중대재해처벌법 제정의 공시 효과 분석

This study examines the announcement effects of the "Severe Accident Punishment Act" on stock prices, utilizing data from the annual "Industrial Accident" reports published by the Ministry of Employment and Labor. Our findings reveal that companies experienced at least one severe industrial accident between 2009 and 2020 exhibit significantly negative abnormal returns around the Act's enactment, compared to those without such incidents. Additionally, the more the number of accidents occurred, the larger the stock price decline. This suggests that the stock market perceives companies with a history of severe accidents as more likely to incur future losses due to the Act. On the other hand, firms with higher overall ESG rating, as well as higher individual E, S, and G rating, experience lesser stock price declines, indicating that ESG performance may mitigate the risks and penalties associated with severe industrial accidents. This study provides valuable insights for companies, emphasizing the importance of investing in industrial accident prevention to protect corporate value. We advocate for greater disclosure in industrial accident, enabling investors and academics to contribute more effectively to accident prevention through thorough evaluation and analysis.