이사회 특성이 탄소배출 성과에 미치는 영향

[Purpose]This paper aims to provide empirical evidence on the relationship between board characteristics and carbon emission performance. More specifically, we examine the effect of board independence, board gender diversity, and board expertise on carbon intensity of a firm. [Methodology]We use a fixed effect regression model to analyze data from on non－financial Korean firms subject to ‘GHG․Energy Target Management Scheme’ covering a period of 9 years (2011－2019). Board independence is measured as the ratio of the number of outside directors to the total number of directors on the board of a firm. Board gender diversity is measured as the ratio of female directors to the total number of directors on the board, and board expertise is defined as the ratio of STEM background board members to the total number of directors in this study. [Findings]Our results suggest that board independence and board gender diversity are negatively associated with carbon intensity. Our empirical results also show that STEM directors are negatively associated with carbon intensity. [Policy Implications]This study has implications for business practitioners and policy makers in that it addresses the importance of effective corporate governance mechanisms for carbon performance improvement. Furthermore, the overall results provide rationale for using board member information when evaluating a firm’s carbon management capabilities.