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Did the Financial Crisis Affect Environmental Efficiency? Evidence from the Japanese Manufacturing Sector

Author

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  • Fujii, Hidemichi
  • Assaf, A. George
  • Managi, Shunsuke
  • Matousek, Roman

Abstract

This study examined the impact of the financial crisis on the environmental and technical efficiencies of the Japanese manufacturing industry. Overall, we found that while the crisis had a negative impact on technical efficiency it did not affect environmental efficiency- the only exception was the transportation equipment sector which improved its environmental efficiency following the crisis. Additionally, we found that capital intensity does not necessarily affect environmental efficiency. We discuss the implications of these findings and provide directions for future research.

Suggested Citation

  • Fujii, Hidemichi & Assaf, A. George & Managi, Shunsuke & Matousek, Roman, 2015. "Did the Financial Crisis Affect Environmental Efficiency? Evidence from the Japanese Manufacturing Sector," MPRA Paper 66363, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:66363
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    References listed on IDEAS

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    1. Sangeeta Pratap & Carlos Urrutia, 2012. "Financial Frictions and Total Factor Productivity: Accounting for the Real Effects of Financial Crises," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 15(3), pages 336-358, July.
    2. Nguyen, Ha & Qian, Rong, 2014. "Demand collapse or credit crunch to firms? Evidence from the World Bank's financial crisis survey in Eastern Europe," Journal of International Money and Finance, Elsevier, vol. 44(C), pages 125-144.
    3. Morita, Hiroshi, 2014. "External shocks and Japanese business cycles: Evidence from a sign-restricted VAR model," Japan and the World Economy, Elsevier, vol. 30(C), pages 59-74.
    4. Hussain Ali Bekhet & Tahira Yasmin, 2014. "Assessment of the global financial crisis effects on energy consumption and economic growth in Malaysia: An input–output analysis," International Economics, CEPII research center, issue 140, pages 49-70.
    5. Fujii, Hidemichi & Kaneko, Shinji & Managi, Shunsuke, 2010. "Changes in environmentally sensitive productivity and technological modernization in China's iron and steel industry in the 1990s," Environment and Development Economics, Cambridge University Press, vol. 15(04), pages 485-504, August.
    6. Hidemichi Fujii & Jing Cao & Shunsuke Managi, 2015. "Decomposition of Productivity Considering Multi-environmental Pollutants in Chinese Industrial Sector," Review of Development Economics, Wiley Blackwell, vol. 19(1), pages 75-84, February.
    7. Coulibaly, Brahima & Sapriza, Horacio & Zlate, Andrei, 2013. "Financial frictions, trade credit, and the 2008–09 global financial crisis," International Review of Economics & Finance, Elsevier, vol. 26(C), pages 25-38.
    8. Fujii, Hidemichi & Iwata, Kazuyuki & Kaneko, Shinji & Managi, Shunsuke, 2012. "Corporate environmental and economic performances of Japanese manufacturing firms: Empirical study for sustainable development," MPRA Paper 39564, University Library of Munich, Germany.
    9. Price, Lynn & Levine, Mark D. & Zhou, Nan & Fridley, David & Aden, Nathaniel & Lu, Hongyou & McNeil, Michael & Zheng, Nina & Qin, Yining & Yowargana, Ping, 2011. "Assessment of China's energy-saving and emission-reduction accomplishments and opportunities during the 11th Five Year Plan," Energy Policy, Elsevier, vol. 39(4), pages 2165-2178, April.
    10. Shunsuke Managi & Shinji Kaneko, 2006. "Productivity of market and environmental abatement in China," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 7(4), pages 459-470, December.
    11. repec:cii:cepiei:2014-q4-140-4 is not listed on IDEAS
    12. repec:cii:cepiie:2014-q4-140-40 is not listed on IDEAS
    13. Yagi, Michiyuki & Hidemichi, Fujii & Hoang, Vincent & Managi, Shunsuke, 2015. "Environmental efficiency of energy, materials, and emissions," MPRA Paper 65358, University Library of Munich, Germany.
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    Cited by:

    1. repec:eee:tefoso:v:139:y:2019:i:c:p:10-16 is not listed on IDEAS
    2. Paunić, Alida, 2016. "Brazil, Preservation of Forest and Biodiversity," MPRA Paper 71462, University Library of Munich, Germany.
    3. repec:spr:lsprsc:v:11:y:2018:i:2:d:10.1007_s12076-018-0205-6 is not listed on IDEAS
    4. repec:eee:ecolec:v:142:y:2017:i:c:p:21-30 is not listed on IDEAS
    5. Fujii, Hidemichi & Managi, Shunsuke, 2019. "Decomposition analysis of sustainable green technology inventions in China," Technological Forecasting and Social Change, Elsevier, vol. 139(C), pages 10-16.
    6. Fujii, Hidemichi & Cao, Jing & Managi, Shunsuke, 2016. "Firm-level environmentally sensitive productivity and innovation in China," Applied Energy, Elsevier, vol. 184(C), pages 915-925.
    7. repec:spr:envpol:v:19:y:2017:i:4:d:10.1007_s10018-016-0176-z is not listed on IDEAS
    8. Hidemichi Fujii & Kentaro Yoshida & Ken Sugimura, 2016. "Research and Development Strategy in Biological Technologies: A Patent Data Analysis of Japanese Manufacturing Firms," Sustainability, MDPI, Open Access Journal, vol. 8(4), pages 1-15, April.
    9. repec:spr:jecstr:v:7:y:2018:i:1:d:10.1186_s40008-018-0119-x is not listed on IDEAS

    More about this item

    Keywords

    Environmental Efficiency; Technical Efficiency; Financial Crisis; Bayesian Stochastic Frontier;

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics

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