The value of incremental environmental sustainability innovation in the construction industry: an event study

References

• Akintoye, A., and Main, J., 2007. Collaborative relationships in construction: the UK contractors’ perception. Engineering, construction and architectural management, 14 (6), 597–617.
   Google Scholar
• Alwan, Z., Jones, P., and Holgate, P., 2017. Strategic sustainable development in the UK construction industry, through the framework for strategic sustainable development, using building information modelling. Journal of cleaner production, 140 (1), 349–358.
   Web of Science ®Google Scholar
• Atasu, A., et al., 2020. Sustainable operations management through the perspective of manufacturing & service operations management. Manufacturing & service operations management, 22 (1), 146–157.
   Web of Science ®Google Scholar
• Ba, S., et al., 2013. Stock market reaction to green vehicle innovation. Production and operations management, 22 (4), 976–990.
   Web of Science ®Google Scholar
• Balatbat, M.C.A., Lin, C.-Y., and Carmichael, D.G., 2011. Management efficiency performance of construction businesses: Australian data. Engineering, construction and architectural management, 18 (2), 140–158.
   Google Scholar
• Banihashemi, S., et al., 2017. Critical success factors (CSFs) for integration of sustainability into construction project management practices in developing countries. International journal of project management, 35 (6), 1103–1119.
   Web of Science ®Google Scholar
• Boehmer, E., Masumeci, J., and Poulsen, A.B., 1991. Event-study methodology under conditions of event-induced variance. Journal of financial economics, 30 (2), 253–272.
   Web of Science ®Google Scholar
• Bossink, B.A.G., 2004. Managing drivers of innovation in construction networks. Journal of construction engineering and management, 130 (3), 337–345.
   Web of Science ®Google Scholar
• Braun, T., Cajias, M., and Hohenstatt, R., 2017. Societal influence on diffusion of green buildings: a count regression approach. Journal of real estate research, 39 (1), 1–37.
   Web of Science ®Google Scholar
• Brockmann, C., Brezinski, H., and Erbe, A., 2016. Innovation in construction megaprojects. Journal of construction engineering and management, 142 (11), 04016059.
   Web of Science ®Google Scholar
• Brown, S.J., and Warner, J.B., 1985. Using daily stock returns: the case of event studies. Journal of financial economics, 14 (1), 3–31.
   Web of Science ®Google Scholar
• Chan, P.W., 2020. Revisiting basics: theoretically-grounded interesting research that addresses challenges that matter. Construction management and economics, 38 (1), 1–10.
   Web of Science ®Google Scholar
• Chaney, P.K., Devinney, T.M., and Winer, R.S., 1991. The impact of new product introductions on the market value of firms. The journal of business, 64 (4), 573–610.
   Web of Science ®Google Scholar
• Chang, R., et al., 2016. Sustainability transition of the Chinese construction industry: practices and behaviors of the leading construction firms. Journal of management in engineering, 32 (4), 05016009.
   Web of Science ®Google Scholar
• Cheng, E.W.L., et al., 2004. Strategic alliances: A model for establishing long-term commitment to inter-organizational relations in construction. Building and Environment, 39 (4), 459–468.
   Web of Science ®Google Scholar
• Çıdık, M.S., Boyd, D., and Thurairajah, N., 2017. Innovative capability of building information modeling in construction design. Journal of construction engineering and management, 143 (8), 04017047.
   Web of Science ®Google Scholar
• Claudy, M.C., Peterson, M., and Pagell, M., 2016. The roles of sustainability orientation and market knowledge competence in new product development success. Journal of product innovation management, 33 (S1), 72–85.
   Web of Science ®Google Scholar
• Cohen, J., et al., 2013. Applied multiple regression/correlation analysis for the behavioral sciences. London, United Kingdom: Routledge.
   Google Scholar
• Corrado, C.J., 1989. A nonparametric test for abnormal security-price performance in event studies. Journal of Financial Economics, 23 (2), 385–395.
   Web of Science ®Google Scholar
• Cowan, A.R., 1992. Nonparametric event study tests. Review of quantitative finance and accounting, 2 (4), 343–358.
   Google Scholar
• Dallasega, P., Rauch, E., and Linder, C., 2018. Industry 4.0 as an enabler of proximity for construction supply chains: a systematic literature review. Computers in industry, 99 (1), 205–225.
