第5章 新国富（Inclusive Wealth）における多様な資本の連関

This chapter put forward an outline of inclusive wealth (IW) and carried out its analysis mainly in terms of Japan based on the estimated values of the three facets of IW capital: produced capital (PC), human capital (HC), and natural capital (NC). As an analysis of its contents, there are three indexes of IW, which are the total amount, the per-capita index, and productivity (i.e., value added divided by IW). As for the specific contents, it verified a comparison between 1990 and 2014 for the whole world (Section 3), for the IW of Japan (Section 3), a comparison between Japan and G7 (Section 4), a look at the IW by prefecture (Section 5), and the relevance of IW to measuring the damage due to the Nankai Trough earthquake (NTE) (Section 6).Book chapterYagi Michiyuki, Managi Shunsuke. "Chapter 5. Various Capital Linkages in Inclusive Wealth". ESD and Social Resilience in the SDGs Era. Sato, M., Kitamura, Y., and Managi, S. (Eds.). Tsukuba-shobo, 2020, p. 121-154.boo

Time-period and industry heterogeneity of innovation activity in Japan

This study examines time-period and industry heterogeneity of innovation activity in Japan from 1964 to 2006 using patent data and non-consolidated firm data. This study focuses on the following three periods, based on changes of the Japanese patent system, in and non-manufacturing industries: I) before 1976; II) 1976–1987; and III) after 1988. Specifically, for each degree of patent protection in each industry, this study examines how innovation activities are affected by the following determinants found in the innovation literature: size, market competition, and search variety (depth and scope). Empirical results show that when using the entire sample from 1964 to 2006, the size effect on innovation is significantly positive. In addition, the effects of market competition and search variety on innovation are inverse-U. When considering time-period heterogeneity, the effects of size and search variety are similar to the entire period; however, the inverse-U effect of market competition is broken after 1988. On the other hand, when considering industry heterogeneity, the effects of size and search variety are similar to the entire sample, but differ between manufacturing and non-manufacturing industries. In addition, the effect of market competition is not statistically significant in either industry

Shadow price of patent stock as knowledge stock: Time and country heterogeneity

This study compares the shadow price (marginal cost) and shadow value (total cost) of patent stock (as knowledge stock) in each of 92 countries between 1992 and 2010. Two specifications are considered in the data envelopment analysis approach. One specification considers population, capital, patent stock, energy use (four inputs), greenhouse gas (undesirable output), and gross domestic product (desirable output). The other uses human capital and natural capital instead of population and energy use. Under these two specifications, respectively, the shadow price of the patent stock (on weighted average) for the whole period is −0.106 and −0.054 million US dollars per patent in the entire sample. Similarly, the shadow value of the patent stock (by the ratio of gross domestic product) in the entire sample is −5.8% and −2.9%, respectively. As the standing position of patent stock, the patent stock is less valuable than human capital and (produced) capital but more valuable than population, energy use, and natural capital. The patent stock also is likely to be valuable in developing countries. In addition, the shadow value of the patent stock is relatively high in certain large countries and nearly flat in most of the countries

Demographic determinants of car ownership in Japan

This study empirically examines the demographic determinants of car ownership in Japan between 1980 and 2009. Unique car cohort data, composed of the car age and 11 car types, at the prefectural level, is analyzed. The primary reason for examining the demographic determinants of car ownership in Japan is because Japan is projected to face radical demographic changes in the next few decades. These projected changes include depopulation and an aging population with diminishing household size. This study will be the first empirical study of the car cohort model with large countrywide observations in the recent literature. This study classifies the demographic determinants into five categories: (I) longitudinal factors, (II) economic factors, (III) natural factors, (IV) social factors, and (V) other transports. Although some tendencies vary among car types, this study finds the following tendencies of ordinary car ownership (compact four-wheel drive trucks and regular and compact passenger cars). Regarding the longitudinal factors, the long-run effect is much higher than average in the recent literature, whereas the semi elasticity of car age is approximately −7%. Regarding the economic factors, the elasticities of income and fuel price on car ownership tend to be less intense than in earlier studies. Regarding the natural factors of population increase, the elasticities of population and average household size on car ownership tend to be negative. This indicates that a decrease in population and household size in Japan will accelerate car ownership. In addition, the ratio of elderly people has various effects depending on car types. Regarding the social factors of population increase, car ownership tends to be encouraged by the concentration of population within prefecture, and increased and decreased for relatively new (aged 2-11) and old (aged 12+) cars, respectively, by the concentration of population across prefectures. The former is probably due to a composite effect in urban and rural areas, whereas the latter may be a quick update cycle due to an effect of urbanization. Regarding other transports, the degrees of train and bus use tend to be negatively associated with ordinary car ownership. However, these effects are considerably small and often insignificant as in the literature

