지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 저널정보
- 한국조리학회 Culinary Science & Hospitality Research Culinary Science & Hospitality Research Vol.30 No.4(Wn.165)
- 발행연도
- 2024.4
- 수록면
- 87 - 99 (13page)
- DOI
- 10.20878/cshr.2024.30.4.008
이용수
초록· 키워드
오류제보하기
ESG management has emerged as a key issue in corporate valuation during the COVID-19 pandemic. ESG is a new management strategy addressing corporate social roles and environmental issues as crisis management is linked to climate change, human rights, and the environment. The purpose of this study is to examine the impact of tourism companies" ESG management activities on firm value by using event study analysis. More specifically, this study attempted to examine whether the abnormal return of individual tourism firms’ stock prices exists in the ESG grade disclosure period. The sample of 12 tourism companies were selected and they are currently traded in the domestic stock market as casino, travel, aviation, and accommodation industries to derive predictions of tourism company stock prices. The data was collected from the daily stock prices and market index, and the ESG grade data for the four years from 2020 to 2023 was collected from KCGS. The empirical results of this study show that the event of disclosure of ESG management grade for domestic tourism companies has no statistically significant impact on firm’s value in terms of stock return, especially for the abnormal return aspects. In addition, as with the daily stock price response, it has a positive effect after the disclosure announcement date rather than before the disclosure or the disclosure announcement date. Rather than recognizing the ESG management activities of domestic tourism companies as a tool for increasing corporate profits, these results are considered to be more widely recognized as corporate expenditures and thus do not contribute significantly to corporate performance nor to corporate value. In conclusion, it implies that there is a paradox about ESG management performance that does not perform well compared to the efforts or costs invested for ESG management activities.
목차
ABSTRACT
1. 서론
2. 이론적 배경
3. 연구 방법
4. 실증분석
5. 결론
REFERENCES
참고문헌 (53)
참고문헌 신청
Ahn, H. M., & Chung, W. S. (2023). A casual relationship between firms’ ESG activities and financial performances. Journal of Insurance and Finance, 34(1), 101-127.
Ashley, J. W. (1962). Stock prices and changes in earnings and dividends: Some empirical results. The Journal of Political Economy, 70(1), 82-85.
Baek, I. G. (2021). 2021 Trends in Domestic ESG Management and Outlook for 2022. HRD December issue: Deloittee Websites, Retrieved from https://www2.deloitte.com/content/dam/Deloitte/kr/Documents/center-for-corporate-governance/2021/HRD_monthly_Dec_leader_2112_final.pdf
Baik, S. M., & Choi, J. M. (2021). The effect of environmental, social and governance (ESG) activities on financial performance, and market reaction for food and beverage manufacturing companies. Journal of Hospitality & Tourism Studies, 23(4), 202-215.
Baik, S. M. (2022). Effects of ESG management on corporate value: Focusing on the mediating effect of foreign ownership. Korean Computers and Accounting Review, 20(3), 111-130.
Ashley, J. W. (1962). Stock prices and changes in earnings and dividends: Some empirical results. The Journal of Political Economy, 70(1), 82-85.
Baek, I. G. (2021). 2021 Trends in Domestic ESG Management and Outlook for 2022. HRD December issue: Deloittee Websites, Retrieved from https://www2.deloitte.com/content/dam/Deloitte/kr/Documents/center-for-corporate-governance/2021/HRD_monthly_Dec_leader_2112_final.pdf
Baik, S. M., & Choi, J. M. (2021). The effect of environmental, social and governance (ESG) activities on financial performance, and market reaction for food and beverage manufacturing companies. Journal of Hospitality & Tourism Studies, 23(4), 202-215.
Baik, S. M. (2022). Effects of ESG management on corporate value: Focusing on the mediating effect of foreign ownership. Korean Computers and Accounting Review, 20(3), 111-130.
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