   Web of Science ®Google Scholar
• Dam, L., and Petkova, B.N., 2014. The impact of environmental supply chain sustainability programs on shareholder wealth. International journal of operations & production management, 34 (5), 586–609.
   Web of Science ®Google Scholar
• de Medeiros, J.F., Ribeiro, J.L.D., and Cortimiglia, M.N., 2014. Success factors for environmentally sustainable product innovation: a systematic literature review. Journal of cleaner production, 65 (1), 76–86.
   Web of Science ®Google Scholar
• Dewar, R.D., and Dutton, J.E., 1986. The adoption of radical and incremental innovations: an empirical analysis. Management science, 32 (11), 1422–1433.
   Web of Science ®Google Scholar
• Ding, G.K.C., 2008. Sustainable construction-the role of environmental assessment tools. Journal of environmental management, 86 (3), 451–464.
   PubMed Web of Science ®Google Scholar
• Ding, L., et al., 2018. A review of short-term event studies in operations and supply chain management. International journal of production economics, 200, 329–342.
   Web of Science ®Google Scholar
• Elia, S., Messeni Petruzzelli, A., and Piscitello, L., 2019. The impact of cultural diversity on innovation performance of MNC subsidiaries in strategic alliances. Journal of business research, 98, 204–213.
   Web of Science ®Google Scholar
• Emuze, F., and Smallwood, J.J., 2014. Collaborative working in South African construction: contractors’ perspectives. Journal of engineering, design and technology, 12 (3), 294–306.
   Google Scholar
• Eroglu, C., Kurt, A.C., and Elwakil, O.S., 2016. Stock market reaction to quality, safety, and sustainability awards in logistics. Journal of business logistics, 37 (4), 329–345.
   Web of Science ®Google Scholar
• Fagerberg, J., Lundvall, B.-Å., and Srholec, M., 2018. Global value chains, national innovation systems and economic development. The European journal of development research, 30 (3), 533–556.
   Web of Science ®Google Scholar
• Fama, E.F., and French, K.R., 1997. Industry costs of equity. Journal of financial economics, 43 (2), 153–193.
   Google Scholar
• Fayek, A.R., et al., 2006. Assessing performance trends on industrial construction mega projects. Cost engineering; Morgantown, 48 (10), 16–21.
   Google Scholar
• Fox, J., 2015. Applied regression analysis and generalized linear models. Los Angeles, CA: SAGE Publications.
   Google Scholar
• Ghaffarianhoseini, A., et al., 2017. Building information modelling (BIM) uptake: clear benefits, understanding its implementation, risks and challenges. Renewable and sustainable energy reviews, 75 (1), 1046–1053.
   Web of Science ®Google Scholar
• Ghosh, S., 2018. Electoral cycles and project outcomes. Journal of quantitative economics, 16 (2), 527–552.
   Google Scholar
• Gledson, B.J., and Phoenix, C., 2017. Exploring organisational attributes affecting the innovativeness of UK SMEs. Construction innovation, 17 (2), 224–243.
   Web of Science ®Google Scholar
• Gomes, E., Barnes, B.R., and Mahmood, T., 2016. A 22 year review of strategic alliance research in the leading management journals. International business review, 25 (1, Part A), 15–27.
   Web of Science ®Google Scholar
• Gunhan, S., and Arditi, D., 2005. Factors affecting international construction. Journal of construction engineering and management, 131 (3), 273–282.
   Web of Science ®Google Scholar
• Han, S.H., et al., 2010. Strategies for contractors to sustain growth in the global construction market. Habitat international, 34 (1), 1–10.
   Web of Science ®Google Scholar
• Handley, S., and Gray, J., 2015. Managing quality in a heterogeneous contract manufacturing environment. Decision sciences, 46 (6), 1011–1048.
   Web of Science ®Google Scholar
• Hatush, Z., and Skitmore, M., 1997. Criteria for contractor selection. Construction management and economics, 15 (1), 19–38.
   Google Scholar
• Hendricks, K.B., and Singhal, V.R., 2008. The effect of product introduction delays on operating performance. Management science, 54 (5), 878–892.
