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Energy-saving Technology and Market Value (Japanese)

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  • EDAMURA Kazuma
  • OKADA Yosuke
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    Abstract

    Based 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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    File URL: http://www.rieti.go.jp/jp/publications/dp/13j062.pdf
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    Bibliographic Info

    Paper provided by Research Institute of Economy, Trade and Industry (RIETI) in its series Discussion Papers (Japanese) with number 13062.

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    Length: 29 pages
    Date of creation: Sep 2013
    Date of revision:
    Handle: RePEc:eti:rdpsjp:13062

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