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  1. Article ; Online: Self-restraint, subsidy, and stock market reactions to the coronavirus outbreak: Evidence from the Japanese restaurant industry.

    Sakawa, Hideaki / Watanabel, Naoki

    PloS one

    2022  Volume 17, Issue 12, Page(s) e0278876

    Abstract: This study examined the stock market response of the Japanese restaurant industry to the announcement of the self-restraint request and subsidy for restaurants by the Japanese government during the coronavirus outbreak. Using the event study approach, it ...

    Abstract This study examined the stock market response of the Japanese restaurant industry to the announcement of the self-restraint request and subsidy for restaurants by the Japanese government during the coronavirus outbreak. Using the event study approach, it was found that the market reacted negatively to the self-restraint request and positively to the subsidy for restaurants. Following the announcement of the self-restraint request, investors in the restaurant industry responded positively to the government's stringent policy responses. Conversely, following the announcement on the "dining-out" subsidy, investors reacted negatively to the stringent government policies. Our findings provide useful information for policy makers and practitioners to mitigate losses in the hospitality industry during the pandemic.
    MeSH term(s) Humans ; Restaurants ; Coronavirus ; East Asian People ; Coronavirus Infections/epidemiology ; Disease Outbreaks
    Language English
    Publishing date 2022-12-14
    Publishing country United States
    Document type Journal Article
    ZDB-ID 2267670-3
    ISSN 1932-6203 ; 1932-6203
    ISSN (online) 1932-6203
    ISSN 1932-6203
    DOI 10.1371/journal.pone.0278876
    Database MEDical Literature Analysis and Retrieval System OnLINE

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  2. Article: The impact of the COVID-19 outbreak on Japanese shipping industry: An event study approach.

    Sakawa, Hideaki / Watanabel, Naoki

    Transport policy

    2022  Volume 130, Page(s) 130–140

    Abstract: This paper examines the stock market response of Japanese shipping firms on the COVID-19 outbreak. We adopt an event study method to investigate the announcement effect of COVID-19-related news such as the incident of largest numbers of cases in a cruise ...

    Abstract This paper examines the stock market response of Japanese shipping firms on the COVID-19 outbreak. We adopt an event study method to investigate the announcement effect of COVID-19-related news such as the incident of largest numbers of cases in a cruise ship, the
    Language English
    Publishing date 2022-11-11
    Publishing country Netherlands
    Document type Journal Article
    ISSN 0967-070X
    ISSN 0967-070X
    DOI 10.1016/j.tranpol.2022.11.002
    Database MEDical Literature Analysis and Retrieval System OnLINE

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  3. Article: Does COVID-19-specific news affect stock market liquidity? Evidence from Japan.

    Yang, Wurong / Watanabel, Naoki / Sakawa, Hideaki

    MethodsX

    2023  Volume 11, Page(s) 102360

    Abstract: This article examines the effect of COVID-19-specific news on stock market liquidity in the Japanese Topix 500-listed firms. Our empirical analyses show that both COVID-19 confirmed cases and COVID-19-specific news induce a negative effect on stock ... ...

    Abstract This article examines the effect of COVID-19-specific news on stock market liquidity in the Japanese Topix 500-listed firms. Our empirical analyses show that both COVID-19 confirmed cases and COVID-19-specific news induce a negative effect on stock market liquidity. These findings suggest that the effect of COVID-19-specific news on U.S. stock market liquidity [1] is robustly confirmed in Japanese firms. This study also presents recommendations derived from Narayan et al. [2], who constructed a COVID-19-specific news index using data from popular newspapers worldwide. In sum, this study presents the following:•Stock market liquidity is negatively affected by confirmed cases of COVID-19 in Japan.•The impact of COVID-19-specific news on stock market liquidity was analyzed using the OLS regression method.
    Language English
    Publishing date 2023-09-04
    Publishing country Netherlands
    Document type News
    ZDB-ID 2830212-6
    ISSN 2215-0161
    ISSN 2215-0161
    DOI 10.1016/j.mex.2023.102360
    Database MEDical Literature Analysis and Retrieval System OnLINE

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  4. Article ; Online: Conditions of structural transition for collisionless electrostatic shock.

