ESG 성과를 고려한 연기금의 투자전략 변화가 기업가치에 미치는 영향에 대한 연구

References

• 구정호(2011), “기업지배구조가 비대칭적인 원가행태에 미치는 영향: 경영자지분율과 외국인투자자 및 기관투자자지분율을 중심으로,” 관리회계연구, 제11권 1호, pp.1-35.
  Jeong-Ho Koo(2011), “The effect of corporate governance on the asymmetric cost behavior : focusing on managers’s ownership, foreign investors’s ownership and institutional investors’s ownership,” Korean Journal of Management Accounting Research, 11(1), pp.1-35.
• 김광민, 이헌상(2021), “ESG 등급이 기업가치와 부채비용, 신용등급에 미치는 영향,” 아태경상저널, 제13권 3호, pp.94-121.
  Kim, Kwangmin and Lee, Hoensang,(2021), “The Effect of ESG rates on Corporate Value and Cost of Debt, Credit rating,” Asia-Pacific Journal of Business & Commerce, 13(3), pp.94-121. [ https://doi.org/10.35183/ajbc.2021.11.13.3.94 ]
• 김명서, 나영, 홍수희(2014), “지속가능책임투자 (SRI) 활동에 있어 기관투자자 지분율과 CSR의 관련성,” 회계정보연구, 제32권 2호, pp.305-336.
  Kim Myung seo, Na Young, and Hong Soo Hee(2014), “Relationship between Institutional Investors’ Holding and CSR in Sustainable and Responsible Investments,” Accounting Information Review, 32(2), pp.305-336.
• 김유진, 안정인(2018), “국민연금 주요주주와 기업의 사회적 책임 활동,” 회계학연구, 제43권 3호, pp.1-33.
  Yu Jin Kim and JUNGIN AN(2018), “The Effect of National Pension Blockholders on Corporate Social Responsibility,” Korean Accounting Review, 43(3), pp.1-33. [ https://doi.org/10.24056/KAR.2018.03.002 ]
• 김주태, 진익, 노태우(2020), “국민연금이 기업경영에 미치는 영향,” 전문경영인연구, 제23권 4호, pp.287-310.
  Kim Jootae, Jin Ick, and Taewoo Roh(2020), “The Impact of National Pension Fund on Corporate Management,” Journal of CEO and Management Studies, 23(4), pp.287-310. [ https://doi.org/10.37674/CEOMS.23.4.14 ]
• 나영, 임욱빈, 김명서(2013), “ESG 정보와 타인자본비용의 관련성에 대한 실증연구,” 회계정보연구, 제31권 1호, pp.453-487.
  Na Young, Leem Wook Bin, and Kim Myung Seo(2013), “An Empirical Analysis on ESG Performance Information and Cost of Debt Capital,” Korea Accounting Information Association, 31(1), pp.453-487.
• 남현정, 박춘광(2014), “기업가치에 영향을 미치는 두 가지 측면의 기관투자자 집단,” 金融工學硏究, 제13권 2호, pp.121-145.
  Nam Hyun Jung, Chungwang Park(2014), “Institutional Investors Group of the Two Aspects Effects upon the Firm Value,” The Korean Journal of Financial Engineering, 13(2), pp.121-145 [ https://doi.org/10.35527/kfedoi.2014.13.2.006 ]
• 민지홍, 장유진, 유재욱(2023), “기업가 지향성과 지속가능성장의 관계에서 ESG의 매개효과에 관한 연구,” 경영경제연구, 제45권 1호, pp.87-117.
  Ji-Hong Min, Yu-Jin Jang, and Jae-Wook Yoo(2023), “A Study on the Mediating Effect of ESG in the Relationship between Entrepreneurial Orientation and Sustainable Growth,” Journal of Management and Economics, 45(1), pp.87-117.
• 박순애, 신은혜(2021), “대·중소 및 중견 기업의 ESG 성과와 재무가치 간의 상관관계 분석,” 환경정책, 제29권 4호, pp.151-199.
  Soonae Park, & Eunhae Shin(2021), “Analysis of the Relationship between ESG Performance and Corporate Financial Values Focusing on SMEs,” Journal of Environmental Policy and Administration, 29(4), pp.151-199 [ https://doi.org/10.15301/jepa.2021.29.4.151 ]
• 백상미, 최정미(2021), “ESG 평가등급과 기업특성에 관한 연구,” 국제회계연구, 제99권, pp.147-169.
  Sangmi Baik, & Jeongmi Choi(2021), “ESG Rating and Firm Characteristics,” Korean International Accounting Review, 99, pp.147-169.
