Environmental Taxation and Eco-conscious Technology Innovation, Multi-channel Investor Sentiment and Stock Returns

Abstract

This dissertation is a collection of essays examining current issues in environmental protection taxation and eco-conscious technology innovation, and multi-channel investor sentiment and stock returns. Chapter 1 of this dissertation focus on the environmental taxation and eco-conscious technology innovation. We explored the shock of environmental taxation policy on eco-conscious technology innovation of enterprises. Here, the study determines the environmental taxation significantly incentivize eco-conscious technology innovation by firms in areas with increased pollutant levy standards. The policy shock is more significant for eco-conscious technology innovation in non-SOE enterprises, large-scale enterprises, and non-heavy polluters. Further, the study find that environmental taxation has had a significant impact on sustainable and collaborative innovation, but not on symbolic and independent innovation. Overall, the quality of innovation has really improved, and the innovation organization is dominated by firms working together. Chapter 2 discusses the relationship between multi-channel investor sentiment and stock returns. The study discusses different information channels of investor sentiment on stock returns and their mechanisms, such as market-based, news-based, and social media-based in. We find that our multi-channel investor sentiment has a positive and statistically significant effect on individual stock returns. These findings are robust to different models and specifications. This relationship is heterogeneous, with different turnover rates, seasons, and industries, and market-based investor sentiment has the most extensive influence.