지속가능성보고서의 공시량과 공시품질이 기업가치에 미치는 영향

This study focused on the effect of disclosure volume and disclosure quality on firms at the level of disclosure of sustainability reports. An empirical analysis is conducted on the effect of an increase in the quantity of disclosure and excellent disclosure quality on the firm. This study measured the quantitative level of sustainability reports using the total number of pages issued by each company as the quantity of sustainability reports published. The quality of the sustainability report was measured using the results of the KRCA evaluation, an excellent corporate evaluation model for the sustainability report by the Korean Standards Association, as the quality of the disclosure. There are main dependent variables: firm value, firm value uses natural logarithms of market capitalization. The study was conducted on companies that publish sustainability reports among non-financial businesses in the securities market from 2015 to 2021, and the sustainability report was voluntarily published differently throughout the year, so the impact of issuance could affect the current term and the next term. The main analysis results are as follows. In the sample of companies publishing the sustainability report, the Quantity of disclosure was found to increase the firm value, and hypotheses 1 were supported except hypotheses 2. In the sample of companies publishing the sustainability report, the Quality of disclosure was not found the significant result related to firm value. In Additional analysis, in the Entropy Balancing analysis, the quantity of disclosure showed a positive relationship with the firm value. Compared to the results from the published sample, the results of the Entropy balancing sample showed same results that supported the results of this analysis by showing the same results in firm value. In the future firm value analysis, the Quantity of disclosure in both the disclosure sample and the entropy balancing sample significantly increased the future firm value. The quality of disclosure did not show a significant relationship with firm value, and the same results were found in future firm value. The results of the study is meaningful to suggest the results of all companies publishing sustainability reports after the introduction of the sustainability report disclosure obligation. In the sample analysis of the publication of the sustainability report, the increase in the Quantity of disclosure resulted in the same result as the expected hypothesis, but caution is required in interpretation. An increase in the amount of disclosure does not necessarily have a positive effect on the company, but appropriate disclosure, strategic preparation, and reliable reporting will be very important factors in publishing and preparing sustainability reports. However, an increase in the absolute amount of disclosure is analyzed to improve current and future firm value in both the disclosure sample and the entropy balancing sample, so the Quantity of disclosure can be seen as one of the important factors in determining firm value. This study has contribution in that it overcomes the difficulties of DB, which is pointed out as a limitation of research on sustainability disclosure, by organizing and analyzing a vast DB of domestic sustainability reports. As a study on the level of disclosure of sustainability reports, it is contributing to the development of new variables and research methodologies for the level of disclosure of sustainability reports by dealing with the impact of quantitative and qualitative aspects on the firm value. In addition, as the ESG Disclosure Mandatory Act is passed from 2025, the results of the study can provide practical implications for companies. The limitation of the study was that the quantity of disclosure was measured by the number of pages, and the number of pages is a perfect variable that measures the quantity of disclosure. The KRCA index of the Korean Standards Association was used to measure the quality of the disclosure, and the number of excellent KRCA samples in the analysis sample is small, so it is necessary to develop variables that can measure the quality of the disclosure of the sustainability report in addition to the KRCA index. In particular, research on the quantity of sustainability report disclosure and the quality of disclosure is an early stage that has not yet been studied in Korea, and there may be a lack of sophistication in the research model due to a lack of related prior research. In addition, it is difficult to control the level of sustainability activities of a firm through an entropy balancing analysis conducted as an additional analysis. Therefore, research on this will be needed in the future.