기업지배구조가 환경투자와 기업가치의 관계에 미치는 영향

This paper examines whether environmental investment activities and cost as part ofenvironmental management activities by environmentally responsible corporations areevaluated in terms of firm. Our sample consists of the firms listed on Korean Stock Exchangeover the period of 2002 to 2012 and the sample size is 253 firm-year observations. Theempirical results of this study are as follows. First, I test the relation between environmentalinvestments and firm value. This result shows that firm value has positive associations withcorporate environmental investment. Second, I examine how corporate governance impacts theassociation between environmental investments and firm value, using interaction betweenEnvironmental investments and corporate governance. In summary, firm spending onenvironmental management including environmental investments and costs will eventuallyhave a positive impact on how investors assess Korean firm value.