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korean management review - Vol. 54, No. 3
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korean management review - Vol. 54, No. 3, pp. 533-554
Abbreviation: kmr
ISSN: 1226-1874 (Print)
Print publication date 30 Jun 2025
Received 19 Oct 2024 Revised 07 Mar 2025 Accepted 08 Mar 2025
DOI: https://doi.org/10.17287/kmr.2025.54.3.533

The Effect of Climate Policy Uncertainty on Corporate Investment: Evidence from Listed Firms in Korea
Kwangwoo Park ; Byunghun Han ; Jungsik Yoon
(First Author) Professor, College of Business, Korea Advanced Institute of Science and Technology (kpark3@kaist.ac.kr)
(Corresponding Author) Ph.D Student, College of Business, Korea Advanced Institute of Science and Technology (bhhan731@kaist.ac.kr)
(Co-Author) Master’s Student, College of Business, Korea Advanced Institute of Science and Technology (jungsik2040@kaist.ac.kr)

기후정책 불확실성이 기업투자에 미치는 영향에 대한 실증 연구: 한국 상장기업을 중심으로
박광우 ; 한병훈 ; 윤정식
(주저자) 한국과학기술원
(교신저자) 한국과학기술원
(공저자) 한국과학기술원

Copyright 2025 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract

This study investigates how climate policy uncertainty influences corporate investment behavior. Specifically, it focuses on listed firms in Korea over the period 2003 to 2022. To conduct the analysis, we construct a climate policy uncertainty (CPU) index tailored to the Korean context. Empirical findings reveal that rising climate policy uncertainty negatively impacts both corporate investments and R&D expenditures. This adverse effect is particularly evident in firms with high greenhouse gas emissions and those engaged in climate-unfriendly business activities. In contrast, the impact is significantly weaker in low-emission and climate-friendly firms. These results highlight the need for the Korean government to reduce climate policy uncertainty. Doing so is critical for encouraging corporate investment and supporting sustainable economic growth.

초록

본 연구에서는 국내 상장기업을 대상으로 기후정책의 불확실성이 기업 투자활동에 미치는 영향에 대하여 분석하였다. 이를 위하여 2003년부터 2022년까지 우리나라의 기후정책 불확실성 지수를 산출하고 기업 재무제표 자료를 활용하여 분석하였다. 분석결과, 경제정책의 불확실성과는 상반되게 기후정책의 불확실성이 높아질수록 기업투자와 R&D지출이 감소하는 것으로 나타났다. 또한 이러한 감소는 고탄소기업들인 온실가스 고배출 기업과 기후 비친화적 사업 영위 기업에서 더욱 크게 나타나는 것을 발견하였다. 본 연구의 결과는 기업의 투자 증대를 위해서는 우리나라의 기후정책 불확실성이 축소되어야함을 시사한다.

Keywords: Climate policy uncertainty, Climate risk, Corporate investment, ESG
키워드: 기후정책 불확실성, 기후 위험, 기업 투자
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∙ 저자 박광우는 현재 KAIST 경영대학 금융 전공 정교수로 재직 중이다. 연세대학교 경영대학 및 경영전문대학원에서 학사와 석사과정을 마친후, 미국 미주리대학교에서 경제학박사와 일리노이대학교(UIUC)에서 재무학박사 학위를 각각 취득하였다. Journal of Finance 등 금융분야 톱저널에 다수 논문을 게재하고 있으며 Asia-Pacific Journal of Financial Studies(SSCI), 재무연구, 금융안정연구 등 국내외 주요저널의 편집위원장(Editor)을 맡은 바 있다. 주요연구분야는 금융회사경영, 기업재무, ESG, 디지털금융 등이다.

∙ 저자 한병훈은 현재 KAIST 경영공학부 재무 전공 박사과정으로 재학 중이다. 미국 University of Texas at Austin 수학과를 졸업하였으며, KAIST에서 경영공학 석사를 취득하였다. 주요연구분야는 기업재무, ESG, 기후금융 등이다.

∙ 저자 윤정식은 미국 빙햄튼 뉴욕주립대학교에서 회계학 학사와 석사를 마친 후 삼성경제연구소 등에서 근무하였으며, 이후 KAIST 경영전문대학원에서 녹색경영정책석사를 취득하였다. 주요연구분야는 기업투자, 인프라산업, 기후금융 등이다.

 
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