외국인 및 국내기관투자자 소유구조 매개효과에 따른 탄소위험감소와 기업가치 간의 관계

This study verifies whether the reduction in corporate carbon risk has a positive effect on corporate value through the ownership structure of foreign investors and domestic institutional investors. The results of the analysis of domestic listed companies among companies subject to the first and second emission trading systems from 2015 to 2020 are as follows. First, it was confirmed that the reduction in carbon risk had a positive effect on corporate value. This result can be interpreted as that companies can increase corporate value by reducing climate risks through environmental management. Second, it was confirmed that the decrease in carbon risk had a positive effect on the share ratio of foreign investors and domestic institutional investors. It shows that foreign and domestic institutional investors evaluate carbon risk as an important factor in determining investment and invest in companies with low carbon risk. Third, it was found that the reduction in carbon risk had an indirect effect on corporate value by partially mediating the ownership structure of foreign investors and institutional investors. In conclusion, through empirical analysis, it was confirmed that the lower the carbon risk, the more investment by foreign and institutional investors, and thus the higher the corporate value.