Effects of the Emissions Trading Scheme on Corporate Value: Effects by Plan Period

• 발행기관: 한국무역연구원
• 저자명: Sun-Hwa Kim
• 간행물 정보: 『무역연구』제20권 제5호, 1~25쪽, 전체 25쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2024.10.31

국문 초록

Purpose - This study analyzes whether the effects of an Emissions Trading Scheme (ETS) on a firm's value are differentiated in each planning period (1st, 2nd). Design/Methodology/Approach - This study analyzes firms listed on the Korean Stock Exchange (KSE), and the analysis period is from 2015 to 2020. The sample taken for this study includes 3,871 firm-year observations. Findings - First, the effects of an ETS on a firm’s value are not found during the 1st planning period, but a firm’s value due to ETS is found to decrease during the 2nd planning period. Second, the value of an ETS company with high carbon intensity does not decrease in either the 1st or 2nd planning periods. Third, the value of ETS firms with high energy efficiency is increased during the 1st plan period. This study found that investors are aware of the implementation of ETS by plan period, but do not understand the characteristics of ETS companies by reduction investment. Research Implications - This is meaningful as the first study to verify that the effect of an ETS on a firm’s value differs between planning periods. The results of this study will provide important implications for ETS improvement and the environmental information disclosure policies for investors.

목차

Ⅰ. Introduction

Ⅱ. Literature Review and Hypotheses Development

Ⅲ. Research Design and Data Collection

Ⅳ. Empirical Results

Ⅴ. Conclusion

References

키워드

Carbon Intensity Emissions Trading Scheme Energy Efficiency Firm Value