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題名 綠色創新與內部人交易之探討
Green Innovation and Insider Trading作者 陳宣瑋
Chen, Hsuan-Wei貢獻者 車倫周
Cha, Yun Ju
陳宣瑋
Chen, Hsuan-Wei關鍵詞 綠色創新
內部人交易
淨買入比率
Green Innovation
Insider Trading
Net Purchase Ratio日期 2025 上傳時間 4-Aug-2025 14:06:27 (UTC+8) 摘要 本研究旨在探討內部人是否透過對公司未來綠色創新資訊的瞭解進行股權交易決策。在永續投資興起與綠色創新日益受重視的背景下，內部人交易行為提供觀察創新價值的獨特視角。我使用2003年至2022年間美國上市公司之資料，實證發現當年度的內部人淨買入比率（NPR）愈高，下一年度該公司申請的綠色專利數量與其後續被引用次數也愈多。此結果在採用Poisson模型與最高階內部人的交易樣本時仍具顯著性。此外，內部人在重大綠色專利（被引用數排名前5%）公開前的股票購買，往後可帶來顯著的長期超額報酬。研究結果顯示，內部人能夠預先掌握綠色創新的潛在價值，並據此進行獲利交易，顯示出綠色創新專利之隱含價值。
We examine whether insider purchases reflect private information about forthcoming green innovation. Observing Insider trading activities offer a unique lens to the value of green innovations. Using panel data on U.S. public firms from 2003 to 2022, we find that higher insider net purchase ratios (NPR) in a year are associated with more green patent applications and forward citations in the next year. This relationship is robust to Poisson models and alternative top executives. Furthermore, insider purchases preceding breakthrough green patents are followed by significantly positive long-term abnormal returns. Our findings suggest that insiders act on private foresight into green innovation and its future value, and their purchasing activities offer insights into the value of green innovation.參考文獻 Andriosopoulos, D., Czarnowski, P., and Marshall, A. P. (2022). Does green innovation increase shareholder wealth? Working Paper, SSRN, 4012633. Angelucci, S., Hurtado-Albir, J., and Volpe, A. (2018). Supporting global initiatives on climate change: The EPO's “Y02-Y04S” tagging scheme. World Patent Information, Vol. 54, Supplement, pp. S85-S9. Baesel, J. B., Stein, G. R. (1979). The value of information: Inferences from the profitability of insider trading. The Journal of Financial and Quantitative Analysis, Vol. 14, No. 3, pp. 553-571. Boltan, P. and Kacperczyk, M. (2021). Do investors care about carbon risk? Journal of Financial Economics, Vol. 142, Issue 2, pp. 517-549. Bonaimé, A. A., and Ryngaert, M. D. (2013). Insider trading and share repurchases: Do insiders and firms trade in the same direction? Journal of Corporate Finance, Vol. 22, pp. 35-53. Block, J., Lambrecht, D., Willeke, T., Cucculelli, M., and Meloni, D. (2025). Green patents and green trademarks as indicators of green innovation. Research Policy, Vol. 54, Issue 1, 105138. Bostan, I., and Mian, M. (2023). Do insiders trade on innovation? Journal of Contemporary Accounting & Economics, Vol. 19, Issue 1, 100350. Chemmanur, T. J., and Paeglis I. (2005). Management quality, certification, and initial public offerings. Journal of Financial Economics, Vol. 76, Issue 2, pp. 331-368. Chirico, F., Eddleston K. A., and Patel P. C. (2025). Does it Pay to Patent Green Innovations? Stock Market Reactions to Family and Nonfamily Firms’ Green Patents. Journal of Business Ethics, Vol. 198, pp. 947-970. Chen, F., Chen, Z., and Zhang, Xin. (2024). Belated stock returns for green innovation under carbon emissions trading market. Journal of Corporate Finance Volume 85, April 2024, 102558, Vol. 85, 102558. Chen, Y., Lai S., and Wen, C. (2006). The Influence of Green Innovation Performance on Corporate Advantage in Taiwan. Journal of Business Ethics, Vol. 67, pp. 331–339. Comanor, W.S., and Scherer, F. M. (1969). Patent statistics as a measure of technical change. Journal of