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Subject

Capital Market Reactions to Environmental Contamination Behaviors of Firm
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기업의 환경오염행위에 대한 자본시장의 반응

논문 기본 정보

Type
Academic journal
Author
Kim Myung-Seo (한국기업지배구조센터) Kim Yeo-Hwan (단국대학교) Kim Min-Chul (호서대학교)
Journal
Korea International Accounting Association KOREAN INTERNATIONAL ACCOUNTING REVIEW Vol.31 KCI Accredited Journals
Published
2010.6
Pages
45 - 67 (23page)

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Result
Capital Market Reactions to Environmental Contamination Behaviors of Firm
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Abstract· Keywords

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This paper demonstrates the information impact of environmental contamination behaviors of firms disclosed by the press or supervising institutions in stock market. Abnormal return and stock trade volume are examined for a total 21days before and after each ten days from disclosure day of the supervision results of information of environment contamination behaviors of firm in press report and by the Ministry of Environment.
The results are as followed. Firstly, abnormal return regarding disclosure and cumulation abnormal return are not all significant statistically but stock trade volume is statistically significant. Secondly, information regarding environment contamination behavior has the same patterns for all reaction of stock price and stock trade volume in case of press report but regarding disclosure of the Ministry of Environment, patterns of reaction of stock price and stock trade volume appear differently.

Contents

〈국문초록〉
〈Abstract〉
Ⅰ. 서론
Ⅱ. 선행연구
Ⅲ. 연구의 설계
Ⅵ. 실증분석
Ⅴ. 결론
참고문헌

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UCI(KEPA) : I410-ECN-0101-2010-325-003108588