스튜어드십 코드의 도입이 기업의 비재무적 성과에 미친 영향

홍수희 인문사회 21 2023 인문사회 21 Vol.14 No.2

The purpose of this study is to empirically analyze whether the non-financial performance of Korean companies has improved since the introduction of the stewardship code. Regression analysis was conducted for each of the two business groups to see if there was a difference in non-financial performance improvement between companies above average and companies below average based on corporate financial performance (ROE). For ESG integrated scores, which are non-financial achievements, and E, S, and G scores, it was examined whether they were improved than before after the introduction of the stewardship code. Since the introduction of the stewardship code, Korean companies’ non-financial performance has improved, and among them, companies with good financial performance (ROE) have also managed their non-financial performance, which is recognized by institutional investors. These studies will present implications for the practical implementation and utilization of the steward code to Korean companies and institutional investors.

온실가스감축실적과 기업가치 관련성에 대한 연구

홍수희 한국국제회계학회 2020 국제회계연구 Vol.0 No.93

[Purpose]This paper verified how the non-accounting information of Energy intensity reduction performance, GreenHouse Gas(GHG) emission reduction performance and carbon intensity reduction performance with the GHG reduction performance have an effect on the value of the enterprise. [Methodology]According to the analysis of data for the previous and latter periods of 2015 on the introduction of the Emission Trading Scheme by companies subject to regulations on the greenhouse gas and energy target management system disclosed in the national greenhouse gas comprehensive system. [Findings]The reduction performance of energy intensity and GHG emissions over the entire period showed a significant positive impact on the company's value. When comparing before and after the emission trading scheme, the GHG emission reduction performance after the emission trading scheme was not significantly affected on the corporate value. The reduction performance of carbon intensity does not have a statistically significant impact on corporate value for both the whole period and before and after the emission trading system was implemented. [Implications]In order to reduce carbon intensity, the use of renewable energy should be activated to use a lot of renewable energy, so that energy reduction is high, carbon intensity are low, and thus the increase in corporate value increase. During the first emission rights plan period, the emission rights were allocated 100% free of charge to the target companies, so the GHG emission performance was rather insignificant and the effectiveness of the system may have been weak. In the future, related regulations should be maintained so that the emission trading system can work effectively through continuous monitoring even during the second emission right planning period. [연구목적]본 논문은 온실가스 감축실적으로 에너지사용량 절감실적, 온실가스배출 감축실적, 탄소배출집약도 감축실적이라는 비회계적인 정보들이 기업의 가치에 어떠한 영향을 미치는지를 검증하였다. [연구방법]국가온실가스 종합시스템에 공개된 사업장 및 업체중 온실가스ㆍ에너지 목표관리제 규제대상인 기업들의 공시자료를 이용하여 배출권거래제 도입을 하게된 2015년 전ㆍ후기간의 데이터를 실증분석하였다. [연구결과]전체기간에 대해 에너지사용량 절감실적과 온실가스배출 감축실적이 기업의 가치에 정(+)의 유의적인 영향을 미치는 것으로 나타났으며, 배출권 거래제 전ㆍ후를 살펴보았을 때는 배출권거래제도입 후 온실가스배출 감축실적이 오히려 기업가치에 유의적인 영향을 미치지 않았다. 탄소배출집약도 감축실적은 전체기간과 배출권거래제 시행 전ㆍ후 모두 기업가치에 통계적으로 유의한 영향을 미치지 않는 것으로 나타났다. [연구의 시사점]탄소배출집약도 감축을 위해서는 신재생에너지사용을 활성화하여 신재생에너지를 많이 사용하여야 에너지 감축량은 높으면서 탄소배출량은 적고 그로 인해 기업가치의 증가를 가져올 수 있을 것이다. 제 1차 배출권계획기간에는 대상기업에 배출권을 100% 무상할당하여 오히려 온실가스 배출실적이 미미하고 그로 인해 제도의 실효성이 약했을 수 있다. 앞으로 제 2차 배출권 계획기간에도 지속적인 모니터링을 통해 배출권 거래제가 실효성있게 작용할 수 있도록 규제정비등을 하여야 할 것이다.