Political Economy, Vol. 77, pp. 392-398. Dai, L., Fu, R., Kang, J., and Lee, I. (2016). Corporate governance and the profitability of insider trading. Journal of Corporate Finance, Vol. 40, pp.235-253. Dass, N., Nanda, V., and Xiao, S. C. (2017). Truncation bias corrections in patent data: Implications for recent research on innovation. Journal of Corporate Finance, Vol. 44, pp. 353-374. Damodaran, A., and Liu, C. (1993). Insider Trading as a Signal of Private Information, The Review of Financial Studies, Vol. 6, Issue 1, pp. 79–119. Fama, E., and French, K. (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, Vol. 33, Issue 1, pp, 3-56. Farza, K., Ftiti, Z., Hlioui, Z., Louhichi, W., and Omri, A. (2021). Does it pay to go green? The environmental innovation effect on corporate financial performance. Journal of Environmental Management, Vol. 300, 113695. Forsman, H. (2013). Environmental Innovations as a Source of Competitive Advantage or Vice Versa? Business Strategy and the Environment, Vol. 22, Issue 5, pp. 306-320. Frankel, R., and Li, X., (2004). Characteristics of a firm’s information environment and the information asymmetry between insiders and outsiders. Journal of Accounting and Economics, Vol. 37, pp. 229-259. Franks, J., Harris, R., and Titman, S. (1991). The postmerger share-price performance of acquiring firms. Journal of Financial Economics, Vol. 29, Issue. 1, pp. 81-96. Hall, B. H., Jaffe, A., and Trajtenberg, M. (2005). Market value and patent citations. The RAND Journal of Economics, Vol. 36, No. 1, pp. 16-38. Hao, X., Chen, F., and Chen, Z. (2022). Does green innovation increase enterprise value? Business Strategy and the Environment, Vol. 31, Issue 3, pp. 1232–1247. Hausman, J., Hall, B. H., and Griliches, Z. (1984). Econometric Models for Count Data with an Application to the Patents-R & D Relationship. Econometrica, Vol. 52, No. 4, pp. 909-938. Hirshleifer, D., Hsu, P., and Li, D. (2018). Innovative Originality, Profitability, and Stock Returns. The Review of Financial Studies, Vol. 31, Issue 7, pp. 2553–2605. Hirshleifer, D., Teoh, S. H., and Low, A. (2012). Are Overconfident CEOs Better Innovators? Journal of Finance, Vol. 67, Issue 4, pp.1457-1498. Hussinger, K., Dick, J. M. H., and Czarnitzki, D. (2018). Ownership concentration and innovativeness of corporate ventures. Research Policy, Vol. 47, Issue 2, pp. 527-541. Huddart, S. J., and Ke B. (2007). Information Asymmetry and Cross-sectional Variation in Insider Trading. Contemporary Accounting Research, Vol. 24, Issue 1, pp. 195-232. Kogan, L., Papanikolaou, D., Seru, A., and Stoffman, N. (2017). Technological Innovation, Resource Allocation, and Growth. The Quarterly Journal of Economics, Vol. 132, Issue 2, pp. 665–712. Kose, J., and Mishra, B. (1990). Information Content of Insider Trading Around Corporate Announcements: The Case of Capital Expenditures. The Journal of Finance, Vol. 45, Issue 3, pp. 835-855. Kruse, T., Mohnen, M., Pope, P., and Sato, M. (2020a). Green revenues, profitability and market valuation: Evidence from a global firm level dataset. Working Paper Kuang, H. and Liang, B. (2022). Climate-related innovations: Economic value and risk mitigation. Working Paper, SSRN, 4150960. Lakonishok, J., and Lee, I. (2001). Are Insider Trades Informative? The Review of Financial Studies, The Review of Financial Studies, Vol. 14, Issue 1, pp. 79–111. Leippold, M., and Yu, T. (2024). Are Green