• ISSN: 2010-023X (Print)
    • Abbreviated Title: Int. J. Trade, Economics and Financ.
    • Frequency: Quaterly
    • DOI: 10.18178/IJTEF
    • Editor-in-Chief: Prof.Tung-Zong (Donald) Chang
    • Managing Editor: Ms. Shira. W. Lu
    • Abstracting/ Indexing:  Crossref, CNKI, EBSCO
    • E-mail: ijtef.editorial.office@gmail.com
IJTEF 2022 Vol.13(2): 42-46 ISSN: 2010-023X
DOI: 10.18178/ijtef.2022.13.2.721

Effects of Coronavirus on Vegetable Juice Manufacturers

Akane Murakami and Yukari Shirota

Abstract—In the paper, we analyze changes of stock prices during the state of emergency declaration due to the COVID 19 that started from 2020/4/7, using the ANOVA (Analysis of Variance) and the multiple-comparison. The data we used are the stock prices of the representative beverage manufacturers in Japan that are Kagome, Ito-en, Suntory food, and Coca-Cola from 2020/4/7 to 2020/6/19. We found that the higher vegetable drink product ratio of a company was, the higher its stock price average became. One clear result is that the stock prices of the beverage manufacturers that produce many vegetable juice products have grown. The regression analysis between the production ratio of the vegetable juice drinks and the stock price growth ratio shows a clear linear increasing relationship. We could say that in the COVID 19 period, investors tended to invest in beverage companies which produced vegetable juice products, from expectations that consumers’ demands for vegetable juice products would increase owing to the COVID 19. In addiiton, the investment to vegetable drinks might have been conducted, almost ignoring the company names. We think that the vegetable drink product amounts were more influential to the stock prices, rather than the individual company’s performance.

Index Terms—ANOVA (Analysis of Variance), multiple-comparison, vegetable juice, emergency declaration, COVID 19, stock prices, investors’ expectations.

The authors are with the Department of Management, Faculty of Economics, Gakushuin University, Tokyo, Japan (e-mail: 20122008@gakushuin.ac.jp, ukari.shirota@gakushuin.ac.jp).


Cite: Akane Murakami and Yukari Shirota, "Effects of Coronavirus on Vegetable Juice Manufacturers," International Journal of Trade, Economics and Finance vol.13, no.2, pp. 42-46, 2022.

Copyright © 2022 by the authors. This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).


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