Abstract
This paper aims to examine the impact of crude oil price on firm value in two green energy industries, namely solar photovoltaic industry (hereafter, SOLAR) and LED lighting application (hereafter, LED) in Taiwan and the U.S. This paper applies and extends Ohlson (1995)'s valuation model to examine the role of oil price as a pricing factor in the valuation models in two green energy industries between two countries. The empirical results support that oil price has positive association with firm value of green energy industries. The positive relationship between oil price and firm value is different across industries and across countries. Compared with that in LED, the link is more positive in SOLAR only in the U.S. Further: the link is more positive in the U.S. than in Taiwan, especially for the solar industry.
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