Supply Constraint from Earthquakes in Japan in Input-Output Analysis

Disasters often cause exogenous flow damage (i.e., the [hypothetical] difference in economic scale with and without a disaster in a certain period) to production (“supply constraint”). However, input-output (IO) analysis (IOA) cannot usually consider it, because the Leontief quantity model (LQM) assumes that production is endogenous; the Ghosh quantity model (GQM) is considered implausible; and the Leontief price model (LPM) and the Ghosh price model (GPM) assume that quantity is fixed. This study proposes to consider a supply constraint in the LPM, introducing the price elasticity of demand. This study uses the loss of social surplus (SS) as a damage estimation because production (sales) is less informative as a damage index than profit (margin); that is, production can be any amount if without considering profit, and it does not tell exactly how much profit is lost for each supplier (upstream sector) and buyer (downstream sector). As a model application, this study examines Japan’s largest five earthquakes from 1995 to 2017 and the Great East Japan Earthquake (GEJE) in March 2011. The worst earthquake at the peak tends to increase price by 10-20% and decrease SS by 20-30%, when compared with the initial month’s prices/production. The worst damage tends to last eight months at most, accumulating 0.5-month-production damage (i.e., the sum of [hypothetical] differences in SS with and without an earthquake [for eight months] is 50% of the initial month production). Meanwhile, the GEJE in the five prefectures had cumulatively, a 25-month-production damage until the temporal recovery at the 37th month

Environmental efficiency of energy, materials, and emissions

This study estimates the environmental efficiency of international listed firms in 10 worldwide sectors from 2007-2013 by applying an order-m method, a non-parametric approach based on free disposal hull with subsampling bootstrapping. Using a conventional output of gross profit and two conventional inputs of labor and capital, this study examines the order-m environmental efficiency accounting for the presence of each of 10 undesirable inputs/outputs and measures the shadow prices of each undesirable input and output. The results show that there is greater potential for the reduction of undesirable inputs rather than bad outputs. On average, total energy, electricity, or water usage has the potential to be reduced by 50%. The median shadow prices of undesirable inputs, however, are much higher than the surveyed representative market prices. Approximately 10% of the firms in the sample appear to be potential sellers or production reducers in terms of undesirable inputs/outputs, which implies that the price of each item at the current level has little impact on most of the firms. Moreover, this study shows that the environmental, social, and governance activities of a firm do not considerably affect environmental efficiency

Real-time and Single Fibril Observation of the Formation of Amyloid β Spherulitic Structures

This research was originally published in the Journal of Biological Chemistry. Tadato Ban, Kenichi Morigaki, Hisashi Yagi, Takashi Kawasaki, Atsuko Kobayashi, Shunsuke Yuba, Hironobu Naiki and Yuji Goto. Real-time and Single Fibril Observation of the Formation of Amyloid β Spherulitic Structures. J. Biol. Chem. 2006; 281, 33677–33683. © the American Society for Biochemistry and Molecular Biolog

Do environmental, social, and governance activities improve corporate financial performance?

This study investigated the relationship between corporate efficiency and corporate sustainability to determine whether firms concerned about environmental, social and governance (ESG) issues can also be efficient and profitable. We applied data envelopment analysis to estimate corporate efficiency and investigated the nonlinear relationship between corporate efficiency and ESG disclosure. Evidence shows that corporate transparency regarding ESG information has a positive association with corporate efficiency at the moderate disclosure level, rather than at the high or low disclosure level. Governance information disclosure has the strongest positive linkage with corporate efficiency, followed by social and environmental information disclosure. Moreover, we explored the relationship between particular ESG activities and corporate financial performance (CFP), including corporate efficiency, return on assets and market value. We found that most of the ESG activities reveal a non-negative relationship with CFP. These findings may provide evidence about voluntary corporate social responsibility (CSR) strategy choices for enhancing corporate sustainability