Do investors’ reactions to environmentally friendly news announcements differ across industries? A comparative analysis of Japan’s food and automotive industries
Abstract
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.
Keyword : environment, investor reaction, event study, automotive industry, food industry, Japan
How to Cite
Murashima, M. (2022). Do investors’ reactions to environmentally friendly news announcements differ across industries? A comparative analysis of Japan’s food and automotive industries. Journal of Business Economics and Management, 23(6), 1315–1333. https://doi.org/10.3846/jbem.2022.18244
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Kiessling, T., Isaksson, L., & Yasar, B. (2016). Market orientation and CSR: Performance implications. Journal of Business Ethics, 137(2), 269–284. https://doi.org/10.1007/s10551-015-2555-y
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Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304–329. https://doi.org/10.1016/j.jfineco.2014.09.008
Lamberti, L., & Lettieri, E. (2009). CSR practices and corporate strategy: Evidence from a longitudinal case study. Journal of Business Ethics, 87(2), 153–168. https://doi.org/10.1007/s10551-008-9876-z
Lerro, M., Vecchio, R., Caracciolo, F., Pascucci, S., & Cembalo, L. (2018). Consumers’ heterogeneous preferences for corporate social responsibility in the food industry. Corporate Social Responsibility and Environmental Management, 25(6), 1050–1061. https://doi.org/10.1002/csr.1519
Loureiro, S. M. C., Dias Sardinha, I. M., & Reijnders, L. (2012). The effect of corporate social responsibility on consumer satisfaction and perceived value: The case of the automobile industry sector in Portugal. Journal of Cleaner Production, 37, 172–178. https://doi.org/https://doi.org/10.1016/j.jclepro.2012.07.003
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Makabe, A. (2021). Rapid decarbonization will “increase costs” for Japanese companies and households, and may lead to job insecurity. Diamond. https://diamond.jp/articles/-/272082
Maktoufi, R., O’Connor, A., & Shumate, M. (2020). Does the CSR message matter? Untangling the relationship between corporate–nonprofit partnerships, created fit messages, and activist evaluations. Management Communication Quarterly, 34(2), 188–212. https://doi.org/10.1177/0893318919897059
Martinuzzi, A., Kudlak, R., Faber, C., & Wiman, A. (2011). CSR activities and impacts of the automotive sector (Research Institute for Managing Sustainability (RIMAS) Working Papers, No. 3/2011). Vienna University of Economics and Business.
Matakanye, R. M., van der Poll, H. M., & Muchara, B. (2021). Do companies in different industries respond differently to stakeholders’ pressures when prioritising environmental, social and governance sustainability performance? Sustainability, 13(21), 12022. https://doi.org/10.3390/su132112022
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McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of Management Review, 26(1), 117–127. https://doi.org/10.5465/amr.2001.4011987
McWilliams, A., Siegel, D., & Teoh, S. H. (1999). Issues in the use of the event study methodology: A critical analysis of corporate social responsibility studies. Organizational Research Methods, 2(4), 340–365. https://doi.org/10.1177/109442819924002
Ministry of Economy Trade and Industry of Japan. (2021). The 44th advisory committee for natural resources and energy. https://www.enecho.meti.go.jp/committee/council/basic_policy_subcommittee/2021/044/
Ministry of the Environment of Japan. (2020). Annual report on the environment, the sound material-cycle society and biodiversity in Japan. White paper.
Osazuwa, N. P., & Che-Ahmad, A. (2016). The moderating effect of profitability and leverage on the relationship between eco-efficiency and firm value in publicly traded Malaysian firms. Social Responsibility Journal, 12(2), 295–306. https://doi.org/10.1108/SRJ-03-2015-0034
Osiichuk, D., & Wnuczak, P. (2022). Shareholders’ indifference… short-term market reaction to firms’ first and subsequent acquisitions: Evidence from China. Economic Research-Ekonomska Istraživanja, 35(1), 3490–3511. https://doi.org/10.1080/1331677X.2021.1997621
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