외국인투자자가 에너지효율성과 탄소위험에 미치는 영향

The Impact of Foreign Stockholders on the Energy Efficiency and Carbon Risk

Purpose - If companies fail to reduce carbon emissions effectively, they are more likely to be exposed to carbon regulation risks, and their performance can deteriorate based on the investment required to reduce carbon emissions and increased regulatory compliance costs. Therefore, effective monitorings and controls are required to induce active response from managers in carbon risk management. In this background, this study is conducted in two major dimensions. This study investigates whether foreign investors affect energy efficiency and if foreign investors affect carbon risk. Carbon intensity is used as a proxy variable for carbon risk. Design/Methodology/Approach - The sample taken for this study includes 724 firm-year observations. The sample employed herein was obtained from firms listed on the Korean Stock Exchange (KSE) from 2012 to 2017. Findings - As a result of the analysis, foreign shareholders have significant positive relationship with energy efficiency. The result indicates that a company with high foreign shareholders has a high energy efficiency compared to a homogeneous industry. The result implies that foreign investors pressure management to invest in energy efficiency equipment. Another finding is that foreign shareholders are positively related to carbon risk. According to the results of the analysis, it is found that a company with high foreign shareholders has a low carbon intensity compared to a homogeneous industry. This indicates that a company with a high number of foreign shareholders has a low carbon risk. Research Implications - This study is the first to examine the effects of foreign investors on energy efficiency and carbon risk. The results of this study indicate that foreign investors have a positive impact on carbon risk management and thus provide a basus for formulating policies for promoting foreign capital investment. In addition, this study has great implications for corporate governance system relative to carbon risk management.