기업의 지속가능성보고서 적시공시가 자기자본비용에 미치는 영향

[Purpose] This study examined the impact on the cost of equity capital when the sustainability report was announced in the market, and further examined the impact on the cost of equity capital depending on the application of SASB(Sustainability Accounting Standards Board) standards and timely disclosure. [Methodology] We examined the impact of issuing a sustainability report on the cost of equity capital measured by the CAPM(Capital Assets Pricing Model). In addition, the impact on the cost of equity capital was analyzed depending on whether SASB standards were applied to the sustainability report and whether the report was published within the business report deadline. [Findings] As a result of the analysis, It was found that the cost of equity capital increases when a sustainability report is published. And even if SASB standards are applied to sustainability reports, the cost of equity capital appears to increase. This means that it is difficult to obtain profits that exceed the costs incurred from non－financial activities just by publishing sustainability reports and applying global initiatives. However, the cost of equity capital was found to decrease when the sustainability report was issued within the business report submission deadline. This was also the case when applying the SASB standard. This means that when sustainability report disclosure is made within the business report submission deadline, benefits can exceed the costs. [Implications] The results of this study show that the cost of equity capital is reduced by resolving information asymmetry by meeting stakeholders’ requests for non－financial information in a timely manner. These results suggest that it is important to disclose information in a timely manner in order to obtain benefits that exceed the costs incurred through publishing sustainability reports