    Ly, Minh Nhat / Sano, Takayoshi / Sakawa, Youichi / Sentoku, Yasuhiko

    Physical review. E

    2023  Volume 108, Issue 2-2, Page(s) 25208

    Abstract: Collisionless shock acceleration, which transfers localized particle energies to nonthermal energetic particles via electromagnetic potential, is ubiquitous in space plasma. We investigate dynamics of collisionless electrostatic shocks that appear at the ...

    Abstract Collisionless shock acceleration, which transfers localized particle energies to nonthermal energetic particles via electromagnetic potential, is ubiquitous in space plasma. We investigate dynamics of collisionless electrostatic shocks that appear at the interface of two plasma slabs with different pressures using one-dimensional particle-in-cell (PIC) simulations and find that the shock structure transforms to a double-layer structure at the high density gradient. The threshold condition of the structure transformation is identified as density ratio of the two plasma slabs Γ ∼40 regardless of the temperature ratio between them. We then update the collisionless shock model that takes into account density expansion effects caused by a rarefaction wave to improve the prediction of the critical Mach numbers. These critical Mach numbers are benchmarked by PIC simulations for a wide range of Γ. Furthermore, we introduce a semianalytical approach to forecast the shock velocity just from the initial conditions based on a concept of the accelerated fraction α.
    Language English
    Publishing date 2023-09-18
    Publishing country United States
    Document type Journal Article
    ZDB-ID 2844562-4
    ISSN 2470-0053 ; 2470-0045
    ISSN (online) 2470-0053
    ISSN 2470-0045
    DOI 10.1103/PhysRevE.108.025208
    Database MEDical Literature Analysis and Retrieval System OnLINE

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  5. Article ; Online: Does COVID-19-specific news affect stock market liquidity? Evidence from Japan

    Wurong Yang / Naoki Watanabel / Hideaki Sakawa

    MethodsX, Vol 11, Iss , Pp 102360- (2023)

    2023  

    Abstract: This article examines the effect of COVID-19-specific news on stock market liquidity in the Japanese Topix 500-listed firms. Our empirical analyses show that both COVID-19 confirmed cases and COVID-19-specific news induce a negative effect on stock ... ...

    Abstract This article examines the effect of COVID-19-specific news on stock market liquidity in the Japanese Topix 500-listed firms. Our empirical analyses show that both COVID-19 confirmed cases and COVID-19-specific news induce a negative effect on stock market liquidity. These findings suggest that the effect of COVID-19-specific news on U.S. stock market liquidity [1] is robustly confirmed in Japanese firms. This study also presents recommendations derived from Narayan et al. [2], who constructed a COVID-19-specific news index using data from popular newspapers worldwide. In sum, this study presents the following: • Stock market liquidity is negatively affected by confirmed cases of COVID-19 in Japan. • The impact of COVID-19-specific news on stock market liquidity was analyzed using the OLS regression method.
    Keywords Regression Analysis ; Science ; Q
    Language English
    Publishing date 2023-12-01T00:00:00Z
    Publisher Elsevier
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  6. Article ; Online: Family Control and Corporate Innovation in Stakeholder-Oriented Corporate Governance

    Hideaki Sakawa / Naoki Watanabel

    Sustainability, Vol 13, Iss 5044, p

    2021  Volume 5044

    Abstract: This study investigates the effects of family control on corporate innovation activity in publicly traded firms in Japan under stakeholder-oriented corporate governance. In a sample of 14,991 firm-year observations in publicly traded firms in Japan ... ...

    Abstract This study investigates the effects of family control on corporate innovation activity in publicly traded firms in Japan under stakeholder-oriented corporate governance. In a sample of 14,991 firm-year observations in publicly traded firms in Japan during the period 2007 to 2016, we tested whether family owners or board members are enhancing research and development investments. While theoretical perspectives of principal–principal conflicts generally assume a negative relationship between family control and research and development intensity, we find a positive relationship, which supports the stewardship theory perspective. Additionally, we find that main bank ownership positively moderates the relationship between family control and research and development, suggesting that the main bank could affect the decision-making of family board members in the long-term. This result is supported by the close relationships between the main bank and client firms. Furthermore, our study reveals that the shareholder orientation of foreign shareholders suppresses family board members’ long-term orientation. We conclude that the exploitation presumed by principal–principal conflict perspectives has not been thoroughly investigated in Japan’s stakeholder-oriented corporate governance system.
    Keywords corporate innovation ; principal-principal conflicts ; stewardship theory ; main bank ; Environmental effects of industries and plants ; TD194-195 ; Renewable energy sources ; TJ807-830 ; Environmental sciences ; GE1-350
    Subject code 650
    Language English
    Publishing date 2021-04-01T00:00:00Z
    Publisher MDPI AG
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  7. Article ; Online: The Board Structure and Performance in IPO Firms

