Market value of sustainability business innovations in the construction sector

Kajander, Juho-Kusti; Sivunen, Matti; Vimpari, Jussi; Pulkka, Lauri; Junnila, Seppo

doi:10.1080/09613218.2012.703893

Cited by 20 publications

(29 citation statements)

References 25 publications

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“…All the above-mentioned researchers agree that higher reputation for corporate sustainability leads to lower economic uncertainty, reduced information asymmetries, higher market valuation of corporate shares, more predictable earnings, and lower risk for investors. Kajander, Sivunen, Vimpari, and Junnila (2012) assessed the impact of public announcement of sustainability innovations on the market value of the real estate companies. They have found a positive correlation between those two factors.…”

Section: The Business Motivations For Sustainability Reportingmentioning

confidence: 99%

Sustainability Reporting in the Nordic Real Estate Companies: Empirical Evidence From Finland

Rashidfarokhi

Toivonen

Viitanen

2018

International Journal of Strategic Property Management

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The purpose of our study was to investigate the content of sustainability reporting issued by real estate sector. Content analysis was employed to identify the strengths and weaknesses of sustainability information provided by sample companies. The content analysis structure considered both quantity and quality of information simultaneously. Our results show an inconsistency in the form, extent and quality of sustainability reports. In addition, our findings recognise a lack of clear approach to embrace materiality, external assurance, and further engagement of stakeholders in the sample reports. It seems that most of the sample companies were engaged in issuing sustainability reports to fulfil the legislative requirement and avoiding financial or legal risks. Our study provides information on the current status of sustainability reporting to real estate professionals. In addition it contributes in decreasing the financial and legal risks, and increasing the corporate reputational capital, by revealing the common weaknesses prevalent in the sustainability reports.

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Section: The Business Motivations For Sustainability Reportingmentioning

confidence: 99%

Sustainability Reporting in the Nordic Real Estate Companies: Empirical Evidence From Finland

Rashidfarokhi

Toivonen

Viitanen

2018

International Journal of Strategic Property Management

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“…Nevertheless, the authors adopted the institutional contingent view and focussed on regulatory, normative and cognitive pressures instead of eco-innovation characteristics. In the context of sustainable innovation Kajander et al (2012) indicated a positive and statistically significant association between sustainability innovation announcements and the market value of companies. Such announcements explained the increase of 0.82% in the market capitalisation.…”

Section: Theoretical Backgroundmentioning

confidence: 99%

The impact of eco-innovation on the stock returns of technology-based KIBS: role of eco-innovation type and its degree of novelty

Szutowski

2020

SAMPJ

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Purpose The purpose of this paper is to determine the role of eco-innovation type and its degree of novelty in increasing the stock returns of technology-based knowledge-intensive business service companies (T-KIBS), to advance the development of the concept of eco-innovation within the literature on the effects of innovation. Design/methodology/approach The effects of four eco-innovation types were examined across three degrees of novelty involved. The event study methodology was applied to the sample of 238 eco-innovation announcements released during the period of January 2016–June 2019 (inclusive) by European T-KIBS. Findings While the implementation of product and organisational eco-innovation was the most beneficial, the results indicated that a high degree of novelty resulted in larger increase of stock returns in the case of all the four eco-innovation types. Research limitations/implications The eco-innovation announcements were gathered from specialised databases. However, it could be the case that companies may have used different communication channels (e.g. social media) to communicate innovation. Furthermore, a certain amount of bias undoubtedly exists, as the data came only from the European Union. Expanding the spatial scope to include the North American (especially the USA) and Asian economies appears necessary. Practical implications The practical insights into the role that the degree of novelty plays in eco-innovation announcements were formulated, which may be used to increase the market valuation of the firm. Social implications Strategies supporting eco-innovation are crucial for business development as the value created for the stakeholders involved transmits in time into the enterprise value. Originality/value The paper attempts to fill the research gap concerning the impact of eco-innovation on the stock returns of T-KIBS.

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“…Pellicer, Yepes, Correa, and Alarcón (2014) conducted their study over a five-year period, and generated a set of 18 propositions as refletions of an explanatory model of innovation management. An event study model was used by Kajander, Sivunen, Vimpari, Pulkka, and Junnila (2012) to analyse the sustainability of innovation announcements and financial information of large construction sector companies in a number of countries. The diffusion patterns of the identified safety innovations were explored by Esmaeili and Hallowell (2012) through four common innovation diffusion models: the internal, external, Bass, and Gompetz.…”

Section: Literature Reviewmentioning

confidence: 99%

Integration of Innovation Through Analytical Hierarchy Process (Ahp) in Project Management and Planning

Gunduz

Alfar

2019

Technological and Economic Development of Economy

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This paper examines the concept of innovation management in the construction industry by studying the major components of the innovation process such as the major drivers of innovation, barriers and obstacles that prevent innovation, the enablers that motivate innovation, the practices of innovation, and the benefits of innovation both at project and company level. This paper is based on the data collected by means of structured questionnaires and analyzed throughsurvey analysis. The survey, which consisted of 46 factors involved in the innovation process, was distributed to 121 different participants, and the collected data were analyzed by the relative importance index (RII), as well as the analytical hierarchy process (AHP). The RII rankings feed the AHP analysis as the first step to rank the factors. Later, the factors are ranked according to the AHP analysis. Based on these rankings, recommendations are made to contractors, consultants, project management professionals, owners and suppliers.

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Market value of sustainability business innovations in the construction sector

Cited by 20 publications

References 25 publications

Sustainability Reporting in the Nordic Real Estate Companies: Empirical Evidence From Finland

Sustainability Reporting in the Nordic Real Estate Companies: Empirical Evidence From Finland

The impact of eco-innovation on the stock returns of technology-based KIBS: role of eco-innovation type and its degree of novelty

Integration of Innovation Through Analytical Hierarchy Process (Ahp) in Project Management and Planning

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