The market value of green innovation: A comparative analysis of global renewable energy firms

• Renewable energy's green patents and their citations have smaller or insignificant impacts on market value. • The valuation of green innovation has significant country heterogeneity. This paper conducts an overall, cross-country comparative study on the issue of market value of green innovations. First, we find that green patents and their citations have smaller or insignificant impacts on the market value of renewable energy firms. Second, the positive impacts of R&D investment and patent count on the market value in Europe and China are higher than those in the United States.