Innovations Priced? Evidence Beyond Patents. Swiss Finance Institute Research Paper, No. 23-21. Levine, R., Lin, C., and Wei, L. (2017). Insider Trading and Innovation. The Journal of Law and Economics, University of Chicago Press, Vol. 60, No. 4, pp. 749-800. Li, X., Hu, Z., and Zhang, Q. (2021). Environmental regulation, economic policy uncertainty, and green technology innovation. Clean Technologies and Environmental Policy, Vol. 23, pp. 2975-2988. Lv, X., Liu, T., Dong, W., and Su, W. (2023). The market value of green innovation: A comparative analysis of global renewable energy firms. Finance Research Letters, Elsevier, Vol. 51(C). Macchioni, R., Fiondella, C., and Prisco, M. (2024). The value relevance of environmental innovation: Evidence from European Union context. Journal of Cleaner Production, Vol. 446, 141246. Meng, Q., Peng, T., Song, X., and Wang, S. (2024). Green innovation and IPO return: Evidence from China. International Review of Economics & Finance, Elsevier, Vol. 93(PA), pp. 660-677. Ng, A. C., and Rezaee, Z. (2015). Business sustainability performance and cost of equity capital. Journal of Corporate Finance, Vol. 34, pp. 128-149. Reza, S. W. and Wu, Y. (2024). The value of green innovation. Working Paper, SSRN 4212739. Rajaiya, H. (2023). Innovation Success and Capital Structure, Journal of Corporate Finance, Vol. 79, 102345. Ryan, S. G., Tucker, J. W., and Zhou, Y. (2016). Securitization and Insider Trading Available to Purchase. The Accounting Review Vol. 91, Issue 2, pp. 649–675. Przychodzen, W., Leyva-de la Hiz, D. I., and Przychodzen, J. (2019). First-mover advantages in green innovation—Opportunities and threats for financial performance: A longitudinal analysis. Corporate Social Responsibility and Environment Management, Vol. 27, Issue1, pp. 339-357. Seyhun, H. N. (1986). Insiders' profits, costs of trading, and market efficiency. Journal of Financial Economics, Vol. 16, Issue 2, pp. 189-212. Suk, I., and Wang, M. (2021). Does target firm insider trading signal the target's synergy potential in mergers and acquisitions? Journal of Financial Economics, Vol. 142, Issue 3, pp. 1155-1185. Sunder, J., Sunder, S. V., and Zhang, J. (2017). Pilot CEOs and corporate innovation. Journal of Financial Econimics, Vol. 123, Issue 1, pp. 209-224. Trajtenberg, M. (1990). A Penny for Your Quotes: Patent Citations and the Value of Innovations. The RAND Journal of Economics, Vol. 21, No. 1, pp. 172-187. 描述 碩士
國立政治大學
財務管理學系
111357016資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111357016 資料類型 thesis dc.contributor.advisor 車倫周 zh_TW dc.contributor.advisor Cha, Yun Ju en_US dc.contributor.author (Authors) 陳宣瑋 zh_TW dc.contributor.author (Authors) Chen, Hsuan-Wei en_US dc.creator (作者) 陳宣瑋 zh_TW dc.creator (作者) Chen, Hsuan-Wei en_US dc.date (日期) 2025 en_US dc.date.accessioned 4-Aug-2025 14:06:27 (UTC+8) - dc.date.available 4-Aug-2025 14:06:27 (UTC+8) - dc.date.issued (上傳時間) 4-Aug-2025 14:06:27 (UTC+8) - dc.identifier (Other Identifiers) G0111357016 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158501 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理學系 zh_TW dc.description (描述) 111357016 zh_TW dc.description.abstract (摘要) 本研究旨在探討內部人是否透過對公司未來綠色創新資訊的瞭解進行股權交易決策。在永續投資興起與綠色創新日益受重視的背景下，內部人交易行為提供觀察創新價值的獨特視角。我使用2003年至2022年間美國上市公司之資料，實證發現當年度的內部人淨買入比率（NPR）愈高，下一年度該公司申請的綠色專利數量與其後續被引用次數也愈多。此結果在採用Poisson模型與最高階內部人的交易樣本時仍具顯著性。此外，內部人在重大綠色專利（被引用數排名前5%）公開前的股票購買，往後可帶來顯著的長期超額報酬。