환경회계정보, 환경성과, 재무성과의 관계에 관한 실증연구

This study provides an integrated analysis of the interrelations among environmental performance, financial performance, and environmental disclosure after controlling for endogeneity by using tow-stage least squares(2SLS) regression based on the simultaneous equation model in the research design. This result provides two important implications. Firstly, the significantly positive relation is observed between environmental performance and financial performance. It implies that good environmental performance is rewarded in the market. Secondly, the significantly positive relation is observed between environmental performance and environmental disclosure. It implies that good environmental performers disclose more environmental information than do poor performers. This finding is consistent with discretionary disclosure theory's "good news" explanations. The contributions of this study are as follows. First, an integrated model for finding determinants of corporate environmental performance level is suggested in the study. Second, the research design of prior studies should be reconsidered by finding endogeneity problem among three corporate functions (environmental performance, financial performance, and environmental disclosure). Third, the understanding on how corporate social attention and endeavor in environmental fields affect manager's strategic choice and corporate value is enhanced.