畠田 敬 | ![]() |
ハタケダ タカシ | |
大学院経営学研究科 経営学専攻 | |
准教授 | |
商学・経済学関係 |
研究論文(大学,研究機関等紀要)
This paper analyzes the relationship between a firm's greenhouse gas (GHG) emissions and its profitability in Japanese manufacturing. Defining the difference between the marginal revenue and cost of reducing GHG emissions as the "net benefit," which is endogenously characterized by various factors, we estimate a switching regression model where the sign of the net benefit determines the relationship between GHG emissions and profitability. Our empirical analysis focuses on ISO 14001 adoption, market competition, uncertainty, financial flexibility, and share ownership structure as the factors, and indicates that firms with low firm-specific uncertainty, high financial flexibility, and a high proportion of large shareholders tend to have a nonnegative net benefit, so that the positive relationship between their GHG emissions and profitability is mitigated. On the other hand, although ISO 14001 adoption is generally considered to be an indicator of a firm's stance on environmental proactiveness, it does not provide a sufficient incentive to reduce emissions. Factors such as uncertainty, financial flexibility, and share ownership structure are more important to GHG emission reductions.
SPRINGER, 2012年12月, ENVIRONMENTAL & RESOURCE ECONOMICS, 53 (4), 455 - 481, 英語[査読有り]
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In this paper, we propose a new model of bank lending behaviour, in which there are three possible regimes under asymmetric information. We have found empirical evidence for the existence of the third regime, in which banks lend under their liquidity constraint. In this regime, both the land price index and bank capital have large and positive effects on bank loans. On the other hand, the call rate and economic activity (real GDP) have negative effects. Moreover, we have a new understanding of how financial liberalization and the regulation of bank capital also affect bank lending behaviour. (C) 2000 Elsevier Science B.V. All rights reserved.
ELSEVIER SCIENCE BV, 2000年05月, JAPAN AND THE WORLD ECONOMY, 12 (2), 127 - 141, 英語[査読有り]
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