    Naoki Watanabel / Shohei Yamauchi / Hideaki Sakawa

    Sustainability, Vol 14, Iss 8078, p

    Evidence from Stakeholder-Oriented Corporate Governance

    2022  Volume 8078

    Abstract: This study investigates the internal mechanisms as an important factor for shareholders and stakeholders in initial public offering (IPO) firms with stakeholder-oriented corporate governance. Over the period of 2009–2016, we examine the role of ... ...

    Abstract This study investigates the internal mechanisms as an important factor for shareholders and stakeholders in initial public offering (IPO) firms with stakeholder-oriented corporate governance. Over the period of 2009–2016, we examine the role of independent directors in Japanese stakeholder-oriented corporate governance. According to previous research, the monitoring role of independent directors is strengthened in countries with a market-based financial system. Our empirical analyses show that independent directors do not effectively mitigate conflicts among shareholders such as IPO underpricing in a stakeholder-oriented corporate governance framework. Alternatively, accounting expertise may contribute to mitigating IPO underpricing in accordance with U.S. corporations. The participation of bank-affiliated directors in IPO firms further contributes to the mitigation of underpricing. Accordingly, these findings imply that bank ties through Horizontal Keiretsu’s bank-appointed directors are critical for mitigating conflicts among shareholders in IPO firms. These results imply that stakeholder-oriented corporate governance systems contribute to reducing conflicts among stakeholders.
    Keywords expertise ; Horizontal Keiretsu ; internal control ; independent directors ; IPO underpricing ; sustainable developments ; Environmental effects of industries and plants ; TD194-195 ; Renewable energy sources ; TJ807-830 ; Environmental sciences ; GE1-350
    Subject code 650
    Language English
    Publishing date 2022-07-01T00:00:00Z
    Publisher MDPI AG
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  8. Article ; Online: Institutional Ownership and Firm Performance under Stakeholder-Oriented Corporate Governance

    Hideaki Sakawa / Naoki Watanabel

    Sustainability, Vol 12, Iss 3, p

    2020  Volume 1021

    Abstract: This study aimed to reveal the role of institutional investors with shareholder-oriented scopes in a stakeholder-oriented economy such as Japan. With financial globalization, the increasing number of institutional shareholders in Japanese corporations ... ...

    Abstract This study aimed to reveal the role of institutional investors with shareholder-oriented scopes in a stakeholder-oriented economy such as Japan. With financial globalization, the increasing number of institutional shareholders in Japanese corporations enables us to investigate whether their shareholder-oriented perspectives are conducive to taking on effective monitoring roles under stakeholder-oriented corporate governance. This study’s sample included large listed firms of the TOPIX 500 in Japan during 2010-2016. Using 2924 firm-year observations, the effect of institutional investors on firm performance was analyzed to test the role of institutional investors in stakeholder-oriented corporate governance. Our study showed that the monitoring role of institutional shareholders, or foreign shareholders, functions effectively in Japanese corporations. In addition, we showed that the monitoring roles of these are expected to strengthen firms through higher growth opportunities. These results implied that institutional shareholders contribute to enhancing sustainable firm performance and constructing sustainable corporate governance mechanisms in a stakeholder-oriented system.
    Keywords agency theory ; institutional shareholder ; foreign shareholder ; stakeholder-oriented corporate governance ; Environmental effects of industries and plants ; TD194-195 ; Renewable energy sources ; TJ807-830 ; Environmental sciences ; GE1-350
    Subject code 650
    Language English
    Publishing date 2020-01-01T00:00:00Z
    Publisher MDPI AG
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  9. Article ; Online: Effects of self-quarantine during the COVID-19 pandemic on patients with lumbar spinal stenosis: A case-control study.

