탄소배출이 기업가치에 미치는 영향과 자본지출의 조절효과 = The Impact of Carbon Emissions on Firm Value and the Moderating Effect of Capital Expenditure

다국어 초록 (Multilingual Abstract)

This study aims to identify the relationship between carbon emissions and firm value, and in addition the moderating effect of capital expenditure on this relationship. Based on the empirical analysis of firms listed on Korea’s KOSPI and KOSDAQ markets that participate in the “Greenhouse Gas Energy Target Management System,” the results show that carbon emissions have a negative impact on firm value, and capital expenditure plays a moderating role that mitigates this impact. These research results suggest that carbon emissions are perceived negatively by the market, and that firms which are passive on carbon reduction may suffer disadvantages in valuation. Additionally, capital expenditure, as a form of long-term investment, can be interpreted as a signal of a firm’s transition toward environmental sustainability, thereby serving as a positive factor in investors’ assessment of firm value. The research results provide the following implications. First, management should recognize that capital expenditure can be recognized in the market as a signal of carbon neutrality response capabilities, and actively disclose and promote specific details and expected effects of environmental investment. Second, policy authorities should strengthen policy incentives and access to capital markets to support firms’ capital expenditure for carbon reduction. Third, investors should consider not only carbon emission indicators but also the scale and composition of capital expenditure as risk factors that directly affect valuation.