Earticle

초록

영어

There has been a long-run debate on the effect of environmental performance on financial performance and firm value. Proponents of environmentally friendly management argue that investments and efforts of improving environmental performance induce firms to have physical assets, technological innovations, better human resources, and good reputation, etc. As a result, firms can have competitive advantages by increasing sales and profit as well as environment protection. However, opponents of environmentally friendly management advocate that firms cannot take full benefit of investments and effort in environmental matters in the real world. Previous empirical papers that investigate the relationship between environmental performance and financial performance (or firm value) failed to find a consistent results because of several problems including limited measurements of environmental and financial performances, endogeneity, and omitted variables. This study examines the effect of corporate environmental performance on its financial performance and firm value in Korea. Whereas prior empirical studies examined the effect mainly focused on accounting measures, current study uses financial measures of stock returns and operating performance, and firm value of Tobin’s Q with longer sample period and larger sample firms. Also, this paper deliberately uses fixed-effects panel regression models with 1-year lag to alleviate the endogeneity problem. We use the environmental performance score from the Korea Economic Justice Institute (KEJI) from 2009 to 2014 for gauging corporate environmental performance. We find that the firms with higher environmental performance score have insignificantly lower stock returns compared with the firms with lower score. However, we report that the firms with higher environmental performance score have higher operating performance and firm value compared to the firms with lower score, which is consistent with previous empirical studies. Moreover, the results of various panel regression models clearly show that the environmental performance factor have a positive impact on firm value. Our findings suggest that corporations are able to improve financial performance and firm value by investing in environmental initiatives although firms bear the whole costs of environmental activities.

목차

Ⅰ. 서론
Ⅱ. 기존의 연구
Ⅲ. 연구방법
Ⅳ. 실증결과
Ⅴ. 결론
참고문헌
Abstract

키워드

저자

• 김용현 [ Yong Hyeon Kim | 한양사이버대학교 경영학부 교수 ] 제1저자
• 최선 [ Sun Choi | 한양사이버대학교 경영학부 교수 ] 교신저자
• 장승욱 [ Seung Wook Jang | 강릉원주대학교 경영학과 부교수 ] 공동저자

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  생산성연구: 국제융합학술지 [Productivity Research: An International Interdisciplinary Journal]

• 간기

  격월간

• pISSN

  1225-3553

• 수록기간

  1987~2025

• 등재여부

  KCI 등재

• 십진분류

  KDC 325 DDC 330