지속가능보고서를 통한 자발적 비재무정보공시가 자기자본비용에 미치는 영향 = An Effect of the Voluntary Nonfinancial Disclosure through the Sustainability Report on the Cost of Equity Capital

국문 초록 (Abstract)

본 연구는 지속가능보고서의 발간이 기업의 자기자본비용을 낮추는지 알아보는데 그 목적이 있다. 나아가 CSR성과와 지속가능보고서의 인증여부가 지속가능보고서와 자기자본비용간의 관련성을 심화시키는지 분석하였다. 본 연구의 실증분석 결과는 다음과 같다. 자기자본비용이 높은 기업 에서 지속가능보고서를 발간하는 것은 아니며, 단순히 지속가능보고서를 최초발간 하였다고 해서 자기자본비용이 낮아지지는 않았다. 하지만 전문인증기관으로부터 인증을 받은 지속가능보고서를 최초발간 하였을 경우 자기자본비용이 낮아졌으며, CSR성과중 환경(E), 기업지배구조(G)성과가 높은 기업이 지속가능보고서를 발행하는 경우 자기자본비용이 낮아지는 것으로 나타났다.
이 연구는 이와 같은 점에서 국내에서 최초의 연구이며 기업이 자기자본비용을 절감하기 위하여 지속가능보고서를 발행하는지, 기업이 지속가능보고서를 발행함으로써 자기자본비용을 낮추는 가라는 실증적인 의문에 대한 우리나라 기업의 증거를 제시한 점이다. 또한, 본 연구는 국내 기업 들에게 CSR보고에 대한 새로운 시각을 제공하고, CSR을 기업전략의 중요한 일부로 인식하게 하는 기초자료를 제시하고자 하였다.

다국어 초록 (Multilingual Abstract)

The purpose of this study was to analyze the influence of voluntary non-financial information disclosure through sustainability report upon cost of equity capital. This study was carried out with the focus on whether the sustainability report lowers cost of equity capital. Moreover, it examined whether the performance in CSR and the credibility level in sustainability report deepen this much more.
Synthesizing the outcome of empirical analysis, it is not that a company with high cost of equity capital issues sustainability report. Still, the cost of equity capital wasn t lowered merely by having issued sustainability report first. However, the cost of equity capital dropped given first having issued sustainability report, which was certified by the specialized certificate authority.
The cost of equity capital was indicated to lower when a company with high social performance out of CSR performance issues sustainability report.
This study is a research of being attempted first at home. Its significance can be found in that the evidence of companies in our country was presented about empirical question as saying whether a company issues sustainability report for reducing cost of equity capital, or cost of equity capital lowers by which a company issues sustainability report.

목차 (Table of Contents)

• Ⅰ. 서 론
• Ⅱ. 이론적 배경과 선행연구
• Ⅲ. 가설의 설정 및 연구 설계
• Ⅳ. 실증분석
• Ⅴ. 요약 및 기대효과

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