Energy-saving Technology and Market Value (Japanese)
AbstractBased upon the standard model of Grilliches (1981), this paper examines the relationship between the intangible asset of energy-saving technologies and stock market value. We furthermore construct the spillover variable of energy-saving technologies for each firm using the definition of technological proximity by Jaffe (1986), and consider their distinctive impact on stock market value. Non-linear estimation using firm-level data of listed Japanese manufacturing firms reveals that intangible assets as a whole are positively associated with market value, although the intangible asset of energy-saving technologies is negatively correlated with market value. In addition, we find that the spillover of energy-saving technologies raises stock market value significantly. These results suggest that developing energy-saving technologies is difficult to appropriate its potential private rate of return, and the research and development (R&D) for energy-saving technologies is underinvested and socially insufficient. Policy implications are also discussed.
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Bibliographic InfoPaper provided by Research Institute of Economy, Trade and Industry (RIETI) in its series Discussion Papers (Japanese) with number 13062.
Length: 29 pages
Date of creation: Sep 2013
Date of revision:
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Postal: 11th floor, Annex, Ministry of Economy, Trade and Industry (METI) 1-3-1, Kasumigaseki Chiyoda-ku, Tokyo, 100-8901
Web page: http://www.rieti.go.jp/
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-10-02 (All new papers)
- NEP-ENE-2013-10-02 (Energy Economics)
- NEP-INO-2013-10-02 (Innovation)
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