 2023–04
  7. By: Vuong, Quan-Hoang; Quang-Loc, Nguyen; Jin, Ruining; Nguyen, Minh_Hieu Thi Dr; Nguyen, Minh-Hoang; Le, Tam-Tri
    Abstract: Academic entrepreneurship is crucial in the development of human society. Considering the current landscape of academia and business, academic entrepreneurial attempts can be risky, especially for female scientists. Prior knowledge from business experience can be a valuable input in the information process of entrepreneurial intention. Using the information-processing-based Bayesian Mindsponge Framework (BMF), we conducted Bayesian analysis on a dataset of 1027 scientists in Chile. The results show that male scientists likely have higher entrepreneurial intentions than female scientists. In general, experiences of company creation enhances the likelihood of academic entrepreneurial intention, whereas experiences of company failure have no clear effect. However, when considering the interaction with the gender factor, it was found that males have a stronger positive effect from experiences of company creation, and experiences of company failure have a positive effect on entrepreneurial intention in males. The gender differences may be due to inequalities in academia and entrepreneurship, as well as a higher tendency of risk aversion in females. In the modern world where technology is rapidly advancing, more opportunities for academic entrepreneurs are opening up, and at the same time, female scientists can be better empowered, especially in low- and middle-income countries.
    Date: 2023–03–26
  8. By: Nor Anis Shafai (Faculty of Business and Management, Universiti Teknologi MARA, Malaysia Author-2-Name: Noor Hafizha Muhamad Yusuf Author-2-Workplace-Name: Faculty of Business and Management, Universiti Teknologi MARA, Malaysia Author-3-Name: Noor Sharida Badri Shah Author-3-Workplace-Name: Faculty of Business and Management, Universiti Teknologi MARA, Malaysia Author-4-Name: Norhisam Bulot Author-4-Workplace-Name: Faculty of Business and Management, Universiti Teknologi MARA, Malaysia Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:)
    Abstract: " Objective - Despite much previous research on the issue, dividend policy remains an unsolved conundrum in corporate finance. By considering this, the goal of this research is to use the Generalized Method of Moments to examine dividend behaviour by identifying the key determinants of dividend policy in three different countries with different market microstructures: Singapore (developed market), Malaysia (developing market), and Saudi Arabia (emerging market). Methodology/Technique - The study uses data from each country's top 100 listed firms from 2007 until 2016. The results suggest that different determinants influence firms' dividend policies for the three countries. Findings - For Singapore as a developed market, profitability, and size are shown to be significantly and positively related to the dividend payout ratio, whereas leverage, business risk, and growth opportunities exert a significant negative effect. Meanwhile, for Malaysia (a developing market), only firm size is a significant and positive determinant. However, leverage and business risk are negatively and significantly associated with the dividend payout ratio. Conversely, for Saudi Arabia as an emerging market, firm size and leverage positively and negatively influence the dividend payout ratio. Novelty - Therefore, this study employed the generalized method of moments (GMM) to uncover novel discoveries. The findings should motivate analysts, policymakers, institutional investors, and investors to investigate the dividend policy conundrum, mainly for three different market segmentations. Type of Paper - Empirical."
    Keywords: Dividend behaviour, market microstructure, and Generalized Method of Moments.
    JEL: G32 M14
    Date: 2023–03–31
  9. By: MOTOHASHI Kazuyuki
    Abstract: To understand the role of new technologies in innovation, it is crucial to develop a methodology that links technology and market information. Conventionally, the relationship between technology and the market has been analyzed using a technology-industry concordance matrix, but the granularity of market information is confined by industrial classification systems. In this study, we propose a new methodology for extracting keyword-level market information related to firms’ technology. Specifically, we developed a dual-attention model to identify technical keywords from firms’ websites. We then vectorized the market information (extracted keywords) and technology information (patents) using word embedding to construct technology-market concordance matrices. Matrices were generated based on a group of high-growth companies that suggest new technologies and market opportunities in the automotive, electronics, and pharmaceutical industries.
