환경투자활동의 동기와 효과
Determinants and Effects of Environmental Investments
1
조회
0
다운로드
5
인용
0
참고문헌
키워드
초록
환경원가를 환경투자와 비용으로 구분하여 이 두 요소를 유발하는 요인과 효과를 실증 분석하였다. 결과를 보면 수익성(ROS 등)은 환경관련투자 및 환경보전비용에 유의적인 영향을 미치지 않았으며 레버리지 비율은 환경투자활동에 음의 영향을 미쳤으며 R&D 비율도 악영향을 나타내었다. 한편 지배주주의 비중이 높을수록 단기적인 환경보전비용의 지출은 물론 환경시설투자 등에도 능동적으로 대처하였다. 그리고 환경관련투자와 환경비용을 통한 노력이 재무성과(ROS)에는 부정적으로, CO2 배출량의 감소와 같은 환경성과에는 긍정적으로 나타났으며 결과적으로 환경경제효율에는 긍정적 방향을 나타냈으나 유의적이지는 않았다. 이것은 환경관련지출이 CO2 배출량 감소와 같은 긍정적 효과를 초래하지만 재무성과가가 악화된 것만큼 CO2 배출량 감소효과가 따라가지 못한다는 사실을 의미한다.
Abstract
This paper test the relationship among determinants of environmental investments, level of environmental investments, eco-efficiency (carbon productivity). The results show that profitability, leverage and R&D costs have a negative impact on environmental investments, and controlling ownership have a positive impact on environmental investments as well as environmental protection costs. The analysis also show that firms increasing environmental investments are able to gain superior environmental performance (CO2 emission), but are negatively relationship with financial performance. Finally, the findings prove that differences exist in the relationship between determinants and effect of environmental investments when grouped by industry characteristics.
참고문헌 (37)
- 김명서, "환경경영 활동에 대한 환경투자 및 비용이 기업가치에 미치는 영향", 회계연구, 15(2), pp.119~141 (2010), 대한회계학회
- 김병호, "기업의 소유구조와 기업가치 및 수익률에 대한 연구: 임원지분율을 중심으로", Asia-Pacific Journal of Financial Studies, 30, pp.391~434 (2002), 한국증권학회
- 김선화, "기업의 환경오염방지를 위한 자발적 시설투자 동기요인", 회계저널, 17(2), pp.97~120 (2008), 한국회계학회
- 김선화, "환경투자활동에 있어서 사외이사의 역할", 환경정책, 18(2), pp.107~138 (2010), 한국환경정책학회
- 삼성지구환경연구소, "녹색경영이 만들어 가는 저탄소사회" (2009)
- 민승기, "환경관련투자의 효율성 분석: 우리나라 제조업을 중심으로", 환경정책연구, 10(2), pp.61~92 (2011), 한국환경정책·평가연구원
- 박광덕, "환경 투자 및 비용이 기업의 환경성과에 미치는 영향", 상하수도학회지, 23(3), pp.315~320 (2009), 대한상하수도학회
- 성봉석, "환경문제에 대한 기업의 대응활동이 환경대응능력 및 성과에 미치는 영향", 경영학연구, 31(4), pp.11~1133 (2002), 한국경영학회
- 이근상, "환경경영시스템의 도입에 따른 중소기업의 환경경영 개선", 품질경영학회지, 32(2), pp.1~14 (2004), 한국품질경영학회
- 환경부, "환경통계연감 2008" (2008)
- 朴恩芝, "企業.略としての環境投資-環境会計情報の分析-", 社会関連会計硏究, 22, pp.73~83 (2010)
- 天野明弘, "環境經營のイノぺ一ショソ" (2006), 生産性出版
- Anderson, R. C., "Board Composition: Balancing Family Influence in S&P 500 Firms", Administrative Science Quarterly, 49, pp.209~237 (2004)
- Banerjee, S. B., "Managerial perceptions of corporate environmentalism: interpretations from industry and strategic implications for organizations", Journal of Management Studies, 38, pp.489~513 (2001)
- Coff, R., "Bidding wars over R&D-intensive firms: Knowledge, opportunism, and the market for corporate control", Academy of Management Journal, 46(1), pp.74~85 (2003)
- Cormier, D., "Environmental disclosure quality in large German companies : economic incentives, public pressures or institutional conditions?", European Accounting Review, 14, pp.3~39 (2005)
- Davidsdottir, B., "The odd couple: The relationship between state economic performance and carbon emission economic intensity", Energy Policy, 39, pp.4551~4562 (2011)
- Davis, G. F., "A social movement perspective on corporate control", Administrative Science Quarterly, 39, pp.141~173 (1994)
- Epstein, M. J., "You've Got a Great Environmental Strategy-Now What?", Business Horizons, 39, pp.53~59 (1996)
- Freeman, R. E., "Stratagic Management: A Stakehoder Approach" (2010), Cambridge University Press
- Galdeano-Gomez, E., "Environmental performance and spillover effects on productivity: Evidence from horticultural firms", Journal of Environmental Management, 88, pp.1552~1561 (2008)
- Hassel, L., "The value relevance of environmental performance", European Accounting Review, 14, pp.41~61 (2005)
- Hart, S. L., "Does it pay to be Green? An empirical examination pf the relationship between emission reduction anf firm performance", Business strategy and the Environment, 5(1), pp.30~37 (1996)
- Johnston, D., "An investigation of regulatory and voluntary environmental capital expenditures", Journal of Accounting and Public Policy, 24, pp.175~206 (2005)
- Khanna, M., "EPA's voluntary 33", 50 program: Impact on toxics releases and economic performance of firms, 1999, pp.37, 1~25
- Lev, B., "The capitalization, amortization, and value relevance of R&D", Journal of Accounting and Economics, 21, pp.107~138 (1996)
- Monks, R. A., "Corporate Governance" (2001), Blackwell
- Murovec, N., "Determinants of Environmental Investments: Testing the Structural Model", Journal of Cleaner Production, 37, pp.265~277 (2011)
- Nakamura, Eri, "Does Environmental Investment Really Contribute to Firm Performance? An Empirical Analysis Using Japanese Firms", Eurasian Business Review, 1(2), pp.91~111 (2011)
- Nohria, N., "Is Slack Good or Bad for Innovation?", Academy of Management Journal, 39, pp.1245~1264 (1996)
- Orlitzky, M., "Corporate Social and Financial Performance : A Meta-Analysis", Organization Studies, 24(3), pp.403~441 (2003)
- Park, E., "The Determinants of Environmental Investments by Japanese Firms", Korean Accounting Association Presentation (2012)
- State-Level Changes in Energy Intensity and Their National Implications, "RAND", ~, pp.CA DOE ENG-9812731 (2003)
- Sangle, S., "Empirical Analysis of Determinants of Adoption of Proactive Environmental Strategies in India", Business Strategy and the Environment, 19, pp.51~63 (2010)
- Song, C., "Increasing Environmental Protection Investment is an Important Measure to Prompt Enterprises to Reduce Pollutants Emission", International Journal of Economics and Finance, 3(4), pp.245~250 (2011)
- Sueyoshi T, "Can environmental investment and expenditure enhance financial performance of US electric utility firms under the clean air act amendment of 1990", Energy Policy, 37, pp.4819~4826 (2009)
- Waddock, S., "The Corporate Social Performance - Financial Performance Link", Strategic Management Journal, 18(4), pp.303~319 (1997)