ESG공시품질과 기업가치：경영자특성을 중심으로
ESG Disclosure Quality and Firm Value：Focused on Managerial Characteristics
0
조회
0
다운로드
1
인용
0
참고문헌
키워드
초록
[연구목적]본 연구는 ESG보고서의 중요성 공시품질이 정보 비대칭을 줄이는 데 도움을 주어 자본시장에 긍정적인 영향을 주는지를 알아보고자 한다. [연구방법]2016년에서 2021년까지 ESG보고서를 연속적으로 공시한 55개 기업의 326개(기업－연도) 관측치를 대상으로 2SLS 분석을 포함한 회귀분석을 실시하였다. [연구결과]실증분석한 결과는 다음과 같다. 첫째, ESG보고서의 공시품질은 기업가치를 긍정적으로 향상시키는 결과를 확인할 수 있었다. 둘째, 경영자 특성은 기업가치에 유의적인 영향을 주는지를 확인할 수 없었고(가설 2), 셋째, ESG보고서의 중요성 공시품질과 기업가치의 관련성에 경영자특성이 상호작용을 하는지의 분석에서도 유의미한 결과를 확인할 수 없었다. 또한 이들 관련성을 확인함에 있어, 내생성을 해결하기 위한 2SLS 분석 결과에서도 유사한 결과가 나타났다. [연구의 시사점]본 연구의 결과는 ESG보고서의 공시품질이 기업가치를 개선할 수 있음을 확인할 수 있었다. 본 연구의 공헌점은 ESG보고서의 신뢰성 향상을 목표로 하는 메커니즘을 처음으로 직접 검증하여 ESG 보고서의 중요성 공시품질의 자본시장 반응에 대한 새로운 증거를 제시하였으며, 이러한 본 연구의 증거는 관련 연구의 확장에 이바지할 수 있을 것이다.
Abstract
[Purpose]This study aims to examine the effect of the quality of Environmental, Social, and Governance (ESG) report disclosures on the capital market by reducing information asymmetry. [Methodology]Regression analysis including 2SLS analysis was conducted for 326 (company－year) observations of 55 companies that continuously disclosed ESG reports from 2016 to 2021. [Findings]The results are as follows. First, the quality of ESG report disclosures was found to positively enhance corporate value. Second, no significant results were found for Hypothesis 2, and Hypothesis 3, which suggested the interaction between the importance of ESG report disclosure quality and management characteristics could either increase or decrease corporate value, was not confirmed. Similar results were also identified in the Two－Stage Least Squares (2SLS) analysis conducted to address endogeneity. [Implications]The conclusion drawn from this research confirmed that the quality of ESG report disclosures improves market evaluations. This study contributes to the literature by being the first to directly investigate mechanisms aimed at enhancing the reliability of ESG reports, providing new evidence on the market response to the quality of ESG report disclosures. The evidence provided in this study can contribute to the expansion of related research.
참고문헌 (17)
- 육근효, "기업지배구조와 ESG", 통합보고서의 중요성 공시 품질: CEO 파워와 이사회 특성의 상호작용, 2022, pp.51(6), 1791~1815[DOI]
- 최윤형, "지속가능경영보고서의 중요성 분석을 통해 바라본 지속가능경영 이슈와 10년의 변화", Korea Business Review, 26(1), pp.125~148 (2022), 한국경영학회[DOI]
- Calabrese, A., "Materiality analysis in sustainability reporting : a method for making it work in practice", European Journal of Sustainable Development, 6(3), pp.439~447 (2017)
- Eccles, R. G., "The Integrated Reporting Movement：Meaning, Momentum, Motives, and Materiality" (2015), John Wiley & Sons
- A Comparative Analysis of Integrated Reporting in Ten Countries March 2, "Eccles, R. G.", ~ (2019)
- Eccles, R. G., "The need for sector－specific materiality and sustainability reporting standards", Journal of Applied Corporate Finance, 24(2), pp.8~14 (2012)
- Integrated Report 2020 Survey－Materiality, "Edge International", ~ (2020)
- Fasan, M., "Fostering stakeholder engagement : the role of materiality disclosure in integrated reporting", Business Strategy and the Environment, 26(3), pp.288~305 (2017)
- Gerwanski, "Determinants of materiality disclosure quality in integrated reporting : Empirical evidence from an international setting", Business Strategy and the Environment, 28(5), pp.750~770 (2019)
- GRI., "GRI Sustainability Reporting Standards", ~ (2020)
- "The international <IR> framework" (2013)[URL]
- Kiliç, M., "Determinants of forward－looking disclosures in integrated reporting", Managerial Auditing Journal, 33(1), pp.115~144 (2018)
- Kiliç, M., "The impact of ownership and board structure on Corporate Social Responsibility (CSR) reporting in the Turkish banking industry", Corporate Governance, 15(3), pp.357~374 (2015)
- Li, Y., "The impact of environmental, social, and governance disclosure on firm value：The role of CEO power", The British Accounting Review, 50(1), pp.60~75 (2018)
- Lindman, ˚A., "The Extractive Industries and Society Guiding corporate social responsibility practice for social license to operate：a Nordic mining perspective", Extr. Ind. Soc, 7, pp.1~16 (2020)
- Ranängen, H., "Walk the talk —a sustainability management system for social acceptance in Nordic mining", Sustainability, 12(9), pp.3508~ (2020)
- Rashid, A., "CEO power and corporate social responsibility(CSR)disclosure : does stakeholder influence matter?", Managerial Auditing Journal, 35(9), pp.1279~1312 (2020)