7-1-2　Corporate Growth and Environmental Conservation

Evidence from Japan’s power, gas and petroleum companies

Abstract

This presentation explores how power, gas and petroleum companies in Japan demonstrate the achievement of both growth and environmental conservation, by using financial performance and environmental impact data before and during the COVID-19 pandemic. First, the regression analyses confirm the Environmental Kuznets Curve (EKC) hypothesis in 2019, 2020, and 2021. Second, the deciding factors are the result of the interaction of several points, such as investors’emphasis on environment, society, and governance (ESG), and guidelines and assessments by economic organizations, rating agencies, and environmental nonprofit groups. Third, an approach in this presentation can contribute not only to the achievement of both growth and environmental conservation but also to the expansion of the academic literature.