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환경경영이 기업가치에 미치는 영향 : The Effect of Environmental Performance on the Market Value of Korean Firms
DC Field | Value | Language |
---|---|---|
dc.contributor.author | 문정은 | - |
dc.contributor.author | 김병도 | - |
dc.date.accessioned | 2010-01-15T07:24:28Z | - |
dc.date.available | 2010-01-15T07:24:28Z | - |
dc.date.issued | 2006-12 | - |
dc.identifier.citation | 경영논집, Vol.40 No.3/4, pp. 89-121 | - |
dc.identifier.issn | 1229-0491 | - |
dc.identifier.uri | https://hdl.handle.net/10371/32317 | - |
dc.description.abstract | With the fast industrialization, human beings have received the benefits of metarial
civilization. However an accelerated rate of exhaustion of natural resources, air pollution, and water pollution has threatened human exixtence as well as sustainable development. Companies can take this situation either as an opportunity or as a challenge. Companies, which make environmentally harmful final products or byproduct, are faced with demanding legal restriction. Companies, which manufacture environmentaly friendly products, are welcomed with higher comsumer demand and market growth potential. No consensus has ever been made on how environment management affects company performance. Some researchers and industry experts consider environment management as financial burden, consequently being against aggressive environmental invenstment. Other researchers, however, see clear benefits of environmental investment such as improved corporate image, direct or indirect long-term cost reduction, and lowered trade barrier. Depending on how companies understand the cost and benefits of enviroenment management, companies will take their stand whether to do just legal limit or to pursue environmental issues as strategic choice. The objective of this study is to empirically measure the cost of environmental accident and the economic value of environmental investment by implementing the market model. This study is intended to help top Korean CEOs to make ROI considered strategic decisions on environmentaly friendly issues. This study applies an event study to analyze the effect of environment performance on the market value of Korean firms based on stock price, which shows future value of companies. The results show that when companies announce their environmental accidents, their announcements of those incidents will, in general, negatively influence the market values of the companies. The companies lose, on average, 1.09% of their market values on the day of the announcement. On the other hand, announcing an environmental investment has no effect on the market. Additional finding is that company size is a factor influencing the magnitude of capital markets receptiveness toward environmental performance. This suggests that companies need to recognize the value of environmental invenstment and to take environment management as a competitive advantage. | - |
dc.language.iso | ko | - |
dc.publisher | 서울대학교 경영대학 경영연구소 | - |
dc.title | 환경경영이 기업가치에 미치는 영향 | - |
dc.title.alternative | The Effect of Environmental Performance on the Market Value of Korean Firms | - |
dc.type | SNU Journal | - |
dc.contributor.AlternativeAuthor | Kim, Byung-Do | - |
dc.contributor.AlternativeAuthor | Moon, Jung Eun | - |
dc.citation.journaltitle | 경영논집 | - |
dc.citation.endpage | 121 | - |
dc.citation.number | 3/4 | - |
dc.citation.pages | 89-121 | - |
dc.citation.startpage | 89 | - |
dc.citation.volume | 40 | - |
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