• 성주호, 최현서(2021), “ESG 요소별 연기금 투자에 미치는 영향: 해외사례의 기후위기 대응을 중심으로,” 연금연구, 제11권 2호, pp.1-32.
  Joo-ho Sung, and Hyun Seo Choi(2021), “Effect of ESG factors on pension fund investment: focus on responding to the climate crisis in overseas cases,” Pension Review, 11(2), pp.1-32.
• 손성규, 배창현(2018), “기관투자자의 주주행동주의가 자본시장에 미치는 영향: 신용평점을 중심으로,” 경영학연구, 제47권 6호, 1515-1540.
  Sungkyu Sohn and Changhyun Bae(2018), “The Effect of ‘No’ Voting Right of Institutional Investors on the Credit Rating,” Korean Management Review, 47(6), pp.1515-1540. [ https://doi.org/10.17287/kmr.2018.47.6.1515 ]
• 송동섭(2016), “잉여현금흐름과 배당성향이 기업가치에 미치는 영향,” 상업교육연구, 제30권 6호, pp.199-217.
  Dong-Seob Song(2016), “A Study on the Influence of Free Cash Flow and Pay-out Ratio on Firm Value,” The Journal of Business Education, 30(6), pp.199-217.
• 양동훈, 최준혁(2022), “ESG 관련 위원회 설치가 ESG 활동에 미치는 영향: 기업의 ESG 관련 조직 강화는 실제 의지를 반영해 왔는가?,” 회계저널, 제31권 3호, pp.211-243.
  Yang Dong Hoon and Choi Jun Hyeok(2022), “The Effect of ESG-related Committees on ESG Performance: Do Managers use It to Increase Actual ESG Activities?,” Korean Accounting Journal, 31(3), pp.211-243. [ https://doi.org/10.24056/KAJ.2022.04.006 ]
• 오상희(2021), “신용등급 및 ESG 등급이 기업가치에 미치는 영향에 관한 연구,” 세무회계연구, 제69권, pp.125-144.
  Oh Sang-hui(2021), “A Study on the Effect of Agency Rating and ESG Rating on Corporate Value,” Korean Journal of Taxation Research, (69), pp.125-144.
• 원상희, 송헌재(2020), “비재무적 요인과 기업의 재무적 특성 간의 관계: 국민연금 국내주식 보유 기업을 중심으로,” 한국자료분석학회, 제22권 2호, pp.643-657.
  Won Sang Hee and Heonjae Song(2020), “Analysis of the Relationship between ESG Factor and Financial Characteristics : Focusing on Domestic Stock Investment Companies by the National Pension Service,” Journal of The Korean Data Analysis Society, 22(2), pp.643-657. [ https://doi.org/10.37727/jkdas.2020.22.2.643 ]
• 유순미, 박귀정(2023), “기관투자자의 책임투자 활동이 ESG 성과에 미치는 영향: 한국의 국민연금을 중심으로,” 전산회계연구, 제21권 1호, pp.91-111.
  Soonmi Yu, & ParkGwiJeong(2023), “The Impact of Institutional Investors’ Responsible Investment Activities on ESG Performance：Focusing on Korea’s National Pension Service. Korean Computers and Accounting Review, 21(1), pp.91-111. [ https://doi.org/10.32956/kaoca.2023.21.1.91 ]
• 유재욱, 이은화(2021), “이해관계자 자본주의 관점의 기업지배구조 연구현황 및 발전방향,” 전략경영연구, 제24권 3호, pp.61-95.
  Jae Wook Yoo and Eun Hwa Lee(2021), “Corporate Governance Researches on Stakeholder Capitalism Perspectives: Review and Future Direction,” Journal of Strategic Management, 24(3), pp.61-95.
• 이가연, 고영경(2010), “기관투자자 지분율과 투자기회를 고려한 기업의 배당정책,” 대한경영학회지, 제23권 2호, pp.1027-1045.
  Yi, Ka-Youn, & Kho, Young-Kyung(2010), “The empirical study on the relation between institutional investors’ holdings and dividend payout with investment opportunities,” Korean Journal of Business Administration, 23(2), pp.1027-1045.
• 이보미, 하봉곤, 황주희(2022), “국민연금의 지분투자가 기업의 재무보고 방식에 미치는 영향: 보수주의 회계처리를 중심으로,” 한국콘텐츠학회논문지, 제22권 4호, pp.314-323.
  Bo-Mi Lee, Bonggon Ha, and Juhee Hwang(2022), “National Pension Service’s Ownership and Accounting Conservatism,” Journal of The Korea Contents Association, 22(4), pp.314-323.
