Summary This paper analyzes the effect of the 2002 German federal elections to the Lower House of Parliament (Bundestag) on the financial performance of German energy corporations.We consider the last minute victory of the government coalition consisting of Social Democrats and the Green party...

Summary This paper analyzes small sample properties of several versions of z-tests in multinomial probit models under simulated maximum likelihood estimation. Our Monte Carlo experiments show that z-tests on utility function coefficients provide more robust results than z-tests on variance...

Within the discussion of voluntary proactive approaches to environmental protection, former micro-econometric studies analyze the causal effect of the adoption of environmental management systems (EMS) on technological environmental innovations and find some positive impacts. Based on empirical...

On the basis of a unique firm-level dataset from the German manufacturing sector, this paper empirically examines the determinants of environmental and non-environmental product and process innovations. The micro-econometric analysis with multivariate probit models points to an extremely high...

This paper empirically examines the theoretically ambivalent relationship between socially responsible investing (SRI) and stock performance. It contributes to the existing literature by considering both the US and the entire European stock markets and by using consistent world-wide corporate...