THE FLOW/ ceramic, 600×430×100mm, 2015

홍수희 서울여자대학교 조형연구소 2015 조형연구 Vol.21 No.-

의결권 행사와 기업지배구조와의 관련성에 대한 연구: 국민연금이 지분을 보유한 기업을 중심으로

홍수희 인문사회 21 2018 인문사회 21 Vol.9 No.6

This study would analyze if the total number of voting rights and the ratio of opposing voting rights exercised at the general meeting of stockholders improved the governance of investment enterprises and played a role in supervising the management with enterprises of which over 5% shares were held by the National Pension as public pension funds. As a result, the more the total number of voting rights by the enterprise’s active exercise of voting rights, the higher the score of the corporate governance of the following year became. The analysis was conducted only for companies that can not target all companies due to the limitation of data collection. However, the higher the ratio of opposing voting rights, the lower the corporate governance became. In addition, according to the result of an analysis of the impact of the exercise of voting rights on corporate values, stockholders’ exercise of voting rights was not related to corporate values. Thus, it is suggested that more voting rights by the stockholders’ active action could play a role in supervising the management to improve corporate governance. With the introduction of stewardship code, institutional investors’ exercise of voting rights could affect the improvement of corporate governance, and accordingly, it would be necessary for institutional investors to fulfill their responsibilities as fiduciaries and exercise their rights, faithfully. 본 논문은 공적 연기금으로서의 국민연금이 5% 이상 지분을 보유한 기업들을 대상으로 주주총회에서의 전체 의결권 건수 및 반대 의결권의 비율이 투자기업의 지배구조를 개선하고 경영감시의 역할을 수행하였는지 분석해보고자 하였다. 연구 결과, 적극적으로 의결권을 행사하여 전체 의결권 건수가 많을수록 다음 연도의 기업지배구조 점수는 높은 것으로 나타났다. 반대의결권의 비율이 높은 경우는 기업지배구조 점수가 낮은 것으로 나타났다. 추가적으로, 의결권행사가 기업가치에 미치는 영향을 분석한 결과에 따르면, 주주의 의결권행사는 기업가치와 관련성이 없는 것으로 나타났다. 자료수집의 한계로 모든 기업들을 살펴볼 수 없었다는 것은 본 연구의 한계점이나, 주주의 적극적 행동으로 의결권의 건수가 많다는 것이 경영감시의 역할을 수행하여 기업의 지배구조를 향상시킬수 있으며, 스튜어드십 코드 도입으로 인한 기관투자자들의 의결권행사가 기업의 지배구조개선에 영향을 미칠 수 있으며 따라서 수탁자로서의 책임 및 권리행사를 충실히 수행할 필요가 있음을 시사한다.

46차 대한핵의학회 추계학술대회 포스터 : HSV1-TK 유전자 PET 영상용 기질의 생물학적 비교평가

홍수희,최태현,이종찬,김은정,김경민,문병석,조남현,이교철,안광일,오창현,천기정,최창운,임상무 대한핵의학회 2007 핵의학 분자영상 Vol.41 No.5

재무비율이 기업의 가치에 미치는 영향: 음식료업을 중심으로

홍수희,이정원 글로벌경영학회 2016 글로벌경영학회 학술대회 발표논문집 Vol.2016 No.2

기업의 사회적 책임과 재무성과 관련성에 대한 연구

홍수희 인문사회 21 2019 인문사회 21 Vol.10 No.4

This study investigated the effect of environmental system certification on the financial performance and corporate value of the firms. The results of this study are as follows. First, there was no significant difference in financial performance between the environmental system certified companies and the non-certified companies. Second, as a result of examining whether the environmental system certification affects the short and long term value of the enterprise, It is not. In Korea, the size of the firm has a large effect on the value of the company, and the environmental policy such as the environmental certification system does not act as a positive signal to the investors. In the future, it is necessary to examine not only these environmental management systems but also the performance of environmental management in terms of performance management. 본 연구는 환경시스템인증을 받은 기업들이 환경관리능력이 우수하여 그러한 내용들이 기업의 재무성과 및 장・단기 기업가치에 영향을 미치게 되었는지를 실증분석하였다. 분석결과, 환경시스템 인증기업과 미인증기업 간에 재무성과에 큰 차이가 없었으며, 환경시스템 인증이 기업의 장・단기 가치에 영향을 미치는지를 검토해본 결과, 인증유무가 기업가치에 유의적인 영향을 미치지 않는 것으로 나타났다. 아직까지 우리나라에서는 기업의 규모가 기업의 가치에 미치는 영향이 크고, 환경인증시스템 등의 환경경영이 투자자들에게 기업에 대한 긍정적인 시그널로써의 역할을 하지 못하는 것으로 나타났다. 향후에는 이러한 환경관리시스템뿐만 아니라 성과관리차원에서의 환경경영성과에 대해서 추가적으로 살펴볼 필요가 있다.

Comparing the Performance of Environment-related Indices in Korea : Focusing on KRX SRI Eco and KRX Green

홍수희 한국경영컨설팅학회 2016 경영컨설팅연구 Vol.16 No.2

This study intends to compare the financial performance of the KRX SRI Eco and KRX Green, the environment-related indices in Korea, with that of the KOSPI 200, the market index. The results of the study may be summed up as follows: First, there were no significant differences among the financial performances of the three indices. This finding has induced the author to dismiss the hypothesis proposing that the environment-related indices have financial performance higher than the market average. Second, among the environment-related indices, the KRX SRI Eco had performance higher than the market-average KOSPI 200 for the study term 2011 to 2014. Meanwhile, in each year, they showed performances similar to the market average. Third, among the environment-related indices, the KRX Green showed financial performances remarkably lower than the market average. This finding was detrimental so that the author had to give up the hypothesis. This result may reflect the reality in Korea that despite the growing interest in the corporate responsibility in environmental affairs, those environment-conscious companies are not actually drawing positive evaluation from the investors. Nevertheless, in light of the significance of corporate social responsibility (CSR), those companies embracing CSR are expected to upgrade their non-financial performance and company value in a long term. As much as CSR has been introduced to Korea only recently, its relationship with the corporate performance may have a turning point in the future.

[이달의 詩] 부치지 못한 편지

홍수희 샘터사 2017 월간 샘터 Vol.574 No.-

Environmental Violations and Financial Performance of Firms in Korea: Empirical Evidence

홍수희,류현욱 사단법인 미래융합기술연구학회 2019 아시아태평양융합연구교류논문지 Vol.5 No.4

This paper conducted an empirical analysis on the relationship between financial performance and the information of enterprise value of firms violating environmental regulations. As a result of the test, the influence of the financial data of the firms on enterprise value is not statistically significant. However, beta and volatility, the control variable for stock returns and operating margin ratio shows significant positive effect on stock returns. The industry-adjusted Tobin’s Q, a long-term enterprise value, has a significant effect on the number of environment violation, debt-coverage and ROA ratios. The test result for the number of environment violation shows low explanation power towards the stock returns (a short-term enterprise value), but is significantly correlated to the industry-adjusted Tobin’s Q.