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Does investor attention influence water companies' stock returns?

机译：投资者注意力影响水资源公司的股票回报吗？

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摘要

The potential impacts of climate change and population growth are having serious effects on the energy and agricultural industries, which might compromise water availability. Water scarcity requires the global water industry to examine the rapidly changing market and, together with public initiatives, make innovative investments to guarantee better water management models. Therefore, from an investor's perspective, it is important to understand what might influence water companies' stock returns. This paper analyzes how the energy and agriculture industries and the growing environmental awareness of investors influence water companies' stock returns. Panel data on the monthly stock returns of companies in the S&P Global Water Index from June 2008 to January 2019 are used. The environmental awareness of investors is measured in terms of their attention to Internet activity. The results show that agricultural price trends positively influence water companies' stock returns, while energy price trends negatively influence them. The results also show that investor attention has a negative relationship with water companies' stock returns. The severity of the situation surrounding water management seems to have significantly increased people's attention to water saving and environmental awareness, leading people to behave more responsibly.
机译：气候变化和人口增长的潜在影响对能源和农业产业产生严重影响，这可能会损害水资源可用性。水资源稀缺需要全球水产业来检查快速变化的市场，以及与公共举措一起制作创新投资，以保证更好的水管理模式。因此，从投资者的角度来看，了解可能影响水公司的股票回报的可能性非常重要。本文分析了能源和农业产业如何以及越来越多的投资者环境意识影响水资源公司的股票回报。 2008年6月至2019年1月，使用了关于标准普尔全球水指数的月度股票回报的小组数据。投资者的环境意识是在他们对互联网活动的关注方面来衡量的。结果表明，农业价格趋势积极影响水资源公司的股票回报，而能源价格趋势对其产生负面影响。结果还表明，投资者关注与水资源公司的股票回报有负面关系。围绕水管理的情况的严重程度似乎大大增加了人们对节水和环境意识的关注，导致人们能够更加负责任地表现。

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