We apply a novel text-based classification method to identify green trademarks that capture the commercialization of green innovation through products and services brought to market. Firms with more
green products generate higher green revenues, emit less greenhouse gas, and receive higher environmental
ratings. These firms also exhibit higher future firm value, especially when green products align with core businesses, prior experience, and product synergies. The valuation effect is driven by consumer environmental awareness rather than investor preferences or concerns. Consistent with a consumer demand channel, firms expand green product offerings following nearby natural disasters or peer firms’ environmental scandals.