    Date: 2023–03
  10. By: Acosta-Smith, Jonathan (Bank of England); Guin, Benjamin (Bank of England); Salgado-Moreno, Mauricio (Bank of England); Vo, Quynh-Anh (Bank of England)
    Abstract: Climate-related disclosures reduce information asymmetries between firms and investors and help transition to a net zero economy. However, disclosure practices might differ across firms. We explore the determinants of firm disclosures by creating a unique, firm-level panel data set on climate-related disclosures of UK financial institutions. To that end, we apply Natural Language Processing techniques with Machine Learning classifiers on unique textual data which we hand-collected from their published reports. We document differences in disclosure levels across financial institutions with different sizes and over time. We show that climate‑related policy communications in the form of regulatory guidance on future mandatory disclosures is associated with a catch-up by firms previously disclosing less.
    Keywords: Climate-related disclosures; market discipline; Task Force on Climate-Related Financial Disclosures (TCFD) and Natural Language Processing (NLP).
    JEL: C40 C80 G20
    Date: 2023–03–10
  11. By: Sagit Bar-Gill; Erik Brynjolfsson; Nir Hak
    Abstract: As more and more activities in the economy become digitized, analytics and data-driven decision-making (DDD) are becoming increasingly important. The adoption of analytics and DDD has been slower in small-to-medium enterprises (SMEs) compared to large firms, and reliable causal estimates of the impacts of analytics tools for small businesses have been lacking. We derive experiment-based estimates of the effect of an analytics tool on SME outcomes, analyzing the randomized introduction of eBay’s Seller Hub (SH), a data-rich seller dashboard. We find that SH adoption is associated with increased DDD, and that access to SH increases e-retailers’ revenues by 3.6% on average, as more items are transacted and service quality increases, without increases in average prices. Our results suggest that analytics and DDD help SMEs establish a competitive advantage. Managerial practices play an important role in reaping the benefits from the analytics dashboard, as over a third of the SH impact is driven by active performance monitoring. This suggests that digital platforms could increase revenues by supporting the adoption of analytics tools by SMEs. Furthermore, policies supporting small businesses' transition to the data era could address gaps in analytics and data-driven decision-making (DDD) by providing access to tools such as SH, as well as offering appropriate managerial training.
    JEL: L1 L86 M15 M3 O3 O30
    Date: 2023–03
  12. By: Aurélie Ringeval-Deluze (REGARDS - Recherches en Économie Gestion AgroRessources Durabilité Santé- EA 6292 - URCA - Université de Reims Champagne-Ardenne - MSH-URCA - Maison des Sciences Humaines de Champagne-Ardenne - URCA - Université de Reims Champagne-Ardenne); Louis César Ndione (REGARDS - Recherches en Économie Gestion AgroRessources Durabilité Santé- EA 6292 - URCA - Université de Reims Champagne-Ardenne - MSH-URCA - Maison des Sciences Humaines de Champagne-Ardenne - URCA - Université de Reims Champagne-Ardenne)
    Abstract: Based on a semiotic analysis of the packaging of 10 0 winegrowers champagnes in association with 19 expert interviews, we identify the traditional "champagne codes" as well as the means of packaging innovation and the major tensions that they reveal for this product category. We are thus completing the marketing literature on the packaging of prestige wines.
    Abstract: À partir d'une analyse sémiotique du packaging de 100 champagnes de vignerons complétée par 19 entretiens d'experts, nous identifions les « codes champagne » traditionnels ainsi que les leviers de l'innovation-packaging et les grandes tensions qu'ils révèlent pour cette catégorie de produits. Nous complétons ainsi la littérature marketing portant sur le packaging des vins de prestige.
    Keywords: Semiotic analysis, packaging innovation, champagne, Analyse sémiotique, innovation-packaging
    Date: 2021–06
  13. By: Natalia Vershinina (Audencia Recherche - Audencia Business School); Nichola Phillips (DMU - De Montfort University [Leicester, United Kingdom]); Maura Mcadam (DCU - Dublin City University [Dublin])
    Abstract: Informed by contributions of Professor Alistair Anderson to the social perspective of entrepreneurship, rooted in social relationships and social capital, this article examines how members of an online community collectively interpret and negotiate the challenges of pursuing entrepreneurship alongside parenthood. This article adopts a multi-staged research design, incorporating netnography, participant observation, and qualitative semi-structured interviews. The analysis reveals the critical role of networking in how entrepreneuring women construct and maintain community connections and distinguishes between three dimensions of community engagement: Building, Being and Belonging. Drawing on communities of practice as an analytical lens, we offer new insights into the form and function of communal entrepreneurial practices facilitated by the digital environment.