   Web of Science ®Google Scholar
• Hendricks, K.B., Singhal, V.R., and Zhang, R., 2009. The effect of operational slack, diversification, and vertical relatedness on the stock market reaction to supply chain disruptions. Journal of operations management, 27 (3), 233–246.
   Web of Science ®Google Scholar
• Herazo, B., and Lizarralde, G., 2015. The influence of green building certifications in collaboration and innovation processes. Construction management and economics, 33 (4), 279–298.
   Web of Science ®Google Scholar
• Herrera, M.E.B., 2016. Innovation for impact: business innovation for inclusive growth. Journal of business research, 69 (5), 1725–1730.
   Web of Science ®Google Scholar
• Hwang, B.-G., Zhao, X., and Chin, E.W.Y., 2017. International construction joint ventures between Singapore and developing countries. Engineering, construction and architectural management, 24 (2), 209–228.
   Web of Science ®Google Scholar
• Islam, H., et al., 2016. Life cycle assessment of shipping container home: a sustainable construction. Energy and buildings, 128 (1), 673–685.
   Web of Science ®Google Scholar
• Jacobs, B.W., and Singhal, V.R., 2017. The effect of the Rana Plaza disaster on shareholder wealth of retailers: implications for sourcing strategies and supply chain governance. Journal of operations management, 49–51, 52–66.
   Web of Science ®Google Scholar
• Johnson, D., 2002. Empirical study of second‐tier automotive suppliers achieving QS‐9000 reference No. 718. International journal of operations & production management, 22 (8), 902–928.
   Web of Science ®Google Scholar
• Jones, E., Danbolt, J., and Hirst, I., 2004. Company investment announcements and the market value of the firm. The European journal of finance, 10 (5), 437–452.
   Google Scholar
• Kajander, J.-K., et al., 2012. Market value of sustainability business innovations in the construction sector. Building research & information, 40 (6), 665–678.
   Web of Science ®Google Scholar
• Kanashiro, P., and Rivera, J., 2019. Do chief sustainability officers make companies greener? The moderating role of regulatory pressures. Journal of business ethics, 155 (3), 687–701.
   Web of Science ®Google Scholar
• Khanna, V.S. and Zyla, R., 2017. Survey says: corporate governance matters to investors in emerging market companies [online]. The World Bank. Available from: http://documents.worldbank.org/curated/en/833251493190920250/Survey-says-corporate-governance-matters-to-investors-in-emerging-market-companies [Accessed 10 Jul 2019].
   Google Scholar
• Killip, G., et al., 2018. A co-evolutionary approach to understanding construction industry innovation in renovation practices for low-carbon outcomes. The international journal of entrepreneurship and innovation, 19 (1), 9–20.
   Web of Science ®Google Scholar
• Koepke, R., 2019. What drives capital flows to emerging markets? A survey of the empirical literature. Journal of economic surveys, 33 (2), 516–540.
   Web of Science ®Google Scholar
• Kothari, S. P., and Warner, J. B., 2007. Econometrics of event studies. In: B.E. Eckbo, ed. Handbook of empirical corporate finance. San Diego, CA: Elsevier, 3–36.
   Google Scholar
• Kusi-Sarpong, S., Gupta, H., and Sarkis, J., 2019. A supply chain sustainability innovation framework and evaluation methodology. International journal of production research, 57 (7), 1990–2008.
   Web of Science ®Google Scholar
• Lai, K.S., Yusof, N., and Kamal, E.M., 2016. Innovation orientation in architectural firms. Construction innovation, 16 (4), 425–445.
   Web of Science ®Google Scholar
• Leonidou, C.N., Katsikeas, C.S., and Morgan, N.A., 2013. Greening” the marketing mix: do firms do it and does it pay off? Journal of the academy of marketing science, 41 (2), 151–170.
   Web of Science ®Google Scholar
• Li, K., Qiu, J., and Wang, J., 2019. Technology conglomeration, strategic alliances, and corporate innovation. Management science, 65 (11), 5065–5090.
   Web of Science ®Google Scholar
• Li, Y., and Ellingwood, B.R., 2009. Framework for multihazard risk assessment and mitigation for wood-frame residential construction. Journal of structural engineering, 135 (2), 159–168.
   Web of Science ®Google Scholar
• Li, Y.L., et al., 2019. Energy consumption and greenhouse gas emissions by buildings: a multi-scale perspective. Building and Environment, 151 (1), 240–250.
