Many firms recognize the appeal of going green and employ strategic partnerships to manage corporate environmental strategies. Yet the mechanisms in green collaborations that create value for a firm remains mostly unexplored. To address this gap, the authors examine the effects of announcements of green strategic partnerships on a firm’s stock market value. It was found that announcements of green marketing partnerships have an immediate positive and significant effect on a firm’s market value and news about green technology partnerships produce immediate negative and significant effects. The results also show that green technology partnerships still can accrue positive financial returns, but in the long-term perspective, over the 1-year period. In dirtier industries, it is more difficult for firms to generate positive returns to green partnerships. Counter-intuitively, in highly-polluting industries, firms with proactive environmental orientation experience lower financial gains to news about strategic green partnerships, than their reactive, less environmentally-responsible, counterparts.