ScholarWorks@숙명여자대학교

초록

This study aims to analyze the impact of Green House Gas (GHG) emissions on firm value for KOSPI-listed companies from 2011 to 2022, and in particular, to analyze whether the external shock of the COVID-19 pandemic has changed the relationship between GHG emissions and firm value by dividing the impact of GHG emissions on firm value into pre- and post-COVID-19 periods. This study uses panel data regression analysis to observe the impact of GHG emissions (Scope1 & Scope2) on firm value (Tobin q) over time for different firms using 854 samples. The results show that there is a significant negative relationship between GHG emissions and firm value in the pre-COVID-19 period. This suggests that reducing GHG emissions has a positive impact on firm value in the pre-pandemic period, suggesting that environmental sustainability can contribute to a firm's financial performance and market valuation. However, the insignificance of this relationship during COVID-19 suggests that this effect may be weakened in the face of external shocks, but on the other hand, it also highlights the need for companies to maintain and strengthen business strategies that are sustainable in times of crisis. The importance of ESG strategies for corporate managers is underscored by the fact that corporate environmental responsibility can be linked to financial performance. For policymakers, our findings have important implications for the design of policies and institutions that can promote environmental sustainability and support increased financial performance and value for firms. This will enable companies and policymakers to explore ways to work together to promote sustainable economic growth.

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