Stock price responses to the eco-points programme for electrical household appliances: evidence from Japan

Tamechika, Hanae; Okuda, Shin'ya

doi:10.1080/00036846.2017.1352076

Applied Economics

2017

DOI: 10.1080/00036846.2017.1352076

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Stock price responses to the eco-points programme for electrical household appliances: evidence from Japan

Hanae Tamechika

Shin'ya Okuda

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Cited by 2 publications

References 12 publications

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Effects of environment-related stimulus policies: An event study approach

Tamechika

2020

Case Studies on Transport Policy

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As part of the environment-related stimulus package implemented in the aftermath of the 2008 global financial crisis, the Japanese government introduced tonnage and acquisition tax breaks as well as a subsidy programme for eco-friendly vehicles. However, there has been limited research on their economic effects. Therefore, this paper employs the event study methodology to examine not only the direct economic effects of the eco-friendly vehicle tax breaks and subsidy programme on automobile firms' performance but also their spillover economic effects on automobile parts firms' performance. Our results show that the eco-friendly vehicle tax breaks had lower positive economic direct effects and no positive spillover effects while the eco-friendly vehicle subsidy programme had more significant positive direct economic effects and positive spillover effects. The differences in economic effects between tax breaks and subsidy programme result from the differences in the implementation duration and from the differences in the preferential monetary benefits. In addition, a mixed policy that combines the eco-friendly vehicle tax breaks and the eco-friendly vehicle subsidy programme is preferable to implementing the former alone.

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Effects of environment-related stimulus policies: An event study approach

Tamechika

2020

Case Studies on Transport Policy

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Shareholders and the environment: a review of four decades of academic research

Capelle-Blancard

Desroziers

Scholtens

2021

Environ. Res. Lett.

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We provide a synthesis of four decades of empirical research regarding the reaction of shareholders to environmental events. This literature is at the crossroads of finance, environmental economics, management and corporate social responsibility (CSR). To set the stage, we first provide an account of the Brumadinho ecological disaster that occurred in Brazil on January 25th, 2019. Second, we provide a critical review of more than 100 event studies. These papers cover a diverse set of events, such as industrial accidents, public disclosure programs, legal actions following environmental violations, changes in environmental regulation, environmental news, and corporate initiatives. This review makes four contributions. First is the synthesis of a large strand of literature in a structured setting, so as to be readily handled by both experts and non-experts. Second is the observation that stock market penalties in the event of environmental concerns are likely to be quite low: on average there is a (temporary) drop in the excess stock market return to events that are harmful to the environment of about 2% and the median is −0.6%. Third is to highlight the limits of CSR as a business strategy towards a sustainable society. Fourth is to provide an open access bibliographic database.

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Stock price responses to the eco-points programme for electrical household appliances: evidence from Japan

Cited by 2 publications

References 12 publications

Effects of environment-related stimulus policies: An event study approach

Effects of environment-related stimulus policies: An event study approach

Shareholders and the environment: a review of four decades of academic research

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