One, Two, Three: How Many Green Patents Start Bringing Financial Benefits for Small, Medium and Large Firms?
Round 1
Reviewer 1 Report
Thank you for giving me the opportunity to read your paper. The overall question whether green innovation improves financial performance if of general interest and has been studied extensively over the past decade - as you partly cite as well. I am not sure exactly what your real novel contribution is beyond what has already been researched in this area - particularly with data from the US and Europe. I would also hope you can improve a number of other issues:
1. what is Europe in your research?
2. where is a descriptive statistics part?
3. what are control variables that might influence outcomes. There is sufficient literature highlighting how financial performance is impacted by multiple factors, particularly over the longer time
4. your PSM (i guess you used PSM for matching) does not really describe how you matched your companies: revenue, country, industry, age, ...
5. your presentation of results is very rudimentary and could be improved.
Author Response
Please see the attachment
Author Response File: 
Author Response.pdf
Reviewer 2 Report
a) '2. The final data set results mentioned in 'Materials and Methods' should be prepared in a table (see example table).
[Sample] Table
|
Firms Size |
With Green Patent |
Without Green Patent |
|
Small |
? |
? |
|
Medium |
? |
? |
|
Large |
? |
? |
|
Total |
1136 |
2395 |
b) The number of companies used in Table 5 does not match the number of companies mentioned in Chapter 2. A clear explanation is needed.
c) It is not desirable to discuss the relationship between environmental innovation and corporate financial performance by classifying them into small and medium-sized enterprises only. After discussing environmental companies and non-environmental companies, the relationship with green patents must be discussed.
In other words, the financial benefits of green patents will be different if the company's flagship technology (product) is related to the environment or not. A discussion on this is absolutely necessary.
Author Response
Please see the attachment
Author Response File: Author Response.pdf
Reviewer 3 Report
Dear author(-s),
I have been invited to review your submission to Economies.
I have the following comments:
Number of firms (green and non-green) included in your sample: Please explain how they are relevant and representative to achieve the objectives of your research.
Please review the explanation of the way you match the green and non-green firms. The explanation included in the methodology is not clear to me.
Please clarify and spell out if you have made any methodological contributions to the existing body of knowledge with this paper.
Please explain the selection of the period cover by your research. Wouldn't it be possible to include more recent data? Also, please explain the representativeness of the period selected and its potential implications and limitations with regards to the results and conclusions you draw for your analysis.
Even if mentioned as a limitation of your research, could you please elaborate further and on the basis of your work indicate what do you think would be the relevance of extending the research other regions/countries? Any particular insights you would like to share with the readers, particularly policymakers in developing countries?
You might wish to finish your paper with some kind of corollary based on your research.
I would recommend to expand the literature review contained in your paper.
Thank you for your consideration and best regards,
Anonymous reviewer
Author Response
Please see the attachment
Author Response File: Author Response.pdf
Round 2
Reviewer 2 Report
Review comments are appropriately answered.
Thank you for your efforts
Reviewer 3 Report
Dear authors,
Thanks for the revised version of your paper that addresses my earlier comments.
Best regards,
Anonymous reviewer
