환경경영시스템 인증획득이 기업의 재무성과에 미치는 영향에 대한 연구- ISO 14001 도입을 중심으로 -

This study aims to examine empirically how the environmental management system for the environmental management influences the financial performance of Korean companies and to give some suggestions for environmental management policy in Korea. The environmental management system applied in this study contains ISO－attested ISO14001 EMS. And I fixed the object－surveying period from 1993 to 2003, took the samples with 497 ISO14001 certification－acquired companies, and selected every company with the similar size of assets in the same kinds of industry with one to one matching for comparison and empirically analyzed them with the samples of a total of 994 companies. The results of the verification of the thesis are summarized as follows. The First, the corporate financial performance after the introduction would be higher than those before the introduction, was not mostly supported in both samples. The second, I have analyzed if there is any difference in the financial performance between the company with the introduction of the Environmental Management system and the company without the introduction of the environmental Management system. The results has been generally supported. The third, While verifying how the introduction of the Environmental Management system would influence the financial performance of a company, we additionally analyzed how the special factors of the company (company size, material expenses, foreigners' sharing ratio, export ratio, industrial features) would work in the case. As a result of the analysis, it was found that in case of ISO14001 certification－acquired company, the effects on the financial performance varied depending upon the characteristics of the company (company size, ratio of material expenses, foreigners' ownership ratio, export to total sales ratio).