研究結果顯示，內部人能夠預先掌握綠色創新的潛在價值，並據此進行獲利交易，顯示出綠色創新專利之隱含價值。 zh_TW dc.description.abstract (摘要) We examine whether insider purchases reflect private information about forthcoming green innovation. Observing Insider trading activities offer a unique lens to the value of green innovations. Using panel data on U.S. public firms from 2003 to 2022, we find that higher insider net purchase ratios (NPR) in a year are associated with more green patent applications and forward citations in the next year. This relationship is robust to Poisson models and alternative top executives. Furthermore, insider purchases preceding breakthrough green patents are followed by significantly positive long-term abnormal returns. Our findings suggest that insiders act on private foresight into green innovation and its future value, and their purchasing activities offer insights into the value of green innovation. en_US dc.description.tableofcontents 1. Introduction 3 2. Literature Review 6 2.1 Green Innovation 7 2.2 Insider Trade Activities 8 3. Hypothesis Development 8 3.1 Relationship between firm green patent applications and insider net purchase 9 3.2 Relationship between firm citation received on green patents and insider net purchase 9 3.3 Relationship between firm patent applications and top executive insider net purchase 10 3.4 Abnormal returns from insider purchase 10 4. Research Design 11 4.1 Data 11 4.2 Variable description 13 4.2.1 Green Innovation 13 4.2.2 Insider Trading Activities 13 4.3 Summary Statistics 14 4.4 Empirical models 15 5. Results 18 5.1 Green Innovation and Insider Purchase Ratio: OLS Regression (Main Evidence) 18 5.2 Green Innovation and Insider Purchase Ratio: Poisson Regression 18 5.3 Top Executives and Innovation-Linked Insider Trading 19 5.4 Post-Purchase Abnormal Returns: Calendar-Time Portfolio Analysis 19 6. Conclusion 20 Reference List 22 Appendix A: Definition of Variables 26 zh_TW dc.format.extent 729904 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111357016 en_US dc.subject (關鍵詞) 綠色創新 zh_TW dc.subject (關鍵詞) 內部人交易 zh_TW dc.subject (關鍵詞) 淨買入比率 zh_TW dc.subject (關鍵詞) Green Innovation en_US dc.subject (關鍵詞) Insider Trading en_US dc.subject (關鍵詞) Net Purchase Ratio en_US dc.title (題名) 綠色創新與內部人交易之探討 zh_TW dc.title (題名) Green Innovation and Insider Trading en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Andriosopoulos, D., Czarnowski, P., and Marshall, A. P. (2022). Does green innovation increase shareholder wealth? Working Paper, SSRN, 4012633. Angelucci, S., Hurtado-Albir, J., and Volpe, A. (2018). Supporting global initiatives on climate change: The EPO's “Y02-Y04S” tagging scheme. World Patent Information, Vol. 54, Supplement, pp. S85-S9. Baesel, J. B., Stein, G. R. (1979). The value of information: Inferences from the profitability of insider trading. The Journal of Financial and Quantitative Analysis, Vol. 14, No. 3, pp. 553-571. Boltan, P. and Kacperczyk, M. (2021). Do investors care about carbon risk? Journal of Financial Economics, Vol. 142, Issue 2, pp. 517-549. Bonaimé, A. A., and Ryngaert, M. D. (2013). Insider trading and share repurchases: Do insiders and firms trade in the same direction? Journal of Corporate Finance, Vol. 22, pp. 35-53. Block, J., Lambrecht, D., Willeke, T., Cucculelli, M., and Meloni, D. (2025). Green patents and green trademarks as indicators of green innovation. Research Policy, Vol. 54, Issue 1, 105138. Bostan, I., and