Management Science · 2026 · Lauren H. Cohen、Umit G. Gurun、Quoc H. Nguyen
中文摘要
我们发现,传统能源企业是美国绿色专利格局中的关键创新者。这些企业产出更多、且质量显著更高的绿色创新。在许多绿色技术领域,它们似乎是具有影响力的先行者,并持续产出可供其他替代能源生产者依托的基础性创新与商业化成果。此外,它们还在劳动力和资本方面进行大量投资,以配合这些绿色创新。然而,这些传统能源企业获得的环境、社会与治理 (ESG) 评分和资金流显著更低,且其增量绿色创新未获得回报。这一行为与传统能源企业的一种竞争性应对相一致:通过投资于未来的替代技术,抢占先机、防止现有技术被淘汰。本文由 Bo Becker (金融) 接收。基金资助:本研究受美国国家科学基金会 [项目号 SciSIP 1535813] 及福特汉姆大学加贝利商学院——PVH Corp. 企业社会责任全球思想领导力基金资助。补充材料:在线附录与数据文件可在 https://doi.org/10.1287/mnsc.2024.09124 获取。
Abstract
We document that traditional energy firms are key innovators in the United States’ green patent landscape. These firms produce more, and significantly higher-quality, green innovation. In many green technology spaces, they appear to be influential first movers and to produce ongoing foundational aspects of innovation and commercialization on which other alternative energy producers build. They additionally invest significantly in labor and capital to complement these green innovations. These traditional energy firms, however, receive significantly lower environmental, social, and governance (ESG) scores and fund flows and are not rewarded for incremental green innovation. This behavior is consistent with a competitive response by traditional energy firms to preempt obsolescence of current technology by investing in future replacement technologies. This paper was accepted by Bo Becker, finance. Funding: Funding was provided by the National Science Foundation [Grant SciSIP 1535813] and the Fordham University Gabelli School of Business—PVH Corp. Global Thought Leadership Grant on Corporate Social Responsibility. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2024.09124 .