    Hayashi, Kazunori / Tanaka, Toru / Sakawa, Akira / Ebara, Tsuneyuki / Tanaka, Hidekazu / Nakamura, Hiroaki

    Medicine

    2022  Volume 101, Issue 24, Page(s) e29388

    Abstract: Abstract: Prospective case-control studyThis study aimed to investigate the effect of self-quarantine on the changes in low back symptoms and activities of daily living (ADL) due to low physical activity because of the COVID-19 pandemic in patients with ...

    Abstract Abstract: Prospective case-control studyThis study aimed to investigate the effect of self-quarantine on the changes in low back symptoms and activities of daily living (ADL) due to low physical activity because of the COVID-19 pandemic in patients with lumbar spinal stenosis (LSS).The frequency and intensity of low back and leg pain have reportedly increased in healthy subjects because of self-quarantine.Patients with LSS who self-quarantined from baseline (SQ group) were matched to controls who did not self-quarantine (non-SQ group), based on age, sex, medication, ADL, and the numeric rating scale score for low back symptoms. The change in low back symptoms, ADL, and health-related quality of life between baseline and follow-up were compared between the groups.The SQ and non-SQ group included 80 and 60 patients, respectively. Compared with the baseline, the numeric rating scale score for low back pain at follow-up in the SQ group significantly improved (P = .004, median; 1 point), but not in the non-SQ group. No significant difference was found regarding changes in leg pain or numbness. Low back pain improvement did not lead to ADL improvement. The short form 12 evaluation revealed the role/social component score in the SQ group to be significantly lower than that in the non-SQ group; no difference was found for the physical or mental components at follow-up.Self-quarantine with conservative treatment effected short-term low back pain improvement in patients with LSS. However, no improvement in ADL was found. Self-quarantine had an unfavorable impact for health-related quality of life. The effect of self-quarantine can influence the treatment results of LSS.
    MeSH term(s) Activities of Daily Living ; COVID-19/epidemiology ; Case-Control Studies ; Decompression, Surgical/methods ; Humans ; Low Back Pain/etiology ; Lumbar Vertebrae/surgery ; Pandemics ; Quality of Life ; Quarantine ; Spinal Stenosis/surgery ; Treatment Outcome
    Language English
    Publishing date 2022-06-17
    Publishing country United States
    Document type Journal Article
    ZDB-ID 80184-7
    ISSN 1536-5964 ; 0025-7974
    ISSN (online) 1536-5964
    ISSN 0025-7974
    DOI 10.1097/MD.0000000000029388
    Database MEDical Literature Analysis and Retrieval System OnLINE

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  10. Article ; Online: Ion acceleration at two collisionless shocks in a multicomponent plasma.

    Kumar, Rajesh / Sakawa, Youichi / Sano, Takayoshi / Döhl, Leonard N K / Woolsey, Nigel / Morace, Alessio

    Physical review. E

    2021  Volume 103, Issue 4-1, Page(s) 43201

    Abstract: Intense laser-plasma interactions are an essential tool for the laboratory study of ion acceleration at a collisionless shock. With two-dimensional particle-in-cell calculations of a multicomponent plasma we observe two electrostatic collisionless shocks ...

    Abstract Intense laser-plasma interactions are an essential tool for the laboratory study of ion acceleration at a collisionless shock. With two-dimensional particle-in-cell calculations of a multicomponent plasma we observe two electrostatic collisionless shocks at two distinct longitudinal positions when driven with a linearly polarized laser at normalized laser vector potential a_{0} that exceeds 10. Moreover, these shocks, associated with protons and carbon ions, show a power-law dependence on a_{0} and accelerate ions to different velocities in an expanding upstream with higher flux than in a single-component hydrogen or carbon plasma. This results from an electrostatic ion two-stream instability caused by differences in the charge-to-mass ratio of different ions. Particle acceleration in collisionless shocks in multicomponent plasma are ubiquitous in space and astrophysics, and these calculations identify the possibility for studying these complex processes in the laboratory.
    Language English
    Publishing date 2021-04-05
    Publishing country United States
    Document type Journal Article
    ZDB-ID 2844562-4
    ISSN 2470-0053 ; 2470-0045
    ISSN (online) 2470-0053
    ISSN 2470-0045
    DOI 10.1103/PhysRevE.103.043201
    Database MEDical Literature Analysis and Retrieval System OnLINE

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