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      KCI등재

      The Effect of Environmental, Social and Governance (ESG) on Capital Cost: Evidence from Korean KOSPI Firms

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      https://www.riss.kr/link?id=A107890477

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      다국어 초록 (Multilingual Abstract)

      This paper examines the empirical association between environmental, social and governance (ESG) and the cost of capital(WACC) on Kospi firms. Based on the argument that ESG movement would benefit shareholders by reducing firms’ downside risk, measured using the lower partial moment and value at risk, this study hypothesized that ESG movement would affect the cost of capital. This study examined the effect of ESG movement on the cost of capital using a large sample of Korean firms. The ESG index announced by the Korea Corporate Governance Service (KCGS) was used as a measurement variable for ESG. The results of this study find that the capital cost borne by companies that actively carry out ESG activities was low. That is, ESG activities have a positive effect on the capital market and have the effect of lowering capital costs. In short, the firms with ESG movement exhibit the negative on the cost of capital.
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      This paper examines the empirical association between environmental, social and governance (ESG) and the cost of capital(WACC) on Kospi firms. Based on the argument that ESG movement would benefit shareholders by reducing firms’ downside risk, measu...

      This paper examines the empirical association between environmental, social and governance (ESG) and the cost of capital(WACC) on Kospi firms. Based on the argument that ESG movement would benefit shareholders by reducing firms’ downside risk, measured using the lower partial moment and value at risk, this study hypothesized that ESG movement would affect the cost of capital. This study examined the effect of ESG movement on the cost of capital using a large sample of Korean firms. The ESG index announced by the Korea Corporate Governance Service (KCGS) was used as a measurement variable for ESG. The results of this study find that the capital cost borne by companies that actively carry out ESG activities was low. That is, ESG activities have a positive effect on the capital market and have the effect of lowering capital costs. In short, the firms with ESG movement exhibit the negative on the cost of capital.

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      참고문헌 (Reference)

      1 박준령, "기업의 사회적 책임활동과 이익조정과의 실증분석-Kospi기업과 Kosdaq기업의 비교분석-" 한국국제회계학회 (72) : 187-205, 2017

      2 A. Amel-Zadeh, "Why and How Investors Use ESG Information: Evidence from a Global Survey" 74 : 87-103, 2018

      3 B. Cornell, "Valuing ESG: Doing Good or Sounding Good?" 1 (1): 76-93, 2020

      4 L. H. Pederson, "Responsible Investing: The ESG-Efficient Frontier" 142 (142): 572-597, 2021

      5 G. Friede, "ESG and Financial Performance: Aggregated Evidence from More than 2000 Empirical Studies" 5 (5): 210-233, 2015

      6 A. G. F. Hoepner, "ESG Shareholder Engagement and Downside Risk" 1-49, 2016

      7 A. Cheema-Fox, "Corporate Resilience and Response During COVID-19" 33 (33): 24-40, 2021

      8 E. F. Fama, "Common risk factors in the returns on stocks and bonds" 33 (33): 3-56, 1993

      1 박준령, "기업의 사회적 책임활동과 이익조정과의 실증분석-Kospi기업과 Kosdaq기업의 비교분석-" 한국국제회계학회 (72) : 187-205, 2017

      2 A. Amel-Zadeh, "Why and How Investors Use ESG Information: Evidence from a Global Survey" 74 : 87-103, 2018

      3 B. Cornell, "Valuing ESG: Doing Good or Sounding Good?" 1 (1): 76-93, 2020

      4 L. H. Pederson, "Responsible Investing: The ESG-Efficient Frontier" 142 (142): 572-597, 2021

      5 G. Friede, "ESG and Financial Performance: Aggregated Evidence from More than 2000 Empirical Studies" 5 (5): 210-233, 2015

      6 A. G. F. Hoepner, "ESG Shareholder Engagement and Downside Risk" 1-49, 2016

      7 A. Cheema-Fox, "Corporate Resilience and Response During COVID-19" 33 (33): 24-40, 2021

      8 E. F. Fama, "Common risk factors in the returns on stocks and bonds" 33 (33): 3-56, 1993

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      학술지 이력

      학술지 이력
      연월일 이력구분 이력상세 등재구분
      2027 평가예정 재인증평가 신청대상 (재인증)
      2021-01-01 평가 등재학술지 유지 (재인증) KCI등재
      2018-01-01 평가 등재학술지 선정 (계속평가) KCI등재
      2016-01-01 평가 등재후보학술지 선정 (신규평가) KCI등재후보
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      학술지 인용정보

      학술지 인용정보
      기준연도 WOS-KCI 통합IF(2년) KCIF(2년) KCIF(3년)
      2016 0 0 0.03
      KCIF(4년) KCIF(5년) 중심성지수(3년) 즉시성지수
      0.02 0 0.321 0
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