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Effects of Non-financial Information Disclosure on Firm Performance and Firm Value
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기업 비재무정보(ESG) 공시가 재무성과와 기업가치에 미치는 영향

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Type
Academic journal
Author
Yun Kyung Kim (한국경제연구원)
Journal
한국규제학회 규제연구 Vol.29 No.1 KCI Accredited Journals
Published
2020.6
Pages
35 - 59 (25page)

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Effects of Non-financial Information Disclosure on Firm Performance and Firm Value
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Abstract· Keywords

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This study examines the effects of ESG disclosure which provides firms’ non-financial information on firm performance and firm value. By using Korean listed firms during 2011-2017 with Bloomberg ESG Disclosure Score, we find that only disclosure on Governance is negatively associated with return on assets but the effects of total ESG, Environment and Social information are not statistically significant. Furthermore, none of ESG Disclosure has a statistically significant relationship with firm value. Results imply that disclosure of non-financial information does not improve corporate financial performance and the market does not perceive ESG information as important as financial information.
#비재무적정보 #기업공시 #기업성과 #기업가치 #ESG #Non-financial Information #Disclosure #Firm performance #Firm Value

Contents

I. 서론
II. 비재무적 정보 공시 규제 현황 및 논의
III. 선행연구 검토 및 가설 설정
IV. 실증분석
V. 결론
참고문헌

References (41)

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강태균 / 2015 / 우리나라 공시 제도의 현황과 발전방안 / 경영사연구 30(4):307~325 Crossref 권재열 / 2002 / 집중투표제의 강행규정화 논의에대한 비판적 검토 / 규제연구 11(1):5~37 dbpia 금융위원회 / 2018 / 내년부터 대형 상장사는 기업지배구조 핵심정보를 투자자에게 의무적으로 공개합니다 / 보도자료 google schola 김강 / 2012 / 지속가능경영이 장단기 경영성과에 미치는 영향 / 회계와 정책연구 17(4):95~118 google schola 김창수 / 2009 / 기업의 사회적 책임 활동과 기업가치 / 한국증권학회지 38(4):507~545 dbpia

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UCI(KEPA) : I410-ECN-0101-2020-035-000899695