Firm-Value Effects of Carbon Emissions and Carbon Disclosures—Evidence from Korea

We examine the association between carbon emissions, carbon disclosures, and firm value for Korean firms, with a particular interest in <i>chaebols</i>, a special type of Korean conglomerate. Using hand-collected carbon emissions and firm-specific data for 841 Korean firms, including 514...

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Auteurs principaux:	Jeong-Hwan Lee, Jin-Hyung Cho
Format:	article
Langue:	EN
Publié:	MDPI AG 2021
Sujets:	carbon emission ESG CSR chaebol Medicine R
Accès en ligne:	https://doaj.org/article/898c98e49bae461ab13f372f6e8b744d
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id	oai:doaj.org-article:898c98e49bae461ab13f372f6e8b744d
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spelling	oai:doaj.org-article:898c98e49bae461ab13f372f6e8b744d2021-11-25T17:51:41ZFirm-Value Effects of Carbon Emissions and Carbon Disclosures—Evidence from Korea10.3390/ijerph1822121661660-46011661-7827https://doaj.org/article/898c98e49bae461ab13f372f6e8b744d2021-11-01T00:00:00Zhttps://www.mdpi.com/1660-4601/18/22/12166https://doaj.org/toc/1661-7827https://doaj.org/toc/1660-4601We examine the association between carbon emissions, carbon disclosures, and firm value for Korean firms, with a particular interest in <i>chaebols</i>, a special type of Korean conglomerate. Using hand-collected carbon emissions and firm-specific data for 841 Korean firms, including 514 <i>chaebols</i> and 335 non-<i>chaebols</i>, we find a significantly positive relationship between carbon emissions and firm value among <i>chaebol affiliates.</i> This result contrasts with previous findings conducted in advanced markets, where investors consider carbon emissions to be destructive. In terms of the voluntary disclosure policy, we find that companies with good environmental performance tend to disclose carbon emissions voluntarily. We further argue that these findings originate from the specific business atmosphere in Korea. Our results support the traditional view of corporations in terms of environmental policy and highlight the importance of firm characteristics and historical developments in the analysis of environmental policy.Jeong-Hwan LeeJin-Hyung ChoMDPI AGarticlecarbon emissionESGCSRchaebolMedicineRENInternational Journal of Environmental Research and Public Health, Vol 18, Iss 12166, p 12166 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	carbon emission ESG CSR chaebol Medicine R
spellingShingle	carbon emission ESG CSR chaebol Medicine R Jeong-Hwan Lee Jin-Hyung Cho Firm-Value Effects of Carbon Emissions and Carbon Disclosures—Evidence from Korea
description	We examine the association between carbon emissions, carbon disclosures, and firm value for Korean firms, with a particular interest in <i>chaebols</i>, a special type of Korean conglomerate. Using hand-collected carbon emissions and firm-specific data for 841 Korean firms, including 514 <i>chaebols</i> and 335 non-<i>chaebols</i>, we find a significantly positive relationship between carbon emissions and firm value among <i>chaebol affiliates.</i> This result contrasts with previous findings conducted in advanced markets, where investors consider carbon emissions to be destructive. In terms of the voluntary disclosure policy, we find that companies with good environmental performance tend to disclose carbon emissions voluntarily. We further argue that these findings originate from the specific business atmosphere in Korea. Our results support the traditional view of corporations in terms of environmental policy and highlight the importance of firm characteristics and historical developments in the analysis of environmental policy.
format	article
author	Jeong-Hwan Lee Jin-Hyung Cho
author_facet	Jeong-Hwan Lee Jin-Hyung Cho
author_sort	Jeong-Hwan Lee
title	Firm-Value Effects of Carbon Emissions and Carbon Disclosures—Evidence from Korea
title_short	Firm-Value Effects of Carbon Emissions and Carbon Disclosures—Evidence from Korea
title_full	Firm-Value Effects of Carbon Emissions and Carbon Disclosures—Evidence from Korea
title_fullStr	Firm-Value Effects of Carbon Emissions and Carbon Disclosures—Evidence from Korea
title_full_unstemmed	Firm-Value Effects of Carbon Emissions and Carbon Disclosures—Evidence from Korea
title_sort	firm-value effects of carbon emissions and carbon disclosures—evidence from korea
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/898c98e49bae461ab13f372f6e8b744d
work_keys_str_mv	AT jeonghwanlee firmvalueeffectsofcarbonemissionsandcarbondisclosuresevidencefromkorea AT jinhyungcho firmvalueeffectsofcarbonemissionsandcarbondisclosuresevidencefromkorea
_version_	1718411933106831360

Firm-Value Effects of Carbon Emissions and Carbon Disclosures—Evidence from Korea

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