탄소효율성이 이익하방위험에 미치는 영향

[Purpose]This study empirically analyzes the impact of carbon efficiency on firms' downside risk and examines whether industry characteristics (energy－intensive industries and technology－intensive industries) have a moderating effect on this relationship. The study aims to understand the relationship between improving carbon efficiency and financial stability and to analyze whether the effects vary depending on industry characteristics. [Methodology]The study analyzed firms listed on the Korea Stock Exchange (KOSPI) and KOSDAQ markets from 2014 to 2021. To test the moderating effects of industry characteristics, firms were categorized into energy－intensive industries and technology－intensive industries. [Findings]Carbon efficiency was found to significantly reduce firms' downside risk. This indicates that firms that manage carbon emissions efficiently are more likely to achieve long－term financial stability. The analysis revealed that in energy－intensive industries, the effect of carbon efficiency in reducing downside risk was weakened. In contrast, in technology－intensive industries, carbon efficiency had a stronger effect in reducing downside risk. This suggests that the process of reducing carbon emissions can be achieved more efficiently through technological innovation in technology－intensive industries. [Implications]This study demonstrates that improving carbon efficiency can contribute to enhancing firms’ long－term financial performance and stability. Notably, the effects of carbon efficiency can vary depending on industry characteristics. The findings suggest that firms should consider industry－specific factors when formulating environmental management strategies. For energy－intensive industries, strategies to minimize the short－term financial burden associated with initial investments are necessary. For technology－intensive industries, leveraging technological innovation to further enhance carbon efficiency is essential.