Green revenues and stock returns: Cross-market evidence

Alexander BASSEN, Hao SHU, Weiqiang TAN

Research output: Contribution to journalArticlespeer-review

3 Citations (Scopus)


This study provides cross-market evidence of the effects of green revenues (GRs) on stock returns. Using 9,367 firm-year observations across 23 different markets from 2016 to 2020, we find that firms with high proportions of GRs earn higher returns than those with low proportions of GRs. We also examine the effects of national culture on the risk–return characteristics of portfolios with high-GRs minus low-GRs. We find that higher positive abnormal returns can be earned in markets with national cultural values that are higher (lower) in harmony (mastery) and egalitarianism (hierarchy). Copyright © 2022 Published by Elsevier Inc.
Original languageEnglish
Article number103550
JournalFinance Research Letters
Early online dateNov 2022
Publication statusPublished - Mar 2023


Bassen, A., Shu, H., & Tan, W. (2023). Green revenues and stock returns: Cross-market evidence. Finance Research Letters, 52. Retrieved from


  • Green revenues
  • Multi-factor asset pricing model
  • Portfolio
  • Stock returns
  • Sustainable investment


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