• 이상철, 이수준(2016), “외부대주주로서의 기관투자자와 기업가치,” 관리회계연구, 제16권 3호, 51-81.
  Sang Cheol Lee and Soojun Lee(2016), “Institutional Investors as Outside Blockholders and Firm Value,” Korean Journal of Management Accounting Research, 16(3), pp.51-81.
• 이은화, 유재욱, 이재혁, 신형덕, 한주희(2022), “이해관계자 자본주의 시대의 전략경영,” 경영학연구, 제51권 5호, 1361-1407.
  Eun-hwa Lee, Jaewook Yoo, Jay Hyuk Rhee, Hyung-Deok Shin, and Joohee Han(2022), “Strategic Management in the Age of Stakeholder Capitalism,” Korean Management Review, 51(5), pp.1361-1407. [ https://doi.org/10.17287/kmr.2022.51.5.1361 ]
• 이항용(2017), “국민연금 지분율과 기업투자,” 응용경제, 제19권 3호, 67-92.
  Lee, Hangyong(2017), “National Pension Fund’s Shareholding and Corporate Investments,” Korea Review of Applied Economics, 19(3), pp.67-92.
• 장승욱, 김용현(2013), “기업의 ESG와 재무성과,” 재무관리연구, 제30권 1호, pp.131-152.
  Sewngwook Jang and Yong Hyeon Kim(2013), “Corporate ESG and Long-Run Financial Performance,” The Korean Journal of Financial Management, 30(1), pp.131-152. [ https://doi.org/10.15843/kpapr.27.1.201303.261 ]
• 장우영(2021), “기관투자자의 ESG 투자와 지속가능성,” 기업법연구, 제35권 3호, 39-73.
  Wooyoung Jang(2021), “A Critical Review of Institutional Investors’ ESG Investing and Sustainability., Business Law Review, 35(3), pp.39-73. [ https://doi.org/10.24886/BLR.2021.9.35.3.39 ]
• 최영민, 최희정(2019), “국민연금의 책임투자 개선방안에 관한 연구,” [NPS] 국민연금공단 정책보고서, 0-0.
  Choi Youngmin and Choi Heejung(2019), “A Study on the Improvement of Responsible Investment in the National Pension Service,” NPS National Pension Service Policy Report.
• 최정혁(2021), “ESG 성과와 기업가치에 관한 연구: 소유구조의 조절효과를 중심으로,” 여성경제연구, 제18권 2호, pp.91-115.
  Jung-Hyuck Choy(2021), “A Study on ESG Performance and Firm Value: Focusing on Moderating Effects of Ownership Structure,” The Journal of Women and Economics, 18(2), pp.91-115.
• Ağca, Ş., & Mozumdar, A.(2008), “The impact of capital market imperfections on investment–cash flow sensitivity,” Journal of Banking & Finance, 32(2), pp.207-216. [https://doi.org/10.1016/j.jbankfin.2007.02.013]
• Alareeni, B. A., & Hamdan, A.(2020), “ESG impact on performance of US S&P 500-listed firms,” Corporate Governance: The International Journal of Business in Society, 20(7), pp.1409-1428. [https://doi.org/10.1108/CG-06-2020-0258]
• Aybars, A., Ataünal, L., & Gürbüz, A. O.(2019), “ESG and financial performance: impact of environmental, social, and governance issues on corporate performance,” InHandbook of research on managerial thinking in global business economics(pp.520-536). IGI Global. [https://doi.org/10.4018/978-1-5225-7180-3.ch029]
• Barnea, A., Heinkel, R., & Kraus, A.(2005), “Green investors and corporate investment,” Structural Change and Economic Dynamics, 16(3), pp.332-346. [https://doi.org/10.1016/j.strueco.2004.04.002]
• Baron, R. M., & Kenny, D. A.(1986), “The moderator-mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations,” Journal of Personality and Social Psychology, 51(6), pp.1173. [https://doi.org/10.1037//0022-3514.51.6.1173]
• Bauer, R., Koedijk, K., & Otten, R.(2005), “International evidence on ethical mutual fund performance and investment style,” Journal of Banking & Finance, 29(7), pp.1751-1767. [https://doi.org/10.1016/j.jbankfin.2004.06.035]
• Bena, J., Ferreira, M. A., Matos, P., & Pires, P.(2017), “Are foreign investors locusts? The long-term effects of foreign institutional ownership” Journal of Financial Economics, 126(1), [https://doi.org/10.1016/j.jfineco.2017.07.005]
• Berman, S. L., Wicks, A. C., Kotha, S., & Jones, T. M.(1999), “Does stakeholder orientation matter? The relationship between stakeholder management models and firm financial performance,” Academy of Management Journal, 42(5), pp.488-506. [https://doi.org/10.2307/256972]
• Biddle, G. C., & Hilary, G.(2006), “Accounting quality and firm‐level capital investment,” The Accounting Review, 81(5), pp.963-982. [https://doi.org/10.2308/accr.2006.81.5.963]
