Energy efficiency and company performance in Japanese listed companies

Research output: Contribution to journalArticlepeer-review

9 Citations (Scopus)


This research empirically investigates the relationship between energy efficiency and company performance for a pooled sample of 177 listed companies in Japan over 2005-2014. We find that energy efficiency plays a significant role in company performance in Japan, thereby debunking the energy efficiency paradox. Our research further indicates that this energy efficiency not only affects the market-based performance (Tobin's Q), but it also significantly impacts the accounting-book performance (return on assets). The findings present significant contributions to both the academic body of knowledge and the industry. The findings can also provide a basis for the Japanese Government to encourage companies to enact more energy efficient practices.

Original languageEnglish
Pages (from-to)24-40
Number of pages17
JournalInternational Journal of Energy Technology and Policy
Issue number1
Early online date15 Nov 2019
Publication statusPublished - Jan 2020
Externally publishedYes

Bibliographical note

Publisher Copyright:
Copyright © 2020 Inderscience Enterprises Ltd.


Rayenda Brahmana acknowledges the financial support from the Centre for Business, Economics and Finance Forecasting (BEFfore) in the University Malaysia Sarawak (UNIMAS) via topdown research grant: 03(TD04)/1054/2013(02).


  • Energy efficiency
  • Company performance
  • Tobin's Q
  • Return on asset
  • ROA
  • Japan

ASJC Scopus subject areas

  • Geography, Planning and Development
  • Fuel Technology
  • Energy Engineering and Power Technology


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