   Web of Science ®Google Scholar
• Lönngren, H., Rosenkranz, C., and Kolbe, H., 2010. Aggregated construction supply chains: success factors in implementation of strategic partnerships. Supply chain management: an international journal, 15 (5), 404–411.
   Web of Science ®Google Scholar
• Loosemore, M., and Richard, J., 2015. Valuing innovation in construction and infrastructure: Getting clients past a lowest price mentality. Engineering, construction and architectural management, 22 (1), 38–53.
   Web of Science ®Google Scholar
• López-Duarte, C., and García-Canal, E., 2007. Stock market reaction to foreign direct investments: Interaction between entry mode and FDI attributes. Management international review, 47 (3), 393–422.
   Google Scholar
• Lu, J.-R., Hwang, C.-C., and Lin, C.-Y., 2016. Do shareholders appreciate capital investment policies of corporations? International review of economics & finance, 43 (1), 344–353.
   Web of Science ®Google Scholar
• MacKinlay, A.C., 1997. Event studies in economics and finance. Journal of economic literature, 35 (1), 13–39.
   Web of Science ®Google Scholar
• Marti, C.P., Rovira‐Val, M.R., and Drescher, L.G.J., 2015. Are firms that contribute to sustainable development better financially? Corporate social responsibility and environmental management, 22 (5), 305–319.
   Web of Science ®Google Scholar
• Matthews, J., et al., 2018. Building information modelling in construction: insights from collaboration and change management perspectives. Production planning & control, 29 (3), 202–216.
   Web of Science ®Google Scholar
• McWilliams, A., and Siegel, D., 1997. Event studies in management research: Theoretical and empirical issues. Academy of management journal, 40 (3), 626–657.
   Web of Science ®Google Scholar
• Meng, X., and Brown, A., 2018. Innovation in construction firms of different sizes: drivers and strategies. Engineering, construction and architectural management, 25 (9), 1210–1225.
   Web of Science ®Google Scholar
• Mollaoglu, S., et al., 2016. Diffusion of green building guidelines as innovation in developing countries. Construction innovation, 16 (1), 11–29.
   Web of Science ®Google Scholar
• MSCI, 2020. MSCI emerging markets index [online]. MSCI. Available from: https://www.msci.com/our-solutions/index/emerging-markets [Accessed 26 Oct 2020].
   Google Scholar
• Nanda, R., and Rhodes-Kropf, M., 2016. Financing risk and innovation. Management science, 63 (4), 901–918.
   Web of Science ®Google Scholar
• Ni, J., Flynn, B.B., and Jacobs, F.R., 2016. The effect of a toy industry product recall announcement on shareholder wealth. International journal of production research, 54 (18), 5404–5415.
   Web of Science ®Google Scholar
• Ogunbiyi, O., Goulding, J.S., and Oladapo, A., 2014. An empirical study of the impact of lean construction techniques on sustainable construction in the UK. Construction innovation, 14 (1), 88–107.
   Google Scholar
• Opoku, A., Ahmed, V., and Cruickshank, H., 2015. Leadership style of sustainability professionals in the UK construction industry. Built environment project and asset management, 5 (2), 184–201.
   Web of Science ®Google Scholar
• Owen, R., Brennan, G., and Lyon, F., 2018. Enabling investment for the transition to a low carbon economy: government policy to finance early stage green innovation. Current opinion in environmental sustainability, 31, 137–145.
   Web of Science ®Google Scholar
• Ozorhon, B., and Oral, K., 2017. Drivers of innovation in construction projects. Journal of construction engineering and management, 143 (4), 04016118.
   Web of Science ®Google Scholar
• Pagell, M., and Shevchenko, A., 2014. Why research in sustainable supply chain management should have no future. Journal of supply chain management, 50 (1), 44–55.
   Web of Science ®Google Scholar
• Patell, J.M., 1976. Corporate forecasts of earnings per share and stock price behavior: empirical test. Journal of accounting research, 14 (2), 246–276.
   Web of Science ®Google Scholar
• Peyramale, V., and Wetzel, C., 2017. Analyzing the energy-saving potential of buildings for sustainable refurbishment. Procedia environmental sciences, 38 (1), 162–168.
