중대재해처벌법 제정의 공시 효과 분석
The Announcement Effects of the “Severe Accident Punishment Act”
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초록
본 연구는 고용노동부에서 매년 발표하는 중대 재해 발생 사업장 정보를 사용하여, 과거 중대 재해가 발생한 기업의 경우 중대재해처벌법 제정으로 인한 공시효과가 어떻게 나타나는가를 사건 연구를 통해 분석하였다. 2009년부터 2020년까지 한 번이라도 중대 재해가 발생한 기업의 경우, 무재해 기업과 비교하여 중대재해처벌법 통과 시점에 유의한 음(-)의 비정상 수익률을 기록하였으며, 중대 재해 발생 횟수가 많을수록 주가가 더 크게 하락하였다. 주식 시장에서 중대 재해 발생 이력이 있는 기업에 대해 중대재해처벌법으로 향후 손실이 발생할 가능성이 더 높다고 평가하는 것으로 보인다. 한편, 기업의 ESG 등급 및 E, S, G 개별 등급이 좋을수록 중대 재해 발생 기업의 주가 하락이 완화되는 것으로 나타나 ESG 성과가 중대재해처벌법에 의한 위험을 감소시킬 수 있는 것으로 평가되었다. 본 연구는 산업재해로 인한 기업가치 손실을 증명함으로써 기업의 산업재해 예방 투자를 유도할 수 있다. 향후 산업재해 관련 정보가 다양하게 공개되어 시장의 투자자들과 학계에서의 평가·분석이 재해 예방에 기여할 수 있기를 바란다.
Abstract
This study examines the announcement effects of the "Severe Accident Punishment Act" on stock prices, utilizing data from the annual "Industrial Accident" reports published by the Ministry of Employment and Labor. Our findings reveal that companies experienced at least one severe industrial accident between 2009 and 2020 exhibit significantly negative abnormal returns around the Act's enactment, compared to those without such incidents. Additionally, the more the number of accidents occurred, the larger the stock price decline. This suggests that the stock market perceives companies with a history of severe accidents as more likely to incur future losses due to the Act. On the other hand, firms with higher overall ESG rating, as well as higher individual E, S, and G rating, experience lesser stock price declines, indicating that ESG performance may mitigate the risks and penalties associated with severe industrial accidents. This study provides valuable insights for companies, emphasizing the importance of investing in industrial accident prevention to protect corporate value. We advocate for greater disclosure in industrial accident, enabling investors and academics to contribute more effectively to accident prevention through thorough evaluation and analysis.
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