Abstract

The aim of this paper is to analyse the effects of the Green Innovation event and corporate announcements regarding green innovation on the stock price of the Automobile Industry and the performance of firms. The authors also aim to assess the impact of these events on business performance and identify the effective innovation strategy influenced by the type of corporate announcement. The study focuses on the corporate announcements made by the automobile industry and their impact on company performance, specifically in relation to the application of green innovation methods. Furthermore, there is no universally agreed upon standard for defining and categorising corporate announcements. The writers also exclude the impact of media and other events that occur during the event window when categorising these announcements. The findings of this study have important practical consequences. They suggest that the release of green innovations, which aim to protect the environment, can have an impact on an organization's stock market success. Specifically, the type of innovation and the trade segment in which the organisation operates can influence its stock market performance.