   Google Scholar
• Pinkse, J., and Kolk, A., 2010. Challenges and trade-offs in corporate innovation for climate change. Business strategy and the environment, 19 (4), 261–272.
   Web of Science ®Google Scholar
• PRNewswire. 2013. JinkoSolar partners with Beijing University to build the university’s first experimental PV plant [online]. Available from: https://www.prnewswire.com/news-releases/jinkosolar-partners-with-beijing-university-to-build-the-universitys-first-experimental-pv-plant-236697761.html [Accessed 28 Jun 2020].
   Google Scholar
• Pucci, T., Simoni, C., and Zanni, L., 2015. Measuring the relationship between marketing assets, intellectual capital and firm performance. Journal of management & governance, 19 (3), 589–616.
   Web of Science ®Google Scholar
• Reefke, H., and Sundaram, D., 2018. Sustainable supply chain management: decision models for transformation and maturity. Decision support systems, 113 (1), 56–72.
   Web of Science ®Google Scholar
• Reuters, 2011. Cisco and the Holmes group collaborate to develop community of the future [online]. Reuters. Available from: https://www.reuters.com/article/idUS122131+13-Jan-2011+MW20110113 [Accessed 28 Jun 2020].
   Google Scholar
• Rutten, M.E.J., Dorée, A.G., and Halman, J.I.M., 2009. Innovation and interorganizational cooperation: a synthesis of literature. Construction innovation, 9 (3), 285–297.
   Google Scholar
• Salibian-Barrera, M. and Koller, M., 2020. lmrob [online]. Available from: https://cran.r-project.org/web/packages/robustbase/robustbase.pdf [Accessed 3 Jul 2020].
   Google Scholar
• Sanderford, A.R., McCoy, A.P., and Keefe, M.J., 2018. Adoption of energy star certifications: theory and evidence compared. Building research & information, 46 (2), 207–219.
   Web of Science ®Google Scholar
• Singh, S.K., and Gaur, S.S., 2018. Entrepreneurship and innovation management in emerging economies. Management decision, 56 (1), 2–5.
   Web of Science ®Google Scholar
• Sivunen, M., et al., 2013. Service‐dominant innovation in the built environment. Construction innovation, 13 (2), 146–164.
   Google Scholar
• Song-Turner, H., and Polonsky, M., 2016. Enviropreneurial marketing in greening corporate activities: evidence from four Chinese green firms. European business review, 28 (5), 506–531.
   Web of Science ®Google Scholar
• Ströbele, B., and Lützkendorf, T., 2019. Communicating environmental information: rethinking options for construction products. Building research & information, 47 (6), 681–696.
   Web of Science ®Google Scholar
• Taghikhah, F., Voinov, A., and Shukla, N., 2019. Extending the supply chain to address sustainability. Journal of cleaner production, 229 (1), 652–666.
   Web of Science ®Google Scholar
• Tan, Y., et al., 2015. An empirical study on the relationship between sustainability performance and business competitiveness of international construction contractors. Journal of cleaner production, 93, 273–278.
   Web of Science ®Google Scholar
• Testa, F., Iraldo, F., and Frey, M., 2011. The effect of environmental regulation on firms' competitive performance: the case of the building & construction sector in some EU regions. Journal of environmental management, 92 (9), 2136–2144.
   PubMed Web of Science ®Google Scholar
• Tetlow, D., et al., 2017. Cellulosic-crystals as a fumed-silica substitute in vacuum insulated panel technology used in building construction and retrofit applications. Energy and Buildings, 156 (1), 187–196.
   Web of Science ®Google Scholar
• U.S. Energy Information Administration, 2019. Cost and performance characteristics of new generating technologies, annual energy outlook 2019 [online]. Available from: https://www.eia.gov/outlooks/aeo/assumptions/pdf/table_8.2.pdf [Accessed 3 Nov 2020].
   Google Scholar
• UN Environment and International Energy Agency, 2018. Towards a zero-emission, efficient, and resilient buildings and construction sector. Global status report 2018 [online]. World Green Building Council. Available from: https://www.worldgbc.org/ [Accessed 5 Dec 2019].
   Google Scholar
• UNEP, 2016. G20 green finance synthesis (GFSG) report [online]. Available from: http://unepinquiry.org/wp-content/uploads/2016/09/Synthesis_Report_Full_EN.pdf. [Accessed 3 Nov 2020].
