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환경규제와 재무성과

Environmental Regulation and Financial Performance

김원신
한국전산회계학회 (Korean Association Of Computers And Accounting(Kaoca))|2010.12|전산회계연구 (Korean Computers and Accounting Review)|제8권 제1호|pp. 73-92

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키워드

financial performance재무성과환경규제환경회계environmental accountingenvironmental regulation

초록

대부분의 국가에서 경제성장을 도모하는 과정에서 환경오염문제와 같은 부작용이 수반되게 되었고, 이러한 문제를 해결하기 위해 경제활동의 주체인 기업으로 하여금 사회적 책임을 수행하도록 요구하고 있다. 환경성과가 우수한 기업들은 ISO 14001 지정을 받거나, 환경마크 획득, 환경친화기업으로 선정되는 등 대외적 신뢰도의 향상 및 이미지 제고를 통해 기업의 경영성과를 증대시킬 수 있는 반면, 환경문제나 환경오염으로 인해 언론공개, 정부규제 및 환경소송에 처해 있는 기업들은 재무성과에 부정적인 영향을 미칠 수 있다. 본 연구에서는 부정적인 효과에 초점을 맞추고 환경규제위반과 재무성과와의 관련성을 검증하였다. 분석 결과, 환경규제에 대한 위반으로 인해 위반기업들의 매출액증가율(GS)과 영업현금흐름(CFO)에서 통계적으로 유의한 수준에서 음(-)의 영향을 미치는 결과로 나타났다. 이는 환경규제위반으로 인해 기업들의 대외적인 신뢰도와 이미지에 부정적인 영향을 미침으로써 매출이 감소하고, 결과적으로 영업활동으로 인한 현금흐름이 좋지 않게 나타난다는 것을 시사해준다.

Abstract

Our country have achieved high economic growth over a short period of time, but this growth accompanied with many side effects, such as environmental problems. As the companies were required social responsibility for the environmental protection, the environmental regulation was strengthened for the companies. The firms performed the environmental management activities for responding to these environmental regulation and the strengthening of the competitiveness. The companies of excellent environmental performance can improve their external image and the reliability by the appointment of ISO 14001, the acquirement of Eco-Mark and the validation of environment-friendly company, and it will have a positive impact on the financial performance. However, the environmental problems or pollutions will have a negative impact on the financial performance by the media coverage, government regulations and environmental litigation. In this study, I divided the positive effects and the negative effects of environmental performance and analyzed the relationship between the violation of environmental regulations and the corporate financial performance with a focus on the negative effects. The samples of this study are used the manufacturing companies listed on the Korean Stock Exchange among the companies which violated the environmental regulations that is enforced by the Ministry of Environment as a means of monitoring on environmental policy from 2004 to 2006. The controlling samples are selected a similar enterprise by size, and these companies are analyzed to have any effects on the financial performance. The profitability indicators for the financial performance are used Return on Sales(ROS) and Return on Equity(ROE), Growth of Sales(GS) about the growth indicator and total Cash Flow(CF) and Cash Flow from Operations(CFO) about the indicators of cash flow. According to the analysis, The companies that violates the environmental regulations have statistically significant negative effects on Growth of Sales(GS) and Cash Flow from Operations (CFO). Because the violation of environmental regulation decreased a sales by a negative effects on the image, reputation and reliability of the companies. As a result, Cash Flow from Operations (CFO) also show that is not good.

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관련 논문AI추천

ISO14001인증 녹색기업과 환경위반 기업의 특성 연구김인수, 정범석대한경영정보학회 · 경영과 정보연구2013 · 제32권 제5호파산위험을 이용한 기업의 재무성과와 환경성과의 관계 분석이수경, 홍정훈한국환경연구원 · 환경정책연구2006 · 제5권 제3호환경성과와 재무성과의 상관관계에 관한 실증연구 : 우리나라 상장 제조업체를 중심으로안일환, 홍종호한국환경연구원 · 환경정책연구2007 · 제6권 제4호기업특성과 환경규제 위반의 관계 연구김인수대한경영정보학회 · 경영과 정보연구2012 · 제31권 제4호환경경영체제가 경영성과에 미치는 영향석기준한국세무회계학회 · 세무회계연구2011 · 제28호기업의 환경오염행위에 대한 자본시장의 반응김명서, 김민철, 김요환한국국제회계학회 · 국제회계연구2010 · 제31호

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