Were Japanese firms affected differently by Fukushima based on their energy dependence?

Abstract

The purpose of this study is to analyse the effect of the 2011 Japanese on the stock price of Japanese energy-dependent firms. As the Earthquake was followed by the Fukushima Daiichi nuclear accident, the Japanese Energy sector was greatly impacted, hence, we expect investor sentiment regarding energy-dependent companies to be impacted as well. We found that the stock price of firms that are dependent on energy price fluctuation declined more sharply after the disaster than that of non-dependent firms. However, the degree of dependence does not seem to matter. The second, finding was that firms whose stock price moved along with energy prices were more negatively impacted by the catastrophe. Our last finding was that firms operating in sectors commonly referred to as energy-intensive sectors (Energy, Materials, Industrials and Utilities) suffered from stock price loss in the short run but gained from the incident in the medium and long term after the incident.

Date of Award	26 Jun 2024
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Geraldo Cerqueiro (Supervisor)