Solar photovoltaic module production: Environmental footprint, management horizons and investor goodwill

This paper focuses attention on the environmental impacts of solar photovoltaic (PV) module production, use and disposal. The present study estimates the goodwill capital embedded within market valuations of the 9 publicly listed PV module manufacturing firms. These goodwill scores are correlated with the 'solar scores' awarded by the Silicon Valley Toxics Coalition. Correlation between such scores and the generated goodwill capital appears weak and inconclusive. The study also finds no significant correlation between long-term planning demonstrated by managers within these firms, the environmental impacts of their processes and the goodwill generated among investors. Informing investors of the variants of solar PV technologies, and of the range of potential environmental consequences, could help appropriately internalize risks and rewards.