تجزیه و تحلیل اثرات ثروت از استراتژی های بازاریابی سبز

Event study methodology is used to examine the wealth effects, or stock price reactions, to corporate announcements of green marketing activities. Two procedures for measuring stock price reactions and two different tests of significance are used in the study. The results for the sample of 73 firms show that the market value for the average firm in the sample declines by 3.14% during the period from 10 days prior to 10 days after the news is announced. Announcements related to green products, recycling efforts, and appointments of environmental policy managers result in insignificant stock price reactions. However, announcements for green promotional efforts produce significantly negative stock price reactions. Sampling by financial and operational characteristics shows that firms with higher growth in earnings, larger firms, and firms with higher advertising-to-sales ratios experience relatively less negative stock price reactions. Managerial implications of the results and directions for future research are also presented.

The overall results of this study indicate that, in general, corporate news regarding green marketing activities is not well received by investors. The average firm in the sample loses a statistically significant 3.14% of its market value in the 20 days surrounding the announcement date. Four subsamples of announcements, classified by major marketing strategies, showed slightly different results. For three subsamples, those related to announcements of green products, recycling efforts, and appointments of environmental policy managers, the null hypotheses of no significant stock price reactions could not be rejected. These results suggest that, in general, announcements related to these three categories of green marketing strategies are viewed neither positively nor negatively by investors. In contrast, announcements related to green promotions produce significantly negative stock price reactions. These results suggest that investors consider green promotional strategies to be value-destroying in nature. Three measures of a firm's financial performance—growth in earnings per share, firm size, and the advertising-to-sales ratio—were also used in the analysis. The results show that stock price reactions are more positive for firms with relatively higher growth in earnings per share, for relatively larger firms, and for firms with relatively higher advertising-to-sales ratios. These results have important managerial implications.