재벌 총수의 수감 및 사면경험이 기업의 탄소배출량에 미치는 영향: 재벌기업을 중심으로

This study investigates the effect of the imprisonment and clemency experience of Chaebol heads on the amount of firm’s carbon emissions. Using data of Korean Chaebol firms between 2015 and 2019, we find that firms with the imprisonment and clemency experience of Chaebol heads are negatively associated with carbon emissions and abnormal carbon emissions compared with firms without those experiences. The results imply that firms with the imprisonment and clemency experience of Chaebol heads care about the amount of carbon emission to fulfill their environmental responsibilities although the amount of carbon emissions is not the public interest. Moreover, we find that firm value is decreased when firms with the imprisonment and clemency experience of Chaebol heads reduce the amount of carbon emissions. This finding suggests that market perceive firm’s carbon emission reduction as an opportunistic behavior. Taken together, this study contributes to carbon emissions literature by providing evidence of individual- level effect on the amount of firm’s carbon emissions.