기업의 환경적 책임 활동과 주가급락위험

• 영문명: Corporate Environmental Responsibility Activities and Stock Price Crash Risk
• 발행기관: 한국자료분석학회
• 저자명: 강상구(Sang Koo Kang) 변희섭(Hee Sub Byun)
• 간행물 정보: 『Journal of The Korean Data Analysis Society (JKDAS)』Vol.22 No.1, 265~277쪽, 전체 13쪽
• 주제분류: 자연과학 > 통계학
• 파일형태: PDF
• 발행일자: 2020.02.28

영문 초록

This study is the first to analyze the impact of corporate environmental responsibility (CER), a rapidly emerging non-financial factor in the capital market, on the stock price crash risk. We conduct an empirical analysis using the fixed-effect model for firms listed on the Korea Exchange from 2011 to 2015. We find that active engagements of a response to stakeholder among components of CER increase the stock price crash risk. This suggests that excessive CER to satisfy the interests of firms’ stakeholder can lead to subsequent stock price crash. Further the positive relationship between CER and stock price crash risk is mainly observed in firms with higher managerial accruals or with lower managerial ability. It means that CER carried out in firms with higher concerns about the agency problem can be abused to conceal negative information. Therefore, we can conclude that CER are exploited as a means of pursuing private interests of managers rather than efficient investments. Our results have a practical implication that suggests one path of negative effects of CER. In addition, as the policy interest in ESG factors is on the rise, we also provide an institutional implication that it is necessary to prepare proactive control mechanisms rather than unconditional encouragements.

목차

1. 서론

2. 가설 설정

3. 분석 표본과 변수

4. 실증분석결과

5. 결론 및 시사점

References

키워드

기업의 환경적 책임 비재무적 요인 주가급락위험 정보비대칭성 대리인문제 corporate environmental responsibility non-financial factor stock price crash risk information asymmetry agency problem