DO INVESTORS’ REACTIONS TO ENVIRONMENTALLY FRIENDLY NEWS ANNOUNCEMENTS DIFFER ACROSS INDUSTRIES? A COMPARATIVE ANALYSIS OF JAPAN’S FOOD AND AUTOMOTIVE INDUSTRIES
DO INVESTORS’ REACTIONS TO ENVIRONMENTALLY FRIENDLY NEWS ANNOUNCEMENTS DIFFER ACROSS INDUSTRIES? A COMPARATIVE ANALYSIS OF JAPAN’S FOOD AND AUTOMOTIVE INDUSTRIES
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DOI：
10.3846/jbem.2022.18244
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发表时间：
2022-12
影响因子：
2.6
通讯作者：
Miho Murashima
中科院分区：
文献类型：
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作者：
Miho Murashima
最近，投资者对环境问题的意识日益增强，促使许多企业实施绿色政策和程序。不同行业的投资者对企业环保努力的反应各不相同。然而，很少有实证研究解决了这些差异，尤其是在世界第三大可持续投资国日本。利用日本食品和汽车行业的数据，本研究使用短期事件研究和学生t检验，考察了投资者对企业环境绩效反应的行业差异，这些企业环境绩效由环境友好型新闻发布表明。结果表明，投资者对食品和汽车行业的环境活动反应消极，支持新古典理论。数据还表明，在日本，行业差异对短期业绩的影响是中性的，但对长期业绩的影响是显著的。此外，长期投资者对食品行业的环保消息的反应比汽车行业更不利。本研究对决策者和管理者具有启示意义。
Recently, investors’ growing awareness of environmental concerns has prompted many businesses to implement green policies and procedures. Investors’ reactions to firms’ environmental efforts vary across different industries. However, few empirical studies have addressed these differences, especially in Japan – the third-largest sustainable investor in the world. Using data from Japanese food and automotive industries, this research examined sector-specific differences in investors’ reactions to firms’ environmental performance, indicated by environmentally friendly news releases, using a short-term event study and Student’s t-tests. Results indicated that investors respond negatively to environmental activities in the food and automobile sectors, supporting neo-classical theory. The data also imply that, in Japan, industry variances have a neutral effect on short-term performance but a significant long-term effect. In addition, long-term investor responses to environmentally friendly news in the food sector are more unfavorable than in the automobile industry. This study has implications for policymakers and managers.