기업지배구조가 환경투자와 기업가치의 관계에 미치는 영향

Environmental Investment Activities, Firm Value and Corporate Governance

This paper examines whether environmental investment activities and cost as part of environmental management activities by environmentally responsible corporations are evaluated in terms of firm. Our sample consists of the firms listed on Korean Stock Exchange over the period of 2002 to 2012 and the sample size is 253 firm-year observations. The empirical results of this study are as follows. First, I test the relation between environmental investments and firm value. This result shows that firm value has positive associations with corporate environmental investment. Second, I examine how corporate governance impacts the association between environmental investments and firm value, using interaction between Environmental investments and corporate governance. In summary, firm spending on environmental management including environmental investments and costs will eventually have a positive impact on how investors assess Korean firm value.