탄소배출공시와 기업의 사회적 책임활동이 국제적 성과에 미치는 영향

We investigate whether corporate social responsibility (CSR) strengthens the positive effects of carbon emission disclosure (CED) on international performance. We also investigate whether CSR mitigates the negative effects of total carbon emissions(TCE) on international performance. We use 1,099 firm-year observations r equired to r eport carbon emissions in t he CDP ( Carbon D isclosure Project) reports from 2011 to 2018. The results are as follows. First, we find that CED and CSR increases international performance and CSR strengthens the positive relationship between CED and international performance. Second, we find that TCE reduces international performance, but CSR mitigates the negative relationship between TCE and international performance. Third, among the companies subject to mandatory disclosure of carbon emissions in the business reports, companies that voluntarily disclose carbon emissions in the CDP reports outperform the undisclosed companies. The results of additional analyses are as follows. First, the ESG grade is classified into environment (E), social (S), and governance (G), and additional analyses are conducted. We find that environmental (E) related activities directly affect international performance, and social (S) and governance structure (G) related activities mainly have a moderating effect on the relationship between CED/TCE and international performance. Second, in order to control self-selection bias, additional analyses are performed using a two-stage model of the Heckman (1976) method, and the problem of self-selection bias are alleviated by confirming that the results are consistent with the main ones of this study. Third, the international performance of the t+1 are additionally analyzed as a dependent variable, and the time lag problem and the inverse causality problem are minimized. The results of this study provide usefulness to stakeholders in the following aspects. First, it is confirmed that economic profitability, environmental soundness, and social responsibility, which are the three pillars of sustainable management, are systematically linked and have an impact on each other. Therefore, stakeholders need to reflect not only corporate profitability, but also environmental soundness and social responsibility in corporate valuation. Second, it is confirmed that even if carbon performance is insufficient, positive CSR activities would mitigate negative effects on international performance. Therefore, managers should not only make great efforts to reduce carbon emissions, but also actively carry out CSR activities in order to meet the high-level demands of global stakeholders. Finally, companies decide whether to voluntarily disclose carbon emissions based on whether it helps improve international performance through strategic decision-making. Therefore, regulatory authorities should promptly introduce a policy that enables companies to actively disclose environmental information. The results of our study imply that voluntary CED, efforts to abatement TCE and active CSR positively affect international performance. They also imply that CED in the CDP reports is made when managers strategically make decisions that voluntary CED has a positive impact on international performance.