「The Economic and Financial Implications of Land and Water Pollution: Evidence from the 2011 Great East Japan Earthquake」
| 日時 | 2025年9月25日（木）13:10～14:50 |
|---|---|
| 開催方法 | ①対面 ＊11号館504教室にお越しください。 ②Zoom＊お申込み完了の自動返信メールにて、参加用URLをお知らせいたします。 |
| 対象 | 学生・教職員・一般 |
| 講演者 | Song Jun Myung 氏 （一橋大学 商学部 講師） |
| 要旨 | This paper examines how the 2011 Great East Japan Earthquake influenced firms’ land and water pollution (LWP), environmental practices, and financial outcomes. Using a panel of 5,940 firms from Japan, Korea, and China between 2002 and 2022, the study finds that Japanese firms increased both absolute and relative LWP after the disaster, prioritizing rapid recovery over environmental efficiency. Industry-level evidence shows that while high-salience sectors contained pollution under public scrutiny, construction firms became the epicenter of rising pollution during reconstruction. At the firm level, Japanese companies showed limited ability to offset LWP with lower greenhouse gas (GHG) costs, and higher pollution was increasingly penalized in performance measures such as Tobin’s Q and sales growth. Finally, monthly return analysis reveals that pollution was priced in financial markets: before 2011, firms with higher indirect LWP earned a pollution premium, but after the earthquake this premium shifted into a pollution discount as risks materialized and investors penalized additional environmental damage. Overall, the findings suggest that natural disasters not only increase firms’ environmental impacts but also reshape how markets value pollution. |
| 世話人 | 宮島 英昭 （早稲田大学商学学術院 教授） |
| 参加申し込み方法 | 参加はこちらからお申込みください。※9月22日（月）17:00締切 |
| その他 | 早稲田大学商学部・産業経営研究所・谷川寧彦分科会 |