   Google Scholar
• Varadarajan, R., 2017. Innovating for sustainability: A framework for sustainable innovations and a model of sustainable innovations orientation. Journal of the academy of marketing science, 45 (1), 14–36.
   Web of Science ®Google Scholar
• Venkataraman, V., and Cheng, J.C.P., 2018. Critical success and failure factors for managing green building projects. Journal of architectural engineering, 24 (4), 04018025.
   Web of Science ®Google Scholar
• Walker, D.H.T., 2016. Reflecting on 10 years of focus on innovation, organisational learning and knowledge management literature in a construction project management context. Construction innovation, 16 (2), 114–126.
   Web of Science ®Google Scholar
• Walker, H., et al., 2012. Sustainable procurement: past, present and future. Journal of purchasing and supply management, 18 (4), 201–206.
   Web of Science ®Google Scholar
• Wang, C., Wood, L.C., and Teo, L.T., 2016. Tropical vertical greenery systems: irrigation systems, biophysical characteristics, and influential criteria. Journal of Green Building, 11 (4), 57–90.
   Web of Science ®Google Scholar
• Wang, W.-Y., and Chang, C., 2005. Intellectual capital and performance in causal models. Journal of intellectual capital, 6 (2), 222–236.
   Google Scholar
• Wassmer, U., Li, S., and Madhok, A., 2017. Resource ambidexterity through alliance portfolios and firm performance. Strategic management journal, 38 (2), 384–394.
   Web of Science ®Google Scholar
• Whyte, J., and Sexton, M., 2011. Motivations for innovation in the built environment: New directions for research. Building Research & Information, 39 (5), 473–482.
   Web of Science ®Google Scholar
• Wong, J.K.W., and Zhou, J., 2015. Enhancing environmental sustainability over building life cycles through green BIM: a review. Automation in construction, 57 (1), 156–165.
   Web of Science ®Google Scholar
• Wong, S.Y., et al., 2018. Improving information gathering and distribution on sustainability features in the Australian residential property market. Journal of cleaner production, 184 (1), 342–352.
   Web of Science ®Google Scholar
• Wood, L.C., and Wang, J.X., 2018. The event study method in logistics research: overview and a critical analysis. International journal of applied logistics, 8 (1), 57–79.
   Google Scholar
• Wood, L.C., et al., 2016. Green hospital design: integrating quality function deployment and end-user demands. Journal of cleaner production, 112 (1), 903–913.
   Web of Science ®Google Scholar
• Wood, L.C., et al., 2018. Stock market reactions to auto manufacturers’ environmental failures. Journal of macromarketing, 38 (4), 364–382.
   Web of Science ®Google Scholar
• Wood, L.C., et al., 2017. The effect of slack, diversification, and time to recall on stock market reaction to toy recalls. International journal of production economics, 193 (1), 244–258.
   Web of Science ®Google Scholar
• Xin, J.Y., Yeung, A.C.L., and Cheng, T.C.E., 2008. Radical innovations in new product development and their financial performance implications: an event study of US manufacturing firms. Operations management research, 1 (2), 119–128.
   Google Scholar
• Xinhua, 2015. Apple announces clean-energy investments in China [online]. Xinhua. Available from: https://archive.shine.cn/business/Apple-announces-cleanenergy-investments-in-China/shdaily.shtml [Accessed 28 Jun 2020].
   Google Scholar
• Xue, X., et al., 2018. Analyzing collaborative relationships among industrialized construction technology innovation organizations: a combined SNA and SEM approach. Journal of cleaner production, 173 (1), 265–277.
   Web of Science ®Google Scholar
• Yang, M., and He, Y., 2019. How does the stock market react to financial innovation regulations? Finance research letters, 30 (1), 259–265.
   Web of Science ®Google Scholar
• Yu, H.-C., Wang, W.-Y., and Chang, C., 2015. The stock market valuation of intellectual capital in the IT industry. Review of quantitative finance and accounting, 45 (2), 279–304.
   Web of Science ®Google Scholar
• Zhang, Y., Xing, C., and Wang, Y., 2020. Does green innovation mitigate financing constraints? Evidence from China’s private enterprises. Journal of cleaner production, 264, 121698.
   Web of Science ®Google Scholar