녹색경영기업의 지속가능성과 경영특성에 관한 연구

This paper analyzes sustainability and management characteristics of Green Management Firms. There are three types of Green Management Designation Firms,such as, Green Companies, Green Specialized Businesses, Excellent Green-Biz. Major findings are that, in terms of sustainability, the sustainability of Green Companies is the highest and that of Green Specialized Businesses is the lowest. That is, the stock market's price-to-earnings ratio of Green Companies is similar to Excellent Green-Biz's ratio, but the volatility is lower than that of Excellent Green-Biz. And, the ratio of Green Companies is higher than that of Green Specialized Businesses, but the volatility is lower than that of Green Specialized Businesses. Next, in terms of management characteristics, the stock prices of Green Companies affect on growth, profitability and activity and the prices of Excellent Green-Biz affect on stability and growth. However,the prices of Green Specialized Businesses only affect on growth. As a results, the evaluation index of Green Management Designation Firms should be improved by considering sustainablity andmanagement characteristics.