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Article

Green Recovery: How Are Environmental Stocks Doing?

Catherine Boulatoff and Carol Marie Boyer
The Journal of Wealth Management Fall 2009, 12 (2) 9-20; DOI: https://doi.org/10.3905/jwm.2009.12.2.009
Catherine Boulatoff
is an assistant professor in the department of economics at St. Lawrence University in Canton, NY.
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  • For correspondence: cboulatoff@stlawu.edu
Carol Marie Boyer
is an assistant professor in finance at College of Management, Long Island University in Brookville, NY.
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  • For correspondence: carol.boyer@liu.edu
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Abstract

With a focus on 310 “green” companies, in the industries of biomass, biofuels, clean tech indexes, efficiency, energy storage, fuel cells, geothermal, recycling, green chemicals, environmental building, renewable energy project developers, solar energy, environmentally conscious transportation, and water and wind energy, this article tests the hypothesis that green companies’ financial performance follows that of traditional companies. It also examines how different countries excel at developing environmental solutions in different areas and illuminates the reasons for their successes. Such reasons might include government investment or tax incentives. Finally, this article analyzes how different industries have been performing over time. Key variables investigated include differences in capital expenditures, such as research and development and the sources of firms’ financing. Findings suggest that Nasdaq firms outperform the green firms, although certain green industries dominate the Nasdaq. Other significant results relate to larger equity shares held by insiders in environmental firms. Finally, green firms have larger R&D and capital expenditures compared and better corporate governance than Nasdaq firms.

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The Journal of Wealth Management: 12 (2)
The Journal of Wealth Management
Vol. 12, Issue 2
Fall 2009
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Green Recovery: How Are Environmental Stocks Doing?
Catherine Boulatoff, Carol Marie Boyer
The Journal of Wealth Management Jul 2009, 12 (2) 9-20; DOI: 10.3905/jwm.2009.12.2.009

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Green Recovery: How Are Environmental Stocks Doing?
Catherine Boulatoff, Carol Marie Boyer
The Journal of Wealth Management Jul 2009, 12 (2) 9-20; DOI: 10.3905/jwm.2009.12.2.009
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  • Article
    • Abstract
    • GREEN INVESTING
    • DESCRIPTIVE RESULTS
    • ECONOMETRIC RESULTS
    • CONCLUDING REMARKS
    • APPENDIX 1
    • APPENDIX 2
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