ESG정보가 R&D지출과 타인자본비용에 미치는 영향: 한국기업을 중심으로
The Effect of ESG Information on R&D Expenditure and Cost of Debt: Focusing on Korean Firms
유순미(경상국립대학교); 강현정(전남대학교)
23권 5호, 245~265쪽
초록
With the onset of the 4th Industrial Revolution, the importance of research and development (R&D) activities is increasing as corporate growth shifts to technology-centered innovation. Due to the risk of failure and information asymmetry that comes with R&D, bond holders sometimes demand a higher risk premium for companies that invest heavily in R&D. However, companies with strong environmental, social and governance (ESG) practices can alleviate these concerns and reduce the information gap. Our research examined the relationship between R&D expenditures and the cost of debt in the KOSPI and KOSDAQ markets from 2015 to 2022. We found that higher R&D expenditures lead to higher debt costs. However, active ESG practices, especially in the environmental(E) and social(S) sectors reduce this effect. These results demonstrate that a company’s ESG activities are an important factor that can be linked to its financing and investment decisions.
Abstract
With the onset of the 4th Industrial Revolution, the importance of research and development (R&D) activities is increasing as corporate growth shifts to technology-centered innovation. Due to the risk of failure and information asymmetry that comes with R&D, bond holders sometimes demand a higher risk premium for companies that invest heavily in R&D. However, companies with strong environmental, social and governance (ESG) practices can alleviate these concerns and reduce the information gap. Our research examined the relationship between R&D expenditures and the cost of debt in the KOSPI and KOSDAQ markets from 2015 to 2022. We found that higher R&D expenditures lead to higher debt costs. However, active ESG practices, especially in the environmental(E) and social(S) sectors reduce this effect. These results demonstrate that a company’s ESG activities are an important factor that can be linked to its financing and investment decisions.
- 발행기관:
- 한국무역통상학회
- 분류:
- 무역학