온실가스배출과 에너지 사용 감축이 기업의 재무성과에 미치는 영향

Abstract

The purpose of this study is to verify the impact of greenhouse gas emissions and energy use on corporate financial performance, and to examine in-depth the financial performance of companies that regularly report emissions and use to the Korean greenhouse gas comprehensive management system after the 2015 agreement. Since the Kyoto Protocol in 1997, the year of the International Convention on Climate Change, a total of 195 developed and developing countries have agreed to voluntarily reduce greenhouse gas emissions, and international law enforces greenhouse gas reduction. Accordingly, Korea implemented the "energy and greenhouse gas target management system" in 2012 to actively respond to international agreements and enhance domestic companies' ability to respond to climate change, and implemented the "emission trading system" for the first time in East Asia on January 12, 2015. On top of that, 121 countries participated in the "2050 Carbon Neutral Target Climate Alliance," which declared carbon neutrality after the Paris Climate Agreement took effect in December 2020. As such, countries around the world are rapidly moving toward the risk of abnormal weather and environmental change, and as the risk of greenhouse gases becomes a reality, companies have no choice but to worry about the global environment of climate risk, survival, business performance, greenhouse gas reduction and energy use. On top of that, people's interest in whether companies manage climate change risks, especially for shareholders and investors, has increased to determine whether companies' ability to respond to climate change can be attractive investments. Several existing studies have shown that there are few studies on these greenhouse gases, energy use, and direct financial performance (sales, operating profit) of companies. In addition, no research has been analyzed based on voluntary greenhouse gas emissions and energy use by companies since the Paris Climate Agreement. Therefore, this study attempted to verify whether a company's greenhouse gas emissions and energy use affect the company's financial performance after the adoption of the Paris Climate Agreement, and to analyze what other factors affect the company's financial performance. In the sample selection, companies were selected to be assigned to reduce greenhouse gas emissions and reduce energy use. From January 2016 to December 2020, only companies that notified greenhouse gas emissions and energy use were selected, and 218 listed companies that normally implemented financial disclosure during the same period were selected as samples. The analysis method empirically analyzed the effect of greenhouse gas and energy use on financial performance through technical statistics, correlation, and multiple regression analysis. The results of the study are summarized as follows. First of all, it was found that the more greenhouse gas reduction, the more positive the impact on corporate financial performance. Second, it was found that the more energy use decreased, the more positive the impact on corporate financial performance. Third, it was found that companies with increased average intangible assets had a positive effect on financial performance. The study began with an existing study that companies with low greenhouse gas emissions will have a positive impact on corporate management and financial performance, but it has not been confirmed that the more greenhouse gas reduction, the more prominent the company's financial performance. Previous studies have also shown positive (+) and negative (-) relationships. However, the decrease in energy use has had a positive effect on corporate operating profit, and it means that not only greenhouse gas reduction but also energy use is an important factor in the future of the company. As data security is expected to be strengthened over time and many policies are expected to affect companies, these government policies and individual perceptions of climate change will be expressed through corporate intangible assets and provide implications for corporate ESG management.