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기업의 지속가능성보고서 적시공시가 자기자본비용에 미치는 영향

The Effect of Timely Disclosure of Firm’s Sustainability Report on Cost of Equity

김동현|임욱빈
한국국제회계학회 (Korea International Accounting Association)|2023.10|국제회계연구 (Korea International Accounting Review)|제111호|pp. 21-44|DOI 10.21073/kiar.2023..111.002

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정보비대칭Information Asymmetry지속가능보고서Sustainability Report자기자본비용Cost of Equity지속가능성회계기준Sustainability Accounting Standards

초록

[연구목적] 본 연구는 시장에 지속가능보고서가 공시되었을 때, 자기자본비용에 미치는 영향을살펴보고, 나아가 SASB(Sustainability Accounting Standards Board) 기준 적용 및 적시 공시 여부에따라 자기자본비용에 미치는 영향을 살펴보았다. [연구방법] 구체적으로 지속가능보고서 발행 여부에 따라 CAPM(Capital Assets Pricing Model)으로 측정한 자기자본비용에 미치는 영향을 살펴보았으며, 나아가 지속가능보고서에 SASB 기준 적용 및 사업보고서 기한 내 보고서 발행 여부에 따라 자기자본비용에 미치는 영향을 분석하였다. [연구결과] 본 연구의 실증분석결과는 다음과 같다. 첫째, 지속가능보고서가 발행될 때 자기자본비용이 증가하는 것으로 나타났다. 둘째, 지속가능보고서에 SASB 기준을 적용한 경우에도 자기자본비용이 증가하는 것으로 나타났다. 이는 지속가능보고서 발행과 글로벌 이니셔티브 적용만으로는 비재무활동으로 인해 발생하는 비용을 초과하는 효익이 어렵다는 것을 의미한다. 셋째, 지속가능보고서를 사업보고서 제출 기한 내 발행하는 경우, 자기자본비용은 감소하는 것으로 나타났다. 이는 SASB 기준을 적용하는 경우에도 동일하게 나타났다. 이는 사업보고서 제출기한 내지속가능보고서를 발생하는 경우 비용을 초과하는 효익을 얻을 수 있음을 의미한다. [연구의 시사점] 본 연구결과는 이해관계자들의 비재무정보에 대한 요구가 적시에 이루어져 정보비대칭을 해소함으로 자기자본비용이 감소하는 것으로 판단된다. 따라서, 지속가능보고서 발행을 통해 발생하는 비용을 초과하는 효익을 얻기 위해서는 정보를 적시에 공시하여 정보비대칭을완화 시키는 것이 중요하다는 것을 시사하는 바이다.

Abstract

[Purpose] This study examined the impact on the cost of equity capital when the sustainability report was announced in the market, and further examined the impact on the cost of equity capital depending on the application of SASB(Sustainability Accounting Standards Board) standards and timely disclosure. [Methodology] We examined the impact of issuing a sustainability report on the cost of equity capital measured by the CAPM(Capital Assets Pricing Model). In addition, the impact on the cost of equity capital was analyzed depending on whether SASB standards were applied to the sustainability report and whether the report was published within the business report deadline. [Findings] As a result of the analysis, It was found that the cost of equity capital increases when a sustainability report is published. And even if SASB standards are applied to sustainability reports, the cost of equity capital appears to increase. This means that it is difficult to obtain profits that exceed the costs incurred from non－financial activities just by publishing sustainability reports and applying global initiatives. However, the cost of equity capital was found to decrease when the sustainability report was issued within the business report submission deadline. This was also the case when applying the SASB standard. This means that when sustainability report disclosure is made within the business report submission deadline, benefits can exceed the costs. [Implications] The results of this study show that the cost of equity capital is reduced by resolving information asymmetry by meeting stakeholders’ requests for non－financial information in a timely manner. These results suggest that it is important to disclose information in a timely manner in order to obtain benefits that exceed the costs incurred through publishing sustainability reports

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