Mian, M. (2023). Do insiders trade on innovation? Journal of Contemporary Accounting & Economics, Vol. 19, Issue 1, 100350. Chemmanur, T. J., and Paeglis I. (2005). Management quality, certification, and initial public offerings. Journal of Financial Economics, Vol. 76, Issue 2, pp. 331-368. Chirico, F., Eddleston K. A., and Patel P. C. (2025). Does it Pay to Patent Green Innovations? Stock Market Reactions to Family and Nonfamily Firms’ Green Patents. Journal of Business Ethics, Vol. 198, pp. 947-970. Chen, F., Chen, Z., and Zhang, Xin. (2024). Belated stock returns for green innovation under carbon emissions trading market. Journal of Corporate Finance Volume 85, April 2024, 102558, Vol. 85, 102558. Chen, Y., Lai S., and Wen, C. (2006). The Influence of Green Innovation Performance on Corporate Advantage in Taiwan. Journal of Business Ethics, Vol. 67, pp. 331–339. Comanor, W.S., and Scherer, F. M. (1969). Patent statistics as a measure of technical change. Journal of Political Economy, Vol. 77, pp. 392-398. Dai, L., Fu, R., Kang, J., and Lee, I. (2016). Corporate governance and the profitability of insider trading. Journal of Corporate Finance, Vol. 40, pp.235-253. Dass, N., Nanda, V., and Xiao, S. C. (2017). Truncation bias corrections in patent data: Implications for recent research on innovation. Journal of Corporate Finance, Vol. 44, pp. 353-374. Damodaran, A., and Liu, C. (1993). Insider Trading as a Signal of Private Information, The Review of Financial Studies, Vol. 6, Issue 1, pp. 79–119. Fama, E., and French, K. (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, Vol. 33, Issue 1, pp, 3-56. Farza, K., Ftiti, Z., Hlioui, Z., Louhichi, W., and Omri, A. (2021). Does it pay to go green? The environmental innovation effect on corporate financial performance. Journal of Environmental Management, Vol. 300, 113695. Forsman, H. (2013). Environmental Innovations as a Source of Competitive Advantage or Vice Versa? Business Strategy and the Environment, Vol. 22, Issue 5, pp. 306-320. Frankel, R., and Li, X., (2004). Characteristics of a firm’s information environment and the information asymmetry between insiders and outsiders. Journal of Accounting and Economics, Vol. 37, pp. 229-259. Franks, J., Harris, R., and Titman, S. (1991). The postmerger share-price performance of acquiring firms. Journal of Financial Economics, Vol. 29, Issue. 1, pp. 81-96. Hall, B. H., Jaffe, A., and Trajtenberg, M. (2005). Market value and patent citations. The RAND Journal of Economics, Vol. 36, No. 1, pp. 16-38. Hao, X., Chen, F., and Chen, Z. (2022). Does green innovation increase enterprise value? Business Strategy and the Environment, Vol. 31, Issue 3, pp. 1232–1247. Hausman, J., Hall, B. H., and Griliches, Z. (1984). Econometric Models for Count Data with an Application to the Patents-R & D Relationship. Econometrica, Vol. 52, No. 4, pp. 909-938. Hirshleifer, D., Hsu, P., and Li, D. (2018). Innovative Originality, Profitability, and Stock Returns. The Review of Financial Studies, Vol. 31, Issue 7, pp. 2553–2605. Hirshleifer, D., Teoh, S. H., and Low, A. (2012). Are Overconfident CEOs Better Innovators? Journal of Finance, Vol. 67, Issue 4, pp.1457-1498. Hussinger, K., Dick, J. M. H., and Czarnitzki, D. (2018). Ownership concentration and innovativeness of corporate ventures. Research Policy, Vol. 47, Issue 2, pp. 527-541. Huddart, S. J., and Ke B. (2007). Information Asymmetry and Cross-sectional