IDEAS home Printed from
   My bibliography  Save this paper

Energy-saving Technology and Market Value (Japanese)


  • EDAMURA Kazuma
  • OKADA Yosuke


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.

Suggested Citation

  • EDAMURA Kazuma & OKADA Yosuke, 2013. "Energy-saving Technology and Market Value (Japanese)," Discussion Papers (Japanese) 13062, Research Institute of Economy, Trade and Industry (RIETI).
  • Handle: RePEc:eti:rdpsjp:13062

    Download full text from publisher

    File URL:
    Download Restriction: no

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eti:rdpsjp:13062. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (KUMAGAI, Akiko). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.