{"id":5450,"date":"2025-09-18T16:05:32","date_gmt":"2025-09-18T07:05:32","guid":{"rendered":"https:\/\/www.waseda.jp\/fcom\/riba\/?p=5450"},"modified":"2025-09-18T16:16:50","modified_gmt":"2025-09-18T07:16:50","slug":"2025%e5%b9%b49%e6%9c%8825%e6%97%a5%e6%9c%a8-%e3%81%ab%e7%94%a3%e7%a0%94%e8%ac%9b%e6%bc%94%e4%bc%9a%e3%80%8cwaseda-organizational-and-financial-economics-seminar-the-economic-and-financial-implicat","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/fcom\/riba\/news\/5450","title":{"rendered":"2025\u5e749\u670825\u65e5(\u6728) \u306b\u7523\u7814\u8b1b\u6f14\u4f1a\u300cWaseda Organizational and Financial Economics Seminar : The Economic and Financial Implications of Land and Water Pollution: Evidence from the 2011 Great East Japan Earthquake\u300d\u304c\u958b\u50ac\u3055\u308c\u307e\u3059\u3002"},"content":{"rendered":"

\u300cThe Economic and Financial Implications of Land and Water Pollution: Evidence from the 2011 Great East Japan Earthquake\u300d<\/h3>\n
\n\n\n\n\n\n\n\n\n\n
\u65e5\u6642<\/th>\n2025\u5e749\u670825\u65e5\uff08\u6728\uff0913:10\uff5e14:50<\/td>\n<\/tr>\n
\u958b\u50ac\u65b9\u6cd5<\/th>\n\u2460\u5bfe\u9762\u00a0 \uff0a11\u53f7\u9928504\u6559\u5ba4\u306b\u304a\u8d8a\u3057\u304f\u3060\u3055\u3044\u3002
\n\u2461Zoom\uff0a\u304a\u7533\u8fbc\u307f\u5b8c\u4e86\u306e\u81ea\u52d5\u8fd4\u4fe1\u30e1\u30fc\u30eb\u306b\u3066\u3001\u53c2\u52a0\u7528URL\u3092\u304a\u77e5\u3089\u305b\u3044\u305f\u3057\u307e\u3059\u3002<\/td>\n<\/tr>\n
\u5bfe\u8c61<\/th>\n\u5b66\u751f\u30fb\u6559\u8077\u54e1\u30fb\u4e00\u822c<\/td>\n<\/tr>\n
\u8b1b\u6f14\u8005<\/th>\nSong Jun Myung \u6c0f
\n\uff08\u4e00\u6a4b\u5927\u5b66\u3000\u5546\u5b66\u90e8\u3000\u8b1b\u5e2b\uff09<\/td>\n<\/tr>\n
\u8981\u65e8<\/th>\nThis paper examines how the 2011 Great East Japan Earthquake influenced firms\u2019 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\u2019s 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\u2019 environmental impacts but also reshape how markets value pollution.<\/td>\n<\/tr>\n
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 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u300cThe Economic and Financial Implications of Land and Water Pollution: Evidence from the 2011 Great East Japan […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[24],"class_list":["post-5450","post","type-post","status-publish","format-standard","hentry","category-news","tag-events"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/5450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/comments?post=5450"}],"version-history":[{"count":2,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/5450\/revisions"}],"predecessor-version":[{"id":5452,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/5450\/revisions\/5452"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/media?parent=5450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/categories?post=5450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/tags?post=5450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}