• Borochin, P., & Yang, J.(2017), “The effects of institutional investor objectives on firm valuation and governance,” Journal of Financial Economics, 126(1), 171-199. [https://doi.org/10.1016/j.jfineco.2017.06.013]
• Brammer, S., & Millington, A.(2005), “Corporate reputation and philanthropy: An empirical analysis,” Journal of Business Ethics, 61, pp.29-44. [https://doi.org/10.1007/s10551-005-7443-4]
• Breugem, M., & Buss, A.(2019), “Institutional investors and information acquisition: Implications for asset prices and informational efficiency,” The Review of Financial Studies, 32(6), pp.2260-2301. [https://doi.org/10.1093/rfs/hhy103]
• Busch, T., Bassen, A., Lewandowski, S., & Sump, F.(2022), “Corporate carbon and financial performance revisited,” Organization & Environment, 35(1), pp.154-171. [https://doi.org/10.1177/1086026620935638]
• Bushee, B. J.(1998), “The influence of institutional investors on myopic R&D investment behavior,” Accounting Review, pp.305-333.
• Chen, Z., & Xie, G.(2022), “ESG disclosure and financial performance: Moderating role of ESG investors,” International Review of Financial Analysis, 83, pp.102291. [https://doi.org/10.1016/j.irfa.2022.102291]
• Del Guercio, D., & Hawkins, J.(1999), “The motivation and impact of pension fund activism,” Journal of Financial Economics, 52(3), pp.293-340. [https://doi.org/10.1016/S0304-405X(99)00011-2]
• Denis, D., and V. Sibilkov(2010), “Financial constraints, investment, and the value of cash holdings,” Review of Financial Studies 23, pp.247-269. [https://doi.org/10.1093/rfs/hhp031]
• Garcia, D., & Vanden, J. M.(2009), “Information acquisition and mutual funds,” Journal of Economic Theory, 144(5), pp.1965-1995. [https://doi.org/10.1016/j.jet.2009.03.002]
• Goergen, M., & Renneboog, L.(2001), “Strong Managers and Passive Institutional,” The Control of Corporate Europe, pp.259. [https://doi.org/10.1093/0199257531.003.0010]
• Gujarati, D.(1970), “Use of dummy variables in testing for equality between sets of coefficients in linear regressions: A generalization,” The American Statistician, 24(5), pp.18-22. [https://doi.org/10.1080/00031305.1970.10477220]
• López, M. V., Garcia, A., & Rodriguez, L.(2007), “Sustainable development and corporate performance: A study based on the Dow Jones sustainability index,” Journal of Business Ethics, 75, pp.285-300. [https://doi.org/10.1007/s10551-006-9253-8]
• Lorraine, N. H., Collison, D. J., & Power, D. M.(2004, March), “An analysis of the stock market impact of environmental performance information,” In Accounting Forum, 28(1), pp.7-26). [https://doi.org/10.1016/j.accfor.2004.04.002]
• Maginn, J. L., Tuttle, D. L., McLeavey, D. W., & Pinto, J. E.(Eds.)(2007), “Managing investment portfolios: a dynamic process(Vol.3),” John Wiley & Sons.
• Michael, S.(1973), “Job market signaling,” Quarterly Journal of Economics, 87, pp.354-374. [https://doi.org/10.2307/1882010]
• Moore, G.(2001), “Corporate social and financial performance: An investigation in the UK supermarket industry,” Journal of Business Ethics, 34, pp.299-315.
• Pollard, J. L., Sherwood, M. W., & Klobus, R. G.(2018), “Establishing ESG as risk premia,” Journal of Investment Management, 16(1), pp.32-43.
• Rahman, H. U., Zahid, M., & Al-Faryan, M. A. S.(2023), “ESG and firm performance: The rarely explored moderation of sustainability strategy and top management commitment,” Journal of Cleaner Production, 404, pp.136859. [https://doi.org/10.1016/j.jclepro.2023.136859]
• Silva, K. E. D., Matos, F. D. D. A., & Ferreira, M. M.(2008), “Composição florística e fitossociologia de espécies arbóreas do Parque Fenológico da Embrapa Amazônia Ocidental,” Acta Amazonica, 38, pp.213-222. [https://doi.org/10.1590/S0044-59672008000200004]