기업의 온실가스 배출로 인한 재무성과 하락과 기업 지배구조의 조절적 역할에 관한 연구 = Who Eases Fiscal Downturn from Greenhouse Gas Emissions? The Moderating Role of Corporate Governance

국문 초록 (Abstract)

지난 기업의 환경적 책임 및 환경 경영 관련 연구들은 온실가스 배출 저감량과 재무성과 증가분 사이에 보이는 정의 관계를 입증하여 기후변화 문제를 새로운 ‘기회’의 영역으로 강조해왔다. 본 연구에서는 기후변화 문제를 ‘위협’으로 간주하고 이에 대한 기업 지배구조 차원의 대응 방안을 모색한다. 우리는 온실가스 배출량과 기업 성과 사이에 부의 관계가 있을 것이라 가정하고, 이 관계에 대해서 집중소유구조 하의 기업 지배구조상 개별 집단인 지배주주, 경영진, 기관투자자 집단 각각의 조절효과를 살펴보았다. 2007~2013년 동안의 한국 제조업 기업을 대상으로 550개의 불균형 패널 데이터를 구성하여 Heckman selection model 분석을 실시한 결과, 온실가스 배출량과 기업의 재무성과 사이에는 부의 관계가 있음이 확인되었고 경영진과 기관투자자는 이 부의 관계를 긍정적으로 조절하는 것으로 나타났다. 기후변화 문제와 관련된 제도적 강제력이 높아지고 환경경영에 참여하는 기업 수가 증가하는 환경변화에 대해, 본 연구는 이와 같은 환경적 위협에 효율적으로 대응할 수 있는 기업 지배구조를 이론적, 그리고 실천적 함의와 함께 제공한다.

다국어 초록 (Multilingual Abstract)

Existing studies on environmental corporate social responsibility (ECSR) have viewed climate change issue as a new area of business opportunity by indicating that reducing greenhouse gas emissions can help to increase corporate financial performance. In this study, however, we consider climate change as a threat to a firm and try to find out how a firm can strategically adapt to the environmental shift at the level of corporate governance. We hypothesize that there is a negative relationship between greenhouse gas emissions and financial performance and examine which corporate governance moderates such relation under the concentrated ownership structure. As a result of Heckman selection analysis with the 550 unbalanced panel data of 165 manufacturing firms in Korea from 2007 to 2013, hypotheses are partially supported. In the current situation where institutional force related to climate change intensifies and the number of companies participating in environmental management increases, this study presents corporate governance that effectively counteracts environmental threat along with theoretical and managerial implications.

목차 (Table of Contents)

• Ⅰ. 서론
• Ⅱ. 기후변화문제와 관련된 한국의 상황과 한국 기업들의 기업 지배구조
• Ⅲ. 이론 및 가설
• Ⅳ. 연구 방법
• Ⅴ. 분석 결과
• Ⅵ. 토론 및 결론
• References
• Abstract

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