Date of Award

5-2026

Degree Type

Dissertation-Restricted

Degree Name

Ph.D.

Degree Program

Financial Economics

Department

Economics and Finance

Major Professor

Hassan, M. Kabir ; Pezzo, Luca

Second Advisor

Lane, Walter J.

Third Advisor

Hammoudeh, Mosab

Abstract

This dissertation examines the transformative impact of the 2010 SEC Climate Guidance on corporate strategy and market competition, shifting from a firm-level green pivot to an industry-wide process of creative destruction. In the first study, we document that mandatory climate disclosure acts as a disciplining mechanism, forcing firms under high ESG pressure to substantively pivot their R&D toward environmental solutions. This happens even as the raw count of green patents remains stable, while the market-implied economic value of these portfolios increases by an average of 20%, signaling a shift from symbolic reporting to high-quality innovation. Building on this internal pivot, the second study reveals that this technological advancement triggers a Schumpeterian reallocation of economic rents across industries. Using a rival green shock framework, we find that a one-standard-deviation increase in a competitor's green innovation value leads to a 1.6% to 2% decline in sales growth for environmental laggards. Together, these papers demonstrate that disclosure mandates do not merely increase transparency but catalyze a business-stealing effect that reallocates market share toward the green frontier, fostering a competitive churn that restructures carbon-intensive sectors without entrenching monopolies.

Rights

The University of New Orleans and its agents retain the non-exclusive license to archive and make accessible this dissertation or thesis in whole or in part in all forms of media, now or hereafter known. The author retains all other ownership rights to the copyright of the thesis or dissertation.

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