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Subject

The Impact of the Emission Trading Scheme-Related Events on Firm Value
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온실가스 배출권거래제 관련 사건이 기업가치에 미치는 영향

논문 기본 정보

Type
Academic journal
Author
Gilwhan Kim (계명대학교)
Journal
The Korean Association Of Logos Management Logos Management Review Vol.17 No.1
Published
2019.3
Pages
41 - 62 (22page)

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Topic
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Method
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Result
The Impact of the Emission Trading Scheme-Related Events on Firm Value
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Abstract· Keywords

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This study aims to analyze the impact of the ETS(Emission Trading Scheme)-related events on firm value. Specifically, applying the event study methodology, this study investigates the impact of 3 ETS-related events(the passage of ETS bill, the notice of legislation for ETS, the enforcement of ETS) on the stock price generally assumed to reflect the present and future value of the firm. The major findings of this study can be summarized as follows. First, the passage of ETS bill did not significantly affect the average value of firms. Second, the notice of legislation for ETS did not significantly affect the average value of the energy-intensive firms but significantly affected the average value of the relatively less-energy intensive firms. Lastly, the impact of the enforcement of ETS on average values of firms was not significant.

Contents

요약
Ⅰ. 서론
II. 이론적 배경
Ⅲ. 분석모형: 시장모형(market model)
Ⅳ. 분석결과
V. 결론 및 한계점
참고문헌
Abstract

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UCI(KEPA) : I410-ECN-0101-2019-325-000540468