환경정책과 기업의 지속가능성장률 간 관계

• 영문명: Environmental Policy and Firm-level Sustainable Growth Rate
• 발행기관: 한국무역연구원
• 저자명: 성봉석(Bongsuk Sung) 박상도(Sang-Do Park) 서일정(Il-Jung Seo)
• 간행물 정보: 『무역연구』제21권 제3호, 355~370쪽, 전체 16쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2025.06.30

국문 초록

Purpose - This paper investigates the effect of environmental regulation on the firm sustainable growth rate (SGR) in the Korean manufacturing sector. Design/Methodology/Approach - A dynamic panel vector autoregression model in the first difference is established to test the relationship by considering the results of various diagnostic tests. A two-step system generalized method of moments is employed to test the empirical model. Findings - Environmental regulation positively affects firm SGR. Intellectual capital, physical capital, and organizational slack positively affect firm SGR. Furthermore, the interactions between environmental regulation, organizational slack, and physical capital contribute to the enhancement of firm SGR. However, environmental regulation negatively affects firm SGR by interacting with intellectual capital. Research Implications - The positive effect of environmental regulation on firm SGR supports the idea that stringent environmental regulation can help firms improve operations and finance. Considering the definition of SGR, the result suggests that policymakers can make good use of a command-and-control regulation as an effective environmental policy, thereby ameliorating firm-level financial stability, investment efficiency, sales profitability, and productivity. The positive effect of the interactions between environmental regulation, intellectual capital, and organizational slack indicates that firm managers and policymakers need to take into account such interactions in devising and implementing environmental policy strategies.

목차

Ⅰ. 서론

Ⅱ. 선행연구 고찰과 본 연구의 차별성

Ⅲ. 연구 모형, 측정도구와 데이터

Ⅳ. 패널 프레임워크 검정

Ⅴ. 실증 모형의 설정과 분석

Ⅵ. 주요 결과 및 시사점

References

키워드

Envirionmental Regulation Firm Heterogeneity Sustainable Growth Rate