환경 특허출원, 기후위험 및 주가급락위험 간의 관계에 관한 연구

초록

This study investigates whether corporate green patenting serves as a credible signal that reduces stock price crash risk (SPCR). Drawing on signaling theory, this study argues that green patents help alleviate information asymmetry and thereby mitigate downside risk. Using panel data from manufacturing firms listed on the Korea Exchange between 2011 and 2021, this study finds that green patenting activity is significantly associated with lower SPCR. The mitigating effect is more pronounced among firms with greater exposure to climate risks, as measured by carbon intensity and energy intensity. An additional analysis indicates that climate risk amplifies the effect of green patents, but not that of non-green patenting, suggesting that only green patenting carries differentiated signaling value under climate risk. Overall, this study provides new evidence on the financial implications of green innovation and highlights the contextual importance of climate risk in strengthening the signaling value of green patenting.

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