Variation in Insider Trading. Contemporary Accounting Research, Vol. 24, Issue 1, pp. 195-232. Kogan, L., Papanikolaou, D., Seru, A., and Stoffman, N. (2017). Technological Innovation, Resource Allocation, and Growth. The Quarterly Journal of Economics, Vol. 132, Issue 2, pp. 665–712. Kose, J., and Mishra, B. (1990). Information Content of Insider Trading Around Corporate Announcements: The Case of Capital Expenditures. The Journal of Finance, Vol. 45, Issue 3, pp. 835-855. Kruse, T., Mohnen, M., Pope, P., and Sato, M. (2020a). Green revenues, profitability and market valuation: Evidence from a global firm level dataset. Working Paper Kuang, H. and Liang, B. (2022). Climate-related innovations: Economic value and risk mitigation. Working Paper, SSRN, 4150960. Lakonishok, J., and Lee, I. (2001). Are Insider Trades Informative? The Review of Financial Studies, The Review of Financial Studies, Vol. 14, Issue 1, pp. 79–111. Leippold, M., and Yu, T. (2024). Are Green Innovations Priced? Evidence Beyond Patents. Swiss Finance Institute Research Paper, No. 23-21. Levine, R., Lin, C., and Wei, L. (2017). Insider Trading and Innovation. The Journal of Law and Economics, University of Chicago Press, Vol. 60, No. 4, pp. 749-800. Li, X., Hu, Z., and Zhang, Q. (2021). Environmental regulation, economic policy uncertainty, and green technology innovation. Clean Technologies and Environmental Policy, Vol. 23, pp. 2975-2988. Lv, X., Liu, T., Dong, W., and Su, W. (2023). The market value of green innovation: A comparative analysis of global renewable energy firms. Finance Research Letters, Elsevier, Vol. 51(C). Macchioni, R., Fiondella, C., and Prisco, M. (2024). The value relevance of environmental innovation: Evidence from European Union context. Journal of Cleaner Production, Vol. 446, 141246. Meng, Q., Peng, T., Song, X., and Wang, S. (2024). Green innovation and IPO return: Evidence from China. International Review of Economics & Finance, Elsevier, Vol. 93(PA), pp. 660-677. Ng, A. C., and Rezaee, Z. (2015). Business sustainability performance and cost of equity capital. Journal of Corporate Finance, Vol. 34, pp. 128-149. Reza, S. W. and Wu, Y. (2024). The value of green innovation. Working Paper, SSRN 4212739. Rajaiya, H. (2023). Innovation Success and Capital Structure, Journal of Corporate Finance, Vol. 79, 102345. Ryan, S. G., Tucker, J. W., and Zhou, Y. (2016). Securitization and Insider Trading Available to Purchase. The Accounting Review Vol. 91, Issue 2, pp. 649–675. Przychodzen, W., Leyva-de la Hiz, D. I., and Przychodzen, J. (2019). First-mover advantages in green innovation—Opportunities and threats for financial performance: A longitudinal analysis. Corporate Social Responsibility and Environment Management, Vol. 27, Issue1, pp. 339-357. Seyhun, H. N. (1986). Insiders' profits, costs of trading, and market efficiency. Journal of Financial Economics, Vol. 16, Issue 2, pp. 189-212. Suk, I., and Wang, M. (2021). Does target firm insider trading signal the target's synergy potential in mergers and acquisitions? Journal of Financial Economics, Vol. 142, Issue 3, pp. 1155-1185. Sunder, J., Sunder, S. V., and Zhang, J. (2017). Pilot CEOs and corporate innovation. Journal of Financial Econimics, Vol. 123, Issue 1, pp. 209-224. Trajtenberg, M. (1990). A Penny for Your Quotes: Patent Citations and the Value of Innovations. The RAND Journal of Economics, Vol. 21, No. 1, pp. 172-187. zh_TW
