The esg - innovation disconnect: Evidence from green patenting

Abstract

NBER WORKING PAPER SERIES THE ESG-INNOVATION DISCONNECT: EVIDENCE FROM GREEN PATENTING Lauren Cohen Umit G. Gurun Quoc H. Nguyen Working Paper 27990 http://www.nber.org/papers/w27990 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 October 2020, Revised February 2024 We are grateful for comments from Federico Bandi, Daniel Bergstresser, Christa Clapp, Spencer Dale, Shaun Davies, Carina Elfving, Falko Fecht, Jane Fuller, Leslie Gent, Lars Hansen, Oliver Hart, Alan Haywood, Geoffrey Heal, Andrew Hilton, Kateryna Holland, Harrison Hong, Mark Huson, Marcin Kacperczyk, Ulf von Kalckreuth, Oguzhan Karakas, Anil Kashyap, Simi Kedia, Jinu Koola, Phillip Krüger, Chen Lin, Pedro Matos, Roni Michaely, Randall Morck, Joelle Noailly, Lubos Pastor, Anna Pavlova, Phillip Phan, Monika Piazzesi, Alexander Popov, Nagpurnanand Prabhala, Lukasz Pomorski, John Van Reenen, Ruy Ribeiro, Daniel R Romito, Aniket Shah, Laura Starks, Luke Stein, Jerome Taillard, Luis Viceira, Alexis Wegerich, Fredrik Willumsen, Sophie Zhou. In addition, we sincerely thank seminar participants at the 2022 NBER Long Term Asset Management Conference, 2021 American Finance Association Meeting, 2023 ESG and the Future of Business Conference, 2021 University of Delaware Weinberg Center – ECGI Corporate Governance Symposium, 2021 ASU Sonoran Winter conference, 2021 Sustainable Finance Forum, 2021 United Nation Geneva Summit on Sustainable Finance, 2021 Stanford University ESG Conference, …

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