    Keywords: Entrepreneurship, motherhood, online communities, communities of practice, gender
    Date: 2022–06–06
  14. By: Axel Zeijen; Luigi Marengo; Stefano Brusoni
    Abstract: A crucial assumption in organization theory is that product architectures form a stable basis on which firms make strategic choices, over a period of time. However, emerging digital technologies challenge this idea, by allowing firms to redesign architectures at will. In this paper, we explore this novel phenomenon, its effects, and its theoretical implications. We develop an NK model suitable for studying (i) variable interdependence structures between components and (ii) the dynamics of search and adaptation in ecosystems. We find that the possibility to redesign product architectures undercuts the stability on which vertical relationships are based. We distinguish two pathways through which firms can benefit from redesigning product architectures: by enhancing the fitness landscape (landscape redesigns) or by altering the conditions on which inter-firm coordination is based (ecosystem redesigns). The availability of these two pathways depends on a firm's positioning (vertical scope and location in the value chain). Our results shed light on the changing role of interdependence structures in ecosystems, the differential advantages of integration and specialization strategies, and the effects of digital technologies in both technical and organizational domains.
    Keywords: Digital technologies; ecosystems; firms' boundaries.
    Date: 2023–04–13
  15. By: Shahrunnizan bin Moin (Faculty of Business & Management, 40450, Shah Alam, Malaysia Author-2-Name: Saridan bin Abu Bakar Author-2-Workplace-Name: Assoc. Prof, Arshad Ayub Graduate Business School (AAGBS), UiTM, 40450, Shah Alam, Malaysia Author-3-Name: Muhammad Faizal bin Samat Author-3-Workplace-Name: Dr, Faculty of Business & Management, 40450, Shah Alam, Malaysia Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:)
    Abstract: "Objective - Small and Medium Enterprises (S.M.E.s), including Malaysia, have been recognized as a critical economic development engine globally. S.M.E.s' economic contribution includes their share of total establishments, employment, Gross Domestic Product (G.D.P.), and total export. Methodology/Technique - S.M.E.s comprise 97.4 percent of business establishments, provide 59 percent of total employment, and are the major contributor to economic growth. Although S.M.E.s play a pivotal role in economic development due to their significant proportion, their business performance remains a topic of debate. The S.M.E.s' business performance has shown slow growth while recording low productivity compared to large firms. This paper aims to develop a comprehensive Business Excellent Model (B.E.M.) that is exclusively and mutually for the business performance of S.M.E.s by investigating each criterion of the Business Excellent Model. Finding - The B.E.M. was developed by reviewing the literature on the issue from local and global contexts. Previous studies have shown that S.M.E.s require a suitable B.E.M. to catalyze their business performance. The S.M.E.s need to have seven criteria which comprise (a) leadership, (b) strategy, (c) information, (d) customer, (e) workforce, (f) process, and (g) results that are exclusively and mutually for S.M.E.s' business performance. Novelty - Finally, the literature's conclusion helps evaluate the critical issues of slow-growing and unproductive S.M.E.s in Malaysia. Furthermore, understanding every criterion of the B.E.M. would also ascertain which measures should be included in the B.E.M. for S.M.E.s. Type of Paper - Review"
    Keywords: Small and Medium Enterprises; Business Performance; Excellent Business Model; Resource-Based View Theory; Productivity Gap.
    JEL: M10 M11
    Date: 2023–03–31
  16. By: Markus Leippold (University of Zurich; Swiss Finance Institute); Tingyu Yu (University of Zurich)
    Abstract: This paper investigates if firms’ green innovation efforts are reflected in their stock market prices. Firms with a higher proportion of green patents experience lower stock returns than those with a lower percentage. A long-short portfolio based on green patent shares has an average annual return of 8%, which remains significant when we control for common risk factors. However, firms with high green patent shares outperform their counterparts after events that increase climate concerns and strengthen environmental regulations. Moreover, firms with green innovation attract more institutional ownership and can weakly decrease their future carbon intensity and incident involvement.
    Keywords: Green patents, cross-section of stock returns, event study, institutional investors
    JEL: G12 G14 O34 Q55
    Date: 2023–03

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