Public Utilities’ Corporate Growth and Environmental Conservation: Evidence from Japan

This study explores how public utilities in Japan demonstrate the achievement of both growth and environmental conservation, by using financial performance impact data from publicly traded companies power, gas, transport, telecommunication, postal services before during COVID-19 pandemic. First, regression analyses confirm Environmental Kuznets Curve (EKC) hypothesis an inverted N-shaped curve 2019, 2020, 2021. Second, deciding factors are result interaction following five points, which have been more encouraged promoted recent years: (1) regulatory reforms such as energy market opening; (2) investors’ emphasis on environment, society, governance (ESG); (3) guidelines assessments economic organizations, rating agencies, nonprofit groups; (4) citizens’ professional ethics willingness for conservation social contribution; (5) endogenous efforts members society. Third, approach that focuses ESG total shareholders return (TSR) can